1、Wix.com——估值不高，对下半年展望持保守态度，但Q1新用户群增长加速、新产品周期(Wix Studio、AI导入)带来助力。大摩对该股的股票评级为"增持"，目标价为207美元。这一目标价较该股7月 21日收盘价153.96美元有34%的上涨空间。 2、HubSpot——渠道调查显示Q2业绩与Q1类似，尽管估值溢价压缩，但多项增长杠杆可推动中短期增 长。大摩对该股的股票评级为"增持"，目标价为752美元。这一目标价较该股7月21日收盘价546.64美元 有38%的上涨空间。 3、Klaviyo——Q2指引保守，但电商需求及中小企业支出数据健康，令业绩有望在市场预期偏低背景下 超预期。大摩对该股的股票评级为"持股观望"，目标价为40美元。这一目标价较该股7月21日收盘价 32.51美元有23%的上涨空间。 4、Amplitude——产品组合扩张有望提升份额，且生成式AI推动数字产品创作节奏加快，可能改善终端 市场敞口。大摩对该股的股票评级为"持股观望"，目标价为12美元。这一目标价较该股7月21日收盘价 12.62美元有5%的下行空间。 大摩指出，SaaS类股票年初至今大幅落后于更广泛的软件行业，主要原 ...

Core Insights - The article discusses the recent financial performance of a specific company, highlighting significant revenue growth and strategic initiatives that have contributed to its success [1] Group 1: Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching $2.5 billion in the last quarter [1] - Net income rose to $300 million, reflecting a 15% increase compared to the previous year [1] - The company's earnings per share (EPS) improved to $1.50, up from $1.30 in the same quarter last year [1] Group 2: Strategic Initiatives - The company has launched a new product line that is expected to generate an additional $500 million in revenue over the next year [1] - Investments in technology and innovation have been prioritized, with a budget allocation of $200 million for research and development [1] - The company is expanding its market presence in Asia, targeting a 10% market share increase by the end of the fiscal year [1]

Summary of Klaviyo Conference Call Company Overview - **Company**: Klaviyo - **Industry**: Marketing Automation and Customer Engagement - **Current Revenue**: Guiding to $1.2 billion for the year, up from $700 million two years ago [3][4] Key Points and Arguments Growth and Customer Base - Klaviyo has over **169,000 customers**, ranging from small entrepreneurs to large brands like Hershey and Belkin [5] - The company has seen significant growth in the mid-market and enterprise segments, with over **1,000 customers** paying more than **$100,000** in annual recurring revenue (ARR) [6] - The average revenue from the top 10 customers has increased to over **$1.5 million** [6] International Expansion - Klaviyo's international business has grown significantly, with EMEA growth exceeding **40%** [8] - The company launched in **seven new languages**, which has accelerated international growth [8] Unique Value Proposition - Klaviyo measures success through a metric called **Klaviyo Attributed Value (KAV)**, which quantifies revenue generated through its platform [11] - Customers report returns of **10x** on their investment with Klaviyo, highlighting the platform's effectiveness in driving revenue [13] B2C CRM Vision - Klaviyo is evolving into a B2C CRM, focusing on first-party data to enhance personalized communication at scale [20][21] - The platform integrates data from various sources, including e-commerce and social media, to provide a comprehensive view of customer interactions [24] New Product Launches - The introduction of **Customer Hub** aims to streamline customer service interactions and turn service into a revenue driver [31] - Klaviyo's platform allows for seamless integration of marketing, service, and analytics, enhancing the customer experience [36] Market Position and Strategy - Klaviyo is positioned to capture a significant share of the retail market, with ongoing initiatives to expand into other verticals such as restaurants and hospitality [62][63] - The company is focused on cross-selling its products, leveraging existing customer relationships to drive growth [58] Resilience in Demand Environment - Klaviyo's pricing model is based on active consumer profiles, which provides stability during economic downturns [46] - Customers are generally optimistic and view Klaviyo as a critical tool for retaining engagement with loyal customers, even in challenging times [50] Future Growth Drivers - The company is seeing an increase in average revenue per customer, particularly as it moves into the mid-market and enterprise segments [54] - New customers are increasingly landing with multiple products, indicating a trend towards consolidation of services [57] Additional Important Insights - Klaviyo's approach to customer engagement is distinct from traditional advertising, focusing instead on nurturing existing relationships [51] - The company has been building its enterprise capabilities over the past few years, preparing for a more complex sales environment [42][43] This summary encapsulates the key insights from Klaviyo's conference call, highlighting the company's growth trajectory, strategic initiatives, and market positioning.

