Klaviyo(US:KVYO)2025-02-19 21:08Revenue Growth - Fourth quarter revenue reached $270.2 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 $265 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 $50,000 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 $149 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 $201,618,000 in Q4 2023[30] - The company's net loss for Q4 2024 was $26,973,000, compared to a net loss of $26,295,000 in Q4 2023[30] - Operating loss for the year ended December 31, 2024, was $84,078,000, significantly improved from a loss of $330,622,000 in 2023[32] - Operating loss for Q4 2024 was $34.654 million, an improvement from a loss of $36.330 million in Q4 2023[40] - Non-GAAP net income for Q4 2024 was $22.827 million, down from $26.234 million in Q4 2023, with diluted non-GAAP net income per share at $0.07 compared to $0.09[42] - The company reported a net loss of $46.142 million for the year ended December 31, 2024, significantly improved from a loss of $308.233 million in 2023[52] Cash Flow and Expenses - Free cash flow for Q4 2024 was $54.461 million, significantly higher than $34.721 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 $119.371 million in 2023[56] - Total operating expenses for Q4 2024 increased to $233.080 million from $192.935 million in Q4 2023, with non-GAAP total operating expenses at $185.426 million, up from $143.569 million[44] - Total selling and marketing expenses for the year ended December 31, 2024, were $404.209 million, slightly up from $394.369 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 $238.459 million, down from $262.177 million in 2023, with non-GAAP R&D expenses at $184.200 million[54] Assets and Liabilities - Total assets increased to $1,273,308,000 as of December 31, 2024, up from $1,089,050,000 a year earlier[28] - Klaviyo's cash and cash equivalents rose to $881,473,000 at the end of Q4 2024, compared to $738,562,000 at the end of Q4 2023[28] - Klaviyo's total liabilities increased to $239,321,000 as of December 31, 2024, compared to $174,273,000 a year earlier[28] Stock-Based Compensation - Stock-based compensation expense for the year 2024 was $135,212,000, down from $340,799,000 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, 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 $520.211 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]