[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)

Core Insights - Email newsletters are recognized as reliable and cost-effective marketing tools, with Klaviyo named the top email newsletter software for 2025 by Expert Consumers [1][6] Industry Trends - Businesses are increasingly relying on owned marketing channels like email due to rising paid advertising costs and unpredictable social media algorithms, with email being a top ROI-generating channel for nearly 79% of businesses [2] - Email newsletters have evolved into personalized, data-driven engagement tools, essential for brand awareness, customer retention, and direct sales [4] Company Highlights - Klaviyo is a unified B2C CRM software that integrates email marketing, customer analytics, and automation, providing sophisticated tools for businesses to enhance their email marketing strategies [3][12] - The platform offers over 160 professionally designed email templates and AI-powered writing assistance to optimize newsletters for higher engagement [9][10] - Klaviyo's automated workflows allow for triggered email sequences, ensuring timely and relevant messaging based on customer behavior [11][13] Strategic Importance - The recognition of Klaviyo reflects the demand for smarter, personalized email marketing solutions, moving beyond traditional bulk messaging to a more strategic, data-driven approach [12][14] - Klaviyo empowers brands to leverage real-time customer insights for refined outreach strategies, enhancing engagement and customer loyalty [13][14]

Core Insights - Email marketing remains a highly effective channel for B2C brands, with a growing emphasis on personalized and data-driven strategies [1][3][10] - Klaviyo has been recognized as the best email marketing tool for 2025 due to its AI-driven automation, customer segmentation, and integration capabilities [1][3][12] Group 1: Klaviyo's Features and Capabilities - Klaviyo integrates marketing automation, analytics, and customer service into a unified platform designed specifically for B2C brands [2][5] - The platform offers over 60 built-in automation flows, enabling brands to manage various email campaigns such as welcome emails and cart abandonment reminders [6] - Customizable email templates support mobile optimization and branding consistency, allowing businesses to adapt campaigns for different customer segments [7] Group 2: Importance of Data and Personalization - Modern email marketing relies on automation, predictive analytics, and audience segmentation to effectively engage customers, moving away from generic email blasts [3][11] - Klaviyo's integration of real-time data and AI helps brands predict customer behavior and make data-backed marketing decisions [9][10] - The focus on first-party data and owned channels like email and SMS allows brands to maintain control over customer interactions, enhancing customer retention and long-term engagement [10][11] Group 3: Industry Trends - The recognition of Klaviyo reflects a broader industry shift towards smarter, data-centric marketing solutions that prioritize relevant messaging at scale [12] - Email is highlighted as a high-ROI channel, particularly when combined with AI-driven segmentation and automation, distinguishing it from social media and paid advertising [10][11]

Core Insights - Klaviyo has been recognized as the best text messaging service for businesses in 2025 by Consumer365, emphasizing its data-driven approach and the importance of SMS marketing in multichannel strategies [1][13] Company Overview - Klaviyo is a B2C-focused CRM platform that integrates SMS, email, and AI-powered insights to enhance customer engagement [2] - The platform allows businesses to adopt a holistic approach to customer engagement, selecting the most effective communication channel based on real-time customer behavior [3] SMS Marketing Significance - SMS remains a reliable communication channel, with 74% of consumers subscribing to SMS from multiple brands and 72% preferring weekly text updates [4] - 65% of consumers have made unplanned purchases due to SMS messages, highlighting the channel's influence on buying decisions [4] Engagement and Effectiveness - Text messages are read within three minutes of receipt, making SMS effective for urgent communications like limited-time offers and appointment reminders [5] - Klaviyo's multichannel orchestration capabilities allow brands to balance SMS with email and push notifications, preventing over-messaging and enhancing customer engagement [7][8] Business Impact - Businesses using Klaviyo for both SMS and email have experienced a 19% increase in gross merchandise value (GMV) growth rate, demonstrating the effectiveness of a multichannel strategy [8] - Klaviyo provides businesses with control, insights, and performance tracking, centralizing customer data from various marketing channels [9] Future of SMS Marketing - SMS marketing is becoming a significant revenue driver for B2C brands, with average revenue per recipient (RPR) for SMS campaigns slightly higher than that of email [11] - The strategic use of SMS, focusing on delivering high-value content without overwhelming subscribers, is crucial for successful marketing [12]