Core Insights - The article does not provide specific insights or analysis regarding any companies or industries, focusing instead on disclaimers and disclosures related to the author's position and affiliations [1][2]. Group 1 - No stock, option, or similar derivative positions are held by the author in any mentioned companies, nor are there plans to initiate such positions in the near future [1]. - The article expresses the author's personal opinions and does not involve compensation beyond that from Seeking Alpha [1]. - There is no business relationship between the author and any company mentioned in the article [1]. Group 2 - Past performance is noted as not guaranteeing future results, and no specific investment recommendations are provided [2]. - The views expressed may not reflect those of Seeking Alpha as a whole, indicating a diversity of opinions among analysts [2]. - The analysts contributing to the platform may not be licensed or certified by any regulatory body, highlighting the need for caution in interpreting their analyses [2].

Core Viewpoint - Klaviyo, Inc. reported quarterly earnings of $0.14 per share, exceeding the Zacks Consensus Estimate of $0.12 per share, and showing a year-over-year increase from $0.13 per share [1][2] Financial Performance - The company achieved revenues of $279.83 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.60% and increasing from $209.99 million year-over-year [2] - Klaviyo has consistently surpassed consensus EPS estimates over the last four quarters [2] Stock Performance - Klaviyo shares have declined approximately 24% since the beginning of the year, contrasting with the S&P 500's decline of 3.9% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $274.63 million, and for the current fiscal year, it is $0.56 on revenues of $1.15 billion [7] - The trend of earnings estimate revisions is mixed, which could change following the recent earnings report [6] Industry Context - The Internet - Software industry, to which Klaviyo belongs, is currently ranked in the top 35% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Data and Key Metrics Changes - Klaviyo reported Q1 revenue of $280 million, representing a 33% year-over-year growth [6][23] - Non-GAAP operating margin for Q1 was 11.6%, with income of $32 million [23][29] - Customer count increased to over 169,000, up 16% year-over-year [24] - Net Revenue Retention (NRR) for Q1 was 108%, consistent with the previous quarter [26] Business Line Data and Key Metrics Changes - SMS penetration within SMB and mid-market customers increased, with strong adoption of the marketing analytics application [27] - The company signed new or expansion deals with various companies, including Quip and Burt's Bees Baby [11][12] - The introduction of new features, such as automated conversations for SMS and custom objects, aimed at enhancing customer engagement [10][11] Market Data and Key Metrics Changes - EMEA revenue grew 47% year-over-year, while total EMEA and APAC revenue grew 42% year-over-year [27] - Notable strength in France, Germany, and Spain, each delivering over 100% year-on-year growth in new business [17] Company Strategy and Development Direction - Klaviyo aims to redefine consumer engagement as the only CRM built for B2C businesses, focusing on a vertically integrated data-first approach [7][9] - The company is investing in international growth and expanding its product offerings, including AI integration and new marketing channels [22][27] - Klaviyo's strategy includes consolidating multiple point solutions into a unified platform to enhance customer relationships [12][21] Management's Comments on Operating Environment and Future Outlook - Management noted that customers are feeling tentative but optimistic, with many diversifying their supply chains and preparing for the holiday season [20][21] - The company remains focused on delivering innovations and maintaining a strong position in the market despite macroeconomic uncertainties [30][32] - Guidance for Q2 expects revenue between $276 million and $280 million, representing year-over-year growth of 24% to 26% [32][34] Other Important Information - Non-GAAP gross margin for Q1 was 77%, down approximately three points year-over-year due to increased infrastructure costs [28] - Free cash flow generated during the quarter was $6.6 million, better than expected [30] Q&A Session Summary Question: Customer behavior comparison in uncertain times - Management noted that customers are focusing on existing relationships and seeing high ROI from Klaviyo's products, indicating resilience in their customer base [36][39] Question: Exposure to China and tariff countries - Management indicated that many customers are diversifying their supply chains away from China and are optimistic about market opportunities [45][46] Question: Contribution expectations from new products - Management has not baked significant revenue expectations from new products into guidance but sees strong potential for future growth [47][52] Question: Relative sizing of customer cohorts - Management highlighted the diversity in customer behavior, with a focus on retention and growth, while being mindful of macroeconomic risks [56][60] Question: International traction and customer personas - Management reported strong growth in Europe, with a similar customer persona to the US, and noted investments in local sales teams [95][98]

