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Klaviyo(KVYO) - 2024 Q4 - Annual Results
KVYOKlaviyo(KVYO)2025-02-19 21:08

Revenue Growth - Fourth quarter revenue reached 270.2million,reflectinga34270.2 million, reflecting a 34% year-over-year growth[1] - Full year revenue totaled 937.5 million, also representing a 34% year-over-year growth[1] - EMEA and APAC revenue growth combined for the fourth quarter was 42% year-over-year[5] - For Q1 FY25, revenue guidance is set between 265millionand265 million and 269 million, with a year-over-year growth rate of 26% to 28%[7] Customer Metrics - The number of customers increased to over 167,000 by the end of fiscal year 2024, up from over 143,000 in fiscal year 2023[5] - Customers generating over 50,000ofARRgrewby4650,000 of ARR grew by 46% year-over-year, reaching 2,850[5] - The Dollar-Based Net Revenue Retention Rate (NRR) was 108% as of December 31, 2024[5] Financial Performance - The company generated 166 million in cash from operating activities and 149millioninfreecashflowforthefullyear[4]−Thecompanyendedtheyearwithagrossmarginof76149 million in free cash flow for the full year[4] - The company ended the year with a gross margin of 76% and a non-GAAP operating margin of 12%[6] - Klaviyo reported Q4 2024 revenue of 270,164,000, a 34% increase from 201,618,000inQ42023[30]−Thecompany′snetlossforQ42024was201,618,000 in Q4 2023[30] - The company's net loss for Q4 2024 was 26,973,000, compared to a net loss of 26,295,000inQ42023[30]−OperatinglossfortheyearendedDecember31,2024,was26,295,000 in Q4 2023[30] - Operating loss for the year ended December 31, 2024, was 84,078,000, significantly improved from a loss of 330,622,000in2023[32]−OperatinglossforQ42024was330,622,000 in 2023[32] - Operating loss for Q4 2024 was 34.654 million, an improvement from a loss of 36.330millioninQ42023[40]−Non−GAAPnetincomeforQ42024was36.330 million in Q4 2023[40] - Non-GAAP net income for Q4 2024 was 22.827 million, down from 26.234millioninQ42023,withdilutednon−GAAPnetincomepershareat26.234 million in Q4 2023, with diluted non-GAAP net income per share at 0.07 compared to 0.09[42]−Thecompanyreportedanetlossof0.09[42] - The company reported a net loss of 46.142 million for the year ended December 31, 2024, significantly improved from a loss of 308.233millionin2023[52]CashFlowandExpenses−FreecashflowforQ42024was308.233 million in 2023[52] Cash Flow and Expenses - Free cash flow for Q4 2024 was 54.461 million, significantly higher than 34.721millioninQ42023,withafreecashflowmarginof20.234.721 million in Q4 2023, with a free cash flow margin of 20.2% compared to 17.2%[46] - Cash provided by operating activities for the year ended December 31, 2024, was 165.955 million, compared to 119.371millionin2023[56]−TotaloperatingexpensesforQ42024increasedto119.371 million in 2023[56] - Total operating expenses for Q4 2024 increased to 233.080 million from 192.935millioninQ42023,withnon−GAAPtotaloperatingexpensesat192.935 million in Q4 2023, with non-GAAP total operating expenses at 185.426 million, up from 143.569million[44]−TotalsellingandmarketingexpensesfortheyearendedDecember31,2024,were143.569 million[44] - Total selling and marketing expenses for the year ended December 31, 2024, were 404.209 million, slightly up from 394.369millionin2023,withnon−GAAPsellingandmarketingexpensesat394.369 million in 2023, with non-GAAP selling and marketing expenses at 307.854 million[54] - Research and development expenses for the year ended December 31, 2024, were 238.459million,downfrom238.459 million, down from 262.177 million in 2023, with non-GAAP R&D expenses at 184.200million[54]AssetsandLiabilities−Totalassetsincreasedto184.200 million[54] Assets and Liabilities - Total assets increased to 1,273,308,000 as of December 31, 2024, up from 1,089,050,000ayearearlier[28]−Klaviyo′scashandcashequivalentsroseto1,089,050,000 a year earlier[28] - Klaviyo's cash and cash equivalents rose to 881,473,000 at the end of Q4 2024, compared to 738,562,000attheendofQ42023[28]−Klaviyo′stotalliabilitiesincreasedto738,562,000 at the end of Q4 2023[28] - Klaviyo's total liabilities increased to 239,321,000 as of December 31, 2024, compared to 174,273,000ayearearlier[28]Stock−BasedCompensation−Stock−basedcompensationexpensefortheyear2024was174,273,000 a year earlier[28] Stock-Based Compensation - Stock-based compensation expense for the year 2024 was 135,212,000, down from 340,799,000in2023[36]GrossProfit−ThegrossprofitforQ42024was340,799,000 in 2023[36] Gross Profit - The gross profit for Q4 2024 was 198,426,000, with a gross margin of 73.4%, down from 77.7% in Q4 2023[38] - Non-GAAP gross profit for Q4 2024 was 200,572,000,reflectinganon−GAAPgrossmarginof74.2200,572,000, reflecting a non-GAAP gross margin of 74.2%[38] - Gross profit for the year ended December 31, 2024, was 716.159 million, up from 520.211millionin2023,resultinginagrossmarginof76.4520.211 million in 2023, resulting in a gross margin of 76.4% compared to 74.5%[48] - Non-GAAP operating income for the year ended December 31, 2024, was 112.522 million, a substantial increase from $78.100 million in 2023, with a non-GAAP operating margin of 12.0%[50] Reconciliation and Long-Term Performance - The company provided a reconciliation showing the full dilutive impact of all outstanding equity instruments to better understand long-term performance[26]