Klaviyo(KVYO) - 2023 Q4 - Annual Results

Revenue Growth - Fourth quarter revenue of $201.6 million, representing 39% year-over-year growth[1] - Increased revenue by 48% in 2023, generating $119.4 million in cash from operating activities and $110.0 million in free cash flow[4] - Total revenue of $698.1 million in fiscal year 2023, representing annual growth of 48%[8] - Revenue for Q4 2023 increased to $201.6 million, up from $145.2 million in Q4 2022, representing a 38.8% year-over-year growth[31] - Full-year revenue for 2023 reached $698.1 million, a 47.7% increase compared to $472.7 million in 2022[33] - FY24-Q1 revenue guidance of $201.0 million to $203.0 million, representing year-over-year growth of 29% to 30%[10] - FY24 revenue guidance of $889.0 million to $897.0 million, representing year-over-year growth of 27% to 28%[10] Customer Metrics - Helped customers generate well over $50 billion in Klaviyo Attributed Value during all of 2023[2] - Over 143,000 customers using Klaviyo as of fiscal year end 2023, compared to over 119,000 customers at the end of fiscal year 2022[5] - 1,958 customers generating over $50,000 of ARR, an increase of 80% year over year[5] Profitability and Margins - Non-GAAP gross profit of $159.8 million, representing a non-GAAP gross margin of 79% in Q4 2023[6] - Non-GAAP operating income of $78.1 million, representing non-GAAP operating margin of 11% in fiscal year 2023[8] - Gross profit for Q4 2023 was $156.6 million, with a gross margin of 77.7%, compared to $107.9 million and a 74.3% margin in Q4 2022[31] - Gross profit for the year ended December 31, 2023, was $520.2 million, with a gross margin of 74.5%, compared to $344.7 million and 72.9% in 2022[49] - Non-GAAP gross profit for the year ended December 31, 2023, was $547.9 million, with a non-GAAP gross margin of 78.5%, compared to $344.9 million and 72.9% in 2022[49] - Non-GAAP operating income for the year ended December 31, 2023, was $78.1 million, compared to a non-GAAP operating loss of $26.2 million in 2022[51] - Non-GAAP net income for the year ended December 31, 2023, was $100.5 million, compared to a net loss of $308.2 million on a GAAP basis[53] Operating Performance - Operating loss for Q4 2023 was $36.3 million, compared to $4.1 million in Q4 2022, driven by increased operating expenses[31] - Operating loss for the year ended December 31, 2023, was $330.6 million, compared to an operating loss of $55.0 million in 2022[51] - Total operating expenses for the year ended December 31, 2023, were $850.8 million, compared to $399.8 million in 2022[55] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2023, stood at $738.6 million, up from $385.8 million at the end of 2022[29] - Net cash provided by operating activities for the year ended December 31, 2023, was $119.4 million, compared to net cash used in operating activities of $23.6 million in 2022[37] - Free cash flow for Q4 2023 was $38.6 million, compared to $20.9 million in Q4 2022[35] - Free cash flow for the year ended December 31, 2023, was $110.0 million, compared to negative free cash flow of $41.8 million in 2022[57] Net Loss and Expenses - Net loss for Q4 2023 was $26.3 million, compared to a net loss of $755,000 in Q4 2022[31] - Net loss for the year ended December 31, 2023, was $308.2 million, compared to a net loss of $49.2 million in 2022[37] - Research and development expenses for Q4 2023 increased to $52.6 million, up from $28.7 million in Q4 2022, reflecting investment in innovation[31] - Stock-based compensation expense for Q4 2023 was $38.5 million, significantly higher than $557,000 in Q4 2022[35] - Stock-based compensation expense for the year ended December 31, 2023, was $340.8 million, compared to $6.8 million in 2022[37] Total Assets - Total assets as of December 31, 2023, were $1.09 billion, compared to $629.1 million at the end of 2022[29]