Financial Data and Key Metrics Changes - Klaviyo reported Q1 2025 revenue of $280 million, representing a 33% year-over-year growth [5][21] - Non-GAAP operating margin for Q1 was 11.6%, with income of $32 million [21][27] - Free cash flow generated during the quarter was $6.6 million, better than expected due to higher collections [28] Business Line Data and Key Metrics Changes - The company ended Q1 with over 169,000 customers, up 16% year-over-year [22] - The number of customers with over $50,000 in ARR increased by 40% year-over-year, totaling 3,030 [22] - More than 1,000 customers are now paying over $100,000 in ARR [22] Market Data and Key Metrics Changes - EMEA revenue grew 47% year-over-year, while total EMEA and APAC revenue grew 42% year-over-year [25] - Notable strength was observed in France, Germany, and Spain, each delivering over 100% year-on-year growth in new business [15] Company Strategy and Development Direction - Klaviyo aims to redefine consumer engagement with its B2C CRM platform, integrating marketing automation, customer service, and analytics [6][20] - The company is focused on expanding internationally and enhancing its product offerings, including AI integration and new marketing channels [20][31] - Klaviyo's strategy includes consolidating multiple point solutions into a unified data-powered platform to enhance customer relationships [11][12] Management's Comments on Operating Environment and Future Outlook - Management noted that customers are feeling tentative but optimistic, with many diversifying supply chains and preparing for market share growth [19][28] - The company is closely monitoring macroeconomic factors but has not seen a material impact on its business thus far [28][29] - For Q2, Klaviyo expects revenue between $276 million and $280 million, representing year-over-year growth of 24% to 26% [30][31] Other Important Information - Klaviyo's non-GAAP gross margin for Q1 was 77%, down approximately three points year-over-year due to increased infrastructure costs [26] - The company has launched several new features, including automated conversations for SMS and custom objects for data structuring [10][12] Q&A Session Summary Question: Comparison of customer behavior in uncertain times - Management noted that during uncertain economic times, customers tend to focus on existing relationships, recognizing the high ROI from Klaviyo's platform [34][36] Question: Exposure to China and tariff countries - Management indicated that many customers have diversified their supply chains away from China and are optimistic about acquiring more inventory [44][45] Question: Contribution expectations from new products - Management has not baked significant revenue expectations from new products into 2025 guidance, preferring to ensure product-market fit before scaling [46][49] Question: International traction and customer personas - International customers are similar to U.S. customers, primarily starting with SMBs, and Klaviyo is investing in local sales teams to accelerate growth [92][93] Question: Meta and TikTok integrations - Klaviyo is investing in building out integrations with social platforms like Meta and TikTok to enhance marketing capabilities [98][101]

Q1 2025 Investor Presentation 05.06.2025 This presentation includes certain "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Other than statements of historical facts, all statements contained in this presentation and accompanying oral commentary, including, but not limited to, statements about Klaviyo's outlook for the second quarter of fiscal year 2025 and the full fiscal year ending December 31, 2025, and Kl ...

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) Klaviyo reported significant revenue growth in Q1 2025, alongside a net loss, increased total assets, and a decrease in operating cash flow [Condensed Consolidated Balance Sheets (Unaudited)](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) The balance sheet shows total assets increased to $1.347 billion, total liabilities rose to $283.4 million, and stockholders' equity grew to $1.064 billion as of March 31, 2025 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $888,432 | $881,473 | | Total current assets | $1,007,239 | $979,749 | | Total assets | $1,347,311 | $1,273,308 | | **Liabilities & Equity** | | | | Total current liabilities | $192,824 | $199,893 | | Total liabilities | $283,379 | $239,321 | | Total stockholders' equity | $1,063,932 | $1,033,987 | [Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%20(Unaudited)) For Q1 2025, revenue grew 33.3% to $279.8 million, gross profit increased, but operating loss widened to $23.8 million, resulting in a net loss of $14.1 million Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Revenue | $279,827 | $209,993 | | Gross Profit | $212,127 | $165,055 | | Operating Loss | $(23,750) | $(22,092) | | Net Loss | $(14,089) | $(12,882) | | Net loss per share, basic and diluted | $(0.05) | $(0.05) | [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Net cash provided by operating activities decreased to $14.4 million in Q1 2025, while cash used in investing activities increased, resulting in a net increase in cash of $6.6 million Cash Flow Summary (in thousands) | Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $14,362 | $26,182 | | Net cash used in investing activities | $(7,741) | $(3,225) | | Net cash used in financing activities | $(37) | $(5,737) | | **Net increase in cash** | **$6,584** | **$17,220** | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=10&type=section&id=Notes%20to%20Condensed%20Financial%20Statements%20(Unaudited)) The notes detail revenue recognition from tiered subscriptions, highlight Shopify collaboration fees of $7.9 million, and report remaining performance obligations of $173.1 million and stock-based compensation of $39.4 million for Q1 2025 - Revenue is generated through tiered subscription plans based on **consumer profiles and message volume**[29](index=29&type=chunk) - Fees paid to Shopify under a revenue sharing agreement totaled **$7.9 million in Q1 2025**, recognized as selling and marketing expense[39](index=39&type=chunk) - Remaining performance obligations totaled **$173.1 million** as of March 31, 2025, with **$163.7 million** expected within twelve months[47](index=47&type=chunk) - Total stock-based compensation expense was **$39.4 million** for Q1 2025[85](index=85&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported a 33.3% revenue increase in Q1 2025 driven by new and existing customers, alongside a 40% rise in high-ARR customers, despite a decline in NRR and continued net losses due to increased operating expenses - As of March 31, 2025, Klaviyo served over **169,000 businesses globally**[97](index=97&type=chunk)[100](index=100&type=chunk) Key Performance Metrics (as of March 31) | Metric | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Customers > $50k ARR | 3,030 | 2,157 | +40% | | NRR | 108% | 114% | -6 p.p. | - Revenue for Q1 2025 increased by **$69.8 million (33.3%) YoY**, with **60% from new customers** and **40% from existing customer expansion**[142](index=142&type=chunk) - Cost of revenue grew **50.7% YoY**, outpacing revenue growth, driven by increased cloud infrastructure and outbound communication costs[143](index=143&type=chunk) - Selling and marketing expenses rose **34.5% YoY to $123.5 million**, primarily due to personnel, advertising, and partnership costs[145](index=145&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk on its $889.2 million cash holdings and foreign currency risk from international operating expenses, though sales are USD-denominated and no hedging derivatives are used - The company is exposed to interest rate risk on its **$889.2 million cash, cash equivalents, and restricted cash balance** as of March 31, 2025, with no debt[176](index=176&type=chunk) - Foreign currency risk arises from operating expenses denominated in local currencies (e.g., UK, Australia, Ireland), while all sales are in **U.S. dollars**[179](index=179&type=chunk) - A hypothetical **10% change in the U.S. dollar's value** is not expected to materially impact operating results[179](index=179&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during Q1 2025 - Management concluded that disclosure controls and procedures were **effective as of March 31, 2025**[181](index=181&type=chunk) - No material changes occurred in internal control over financial reporting during Q1 2025[182](index=182&type=chunk) [PART II. OTHER INFORMATION](index=37&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings expected to adversely affect its financial condition or operations - Klaviyo is not currently a party to any **material legal proceedings**[186](index=186&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) Key risks include sustaining revenue growth, managing expansion, intense competition, significant dependency on Shopify, compliance with data privacy laws, cybersecurity, reliance on key personnel, and concentrated voting power - The company's rapid historical revenue growth, including **33.3% for Q1 2025**, may not be sustainable and could decelerate[188](index=188&type=chunk) - A significant dependency exists on Shopify integration, with approximately **77.7% of ARR** as of December 31, 2024, from customers also using Shopify[204](index=204&type=chunk) - The company has a history of net losses, including **$14.1 million in Q1 2025**, and increasing operating expenses may hinder future profitability[217](index=217&type=chunk) - The business is subject to stringent and evolving data privacy laws like **GDPR and CCPA**, with non-compliance risking significant fines and business harm[283](index=283&type=chunk)[298](index=298&type=chunk)[300](index=300&type=chunk) - The dual-class stock structure concentrates **64.6% of voting power** with insiders as of March 31, 2025, limiting Series A stockholders' influence[349](index=349&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=77&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Shopify exercised warrants for 344,382 Series B common shares on February 21, 2025, in an unregistered sale, with no material change in IPO proceeds use - On February 21, 2025, Shopify exercised warrants for **344,382 Series B common shares** at **$0.01 per share**, exempt from registration[376](index=376&type=chunk) - No material change occurred in the use of proceeds from the company's IPO[377](index=377&type=chunk) [Other Information](index=79&type=section&id=Item%205.%20Other%20Information) Director Ping Li adopted a Rule 10b5-1 trading plan on March 14, 2025, for the sale of 15,573 shares, with no other similar arrangements by directors or officers during the quarter - Director Ping Li adopted a Rule 10b5-1 trading plan on March 14, 2025, for the sale of **15,573 shares**[381](index=381&type=chunk) [Exhibits](index=80&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the 10-Q report, including required certifications from principal officers and interactive data files - The filing includes required certifications from the **Principal Executive Officer and Principal Financial Officer** pursuant to SEC rules and the Sarbanes-Oxley Act[383](index=383&type=chunk)

[Q1 2025 Performance and Outlook](index=1&type=section&id=Klaviyo%20Announces%20First%20Quarter%202025%20Financial%20Results) [Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Highlights%3A) Klaviyo reported strong Q1 2025 financial results, with significant revenue growth and positive non-GAAP profitability | Financial Metric | Q1 FY25 | YoY Growth | | :--- | :--- | :--- | | Revenue | $279.8M | 33% | | Gross Profit (GAAP) | $212.1M | - | | Gross Margin (GAAP) | 76% | - | | Operating Loss (GAAP) | $(23.8)M | - | | Operating Income (Non-GAAP) | $32.4M | - | | Net Loss per Share (GAAP) | $(0.05) | - | | Net Income per Share (Non-GAAP, diluted) | $0.14 | - | | Cash from Operating Activities | $14.4M | - | | Free Cash Flow | $6.6M | - | - First quarter revenue grew **33% year-over-year to $279.8 million**[1](index=1&type=chunk)[2](index=2&type=chunk) [Business & Customer Metrics](index=1&type=section&id=Recent%20Business%20Highlights%3A) Klaviyo demonstrated strong customer growth, increasing total customers and large customer count, with NRR at 108% - Total customer base grew to **over 169,000** as of March 31, 2025, up from over 146,000 a year prior[5](index=5&type=chunk) - The number of customers generating over $50,000 of ARR increased by **40% year-over-year to 3,030**[5](index=5&type=chunk) - Net Revenue Retention Rate (NRR) was **108%** as of March 31, 2025, indicating strong expansion within the existing customer base[5](index=5&type=chunk) - Announced the Klaviyo B2C CRM, launching new Marketing Analytics and Customer Hub products[5](index=5&type=chunk) [FY2025 Financial Outlook](index=2&type=section&id=Financial%20Outlook) Klaviyo raised its full-year 2025 revenue guidance, projecting 25-26% annual growth and strong non-GAAP operating income | Guidance ($ in millions) | Q2 FY25 (Low) | Q2 FY25 (High) | FY25 (Low) | FY25 (High) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $276.0 | $280.0 | $1,171.0 | $1,179.0 | | YoY Growth Rate | 24% | 26% | 25% | 26% | | Non-GAAP Operating Income | $28.5 | $31.5 | $133.0 | $139.0 | - Raised full-year 2025 revenue guidance to a range of **$1.171 billion to $1.179 billion**[1](index=1&type=chunk) [Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheet](index=8&type=section&id=Klaviyo%2C%20Inc.%20Condensed%20Consolidated%20Balance%20Sheet%20%28Unaudited%29) As of March 31, 2025, Klaviyo's total assets increased to $1.35 billion, with strong cash and growing stockholders' equity | Balance Sheet (In Thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,347,311** | **$1,273,308** | | Cash and cash equivalents | $888,432 | $881,473 | | **Total Liabilities** | **$283,379** | **$239,321** | | **Total Stockholders' Equity** | **$1,063,932** | **$1,033,987** | [Condensed Consolidated Statement of Operations](index=9&type=section&id=Klaviyo%2C%20Inc.%20Condensed%20Consolidated%20GAAP%20Statement%20of%20Operations%20%28Unaudited%29) Q1 2025 revenue grew 33% YoY to $279.8 million, but increased operating expenses led to a GAAP operating loss and net loss | Statement of Operations (In Thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $279,827 | $209,993 | | Gross Profit | $212,127 | $165,055 | | Total Operating Expenses | $235,877 | $187,147 | | Operating Loss | $(23,750) | $(22,092) | | Net Loss | $(14,089) | $(12,882) | | Net Loss Per Share | $(0.05) | $(0.05) | [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Klaviyo%2C%20Inc.%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows%20%28Unaudited%29) In Q1 2025, operating cash flow was $14.4 million, resulting in free cash flow of $6.6 million after capital expenditures | Cash Flows (In Thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $14,362 | $26,182 | | Net cash used in investing activities | $(7,741) | $(3,225) | | Net cash used in financing activities | $(37) | $(5,737) | | **Free Cash Flow** | **$6,621** | **$22,957** | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=5&type=section&id=Statement%20Regarding%20Use%20of%20Non-GAAP%20Financial%20Measures) [Overview of Non-GAAP Adjustments](index=5&type=section&id=Overview%20of%20Non-GAAP%20Adjustments) Klaviyo uses non-GAAP measures to provide a clearer view of core operational performance, excluding non-cash and non-recurring expenses - Non-GAAP measures exclude expenses such as stock-based compensation and related employer payroll taxes, and amortization of prepaid marketing expenses[22](index=22&type=chunk) - Management believes these non-GAAP measures are useful for understanding long-term core business performance and for comparison with peer companies[23](index=23&type=chunk)[24](index=24&type=chunk) [Operating Income Reconciliation](index=11&type=section&id=Klaviyo%2C%20Inc.%20Reconciliation%20of%20Operating%20Loss%20to%20Non-GAAP%20Operating%20Income%20%28Unaudited%29) Klaviyo reconciled GAAP operating loss to non-GAAP operating income, primarily adjusting for stock-based compensation and other non-cash items | Reconciliation (In Thousands) | Q1 2025 | | :--- | :--- | | **Operating loss (GAAP)** | **$(23,750)** | | Stock-based compensation | $38,327 | | Employer payroll tax on employee stock transactions | $4,610 | | Amortization of prepaid marketing | $13,224 | | **Non-GAAP operating income** | **$32,411** | [Net Income Reconciliation](index=12&type=section&id=Klaviyo%2C%20Inc.%20Reconciliation%20of%20Net%20Loss%20to%20Non-GAAP%20Net%20Income%20%28Unaudited%29) A GAAP net loss was converted to a non-GAAP net income of $42.1 million, resulting in a non-GAAP diluted EPS of $0.14 | Reconciliation (In Thousands) | Q1 2025 | | :--- | :--- | | **Net loss (GAAP)** | **$(14,089)** | | Stock-based compensation | $38,327 | | Employer payroll tax on employee stock transactions | $4,610 | | Amortization of prepaid marketing | $13,224 | | **Non-GAAP net income** | **$42,072** | | Non-GAAP net income per share, diluted | $0.14 | [Free Cash Flow Reconciliation](index=13&type=section&id=Klaviyo%2C%20Inc.%20Reconciliation%20of%20Operating%20Cash%20Flow%20to%20Free%20Cash%20Flow%20%28Unaudited%29) Free cash flow for Q1 2025 was $6.6 million, derived from operating cash flow after capital expenditures and capitalized software | Reconciliation (In Thousands) | Q1 2025 | | :--- | :--- | | **Cash provided by operating activities** | **$14,362** | | Acquisition of property and equipment | $(2,685) | | Capitalization of software development costs | $(5,056) | | **Free cash flow** | **$6,621** | [Additional Information](index=3&type=section&id=Additional%20Information) [Key Business Metrics & Definitions](index=3&type=section&id=Select%20Defined%20Terms) Klaviyo defines key business metrics including customer count, large customer ARR, and Dollar-Based Net Revenue Retention Rate - **Customer:** A distinct paid subscription to the platform. Free trial users are not included[11](index=11&type=chunk) - **Customers Generating Over $50,000 of ARR:** Customers with an average ARR greater than $50,000 over the prior twelve months, indicating success in moving upmarket[12](index=12&type=chunk) - **Dollar-Based Net Revenue Retention Rate (NRR):** Measures revenue growth from the existing customer cohort over a twelve-month period, including expansion and contraction, but excluding new customers[13](index=13&type=chunk)[14](index=14&type=chunk) [Share Capital Structure](index=2&type=section&id=Dilutive%20Securities) As of March 31, 2025, Klaviyo had 275.6 million common shares outstanding, with total estimated fully diluted shares at 323.5 million | Security Type | Shares (in millions) | | :--- | :--- | | Common stock outstanding | 275.6 | | Warrants outstanding | 3.4 | | RSUs outstanding | 20.0 | | Options outstanding | 24.2 | | **Total estimated fully diluted shares** | **323.5** | - The Shopify investment option to purchase **15.7 million shares at $88.93/share** was out of the money and excluded from the fully diluted share count[9](index=9&type=chunk)