Core Insights - Klaviyo has been recognized as one of the top email marketing platforms of the year by Software Experts, highlighting its AI-powered automation and real-time customer data integration as key strengths [1][2][13] - The platform is designed to enhance customer engagement and maximize revenue for businesses through advanced marketing capabilities [1][3] Company Overview - Klaviyo is a B2C CRM that helps consumer brands unify marketing, analytics, and customer interactions through AI-driven automation and real-time data insights [15] - Founded in 2012, Klaviyo has evolved from a customer database to a comprehensive platform used by over 167,000 brands worldwide [15] Key Features - **Real-Time Data and Segmentation**: Klaviyo processes customer data in real time, enabling businesses to create targeted audience segments for effective marketing [4] - **Automation Flows**: The platform offers pre-built automation workflows for various customer interactions, reducing manual effort and maintaining continuous communication [5][6] - **Multi-Channel Marketing Integration**: Klaviyo integrates with SMS, push notifications, and e-commerce platforms, ensuring a synchronized marketing approach [6] - **AI-Powered Content and Personalization**: The platform utilizes AI for hyper-precise personalization, tailoring emails based on customer behavior [7] - **User-Friendly Template Editor**: Klaviyo features an intuitive drag-and-drop editor for easy email creation [8] - **Data-Driven Reporting**: The platform provides insights to measure campaign effectiveness and track revenue impact [8] Revenue Impact and Business Growth - Businesses using Klaviyo's automated email campaigns report higher revenue per recipient compared to manual efforts, showcasing the platform's effectiveness in driving measurable results [9][10] Pricing Model - Klaviyo's pricing is based on active profiles, starting at $60 per month, with a free tier available for up to 500 emails per month, making it accessible for various business sizes [10] Industry Recognition - Software Experts' ranking of Klaviyo is based on innovation, usability, performance, scalability, and ROI impact, solidifying its position as a top choice for businesses looking to scale marketing operations [13][14]

Core Insights - BigCommerce announced the winners of the 2025 BigCommerce and Feedonomics Customer and Partner Awards, recognizing innovative customers and partners in the ecommerce space [1][2] Customer Awards - The 2025 BigCommerce Customer Award winners include: - Achievement in Growth: Bulk Nutrients - B2B Excellence Award: Ultraceuticals - Design Award: Coco Republic - Shopper Experience Award: Adore Beauty - Innovation Award: Vivo Hair Salon [4] Agency Partner Awards - The 2025 BigCommerce Agency Partner winners include: - Agency Partner of the Year: Aligent - Agency B2B Excellence Award: Terabyte - User Experience & Design Award: Moustache Republic - Creative Problem Solving Award: Aligent - Excellence in Delivery Award: Web Force 5 [6][7] Technology Partner Awards - The 2025 BigCommerce Technology Partner winners include: - Tech Partner of the Year: PayPal - Innovative Integration Award: Marketplacer - Customer Growth Award: Klaviyo - User Experience Award: Stripe [9] Feedonomics Partner Awards - The 2025 Feedonomics Partner winners include: - Feedonomics Partner of the Year: Incubeta - Emerging Partner: Amblique [11]

Company Overview - Klaviyo, Inc. (KVYO) shares increased by 10.3% to $28.94 in the last trading session, following a period of 22.1% loss over the past four weeks, indicating a significant recovery in stock performance [1] - The company is experiencing growth due to an expanding clientele [1] Earnings Expectations - Klaviyo is projected to report quarterly earnings of $0.12 per share, reflecting a year-over-year decline of 7.7% [2] - Revenue expectations stand at $267.13 million, which is a 27.2% increase compared to the same quarter last year [2] Stock Performance Insights - The consensus EPS estimate for Klaviyo has remained unchanged over the last 30 days, suggesting stability in earnings expectations [3] - The stock's price movement is typically influenced by trends in earnings estimate revisions, indicating that future performance should be monitored closely [3] Industry Context - Klaviyo operates within the Zacks Internet - Software industry, where another company, Arteris, Inc. (AIP), also showed a stock increase of 6.8% to $6.61, despite a 19.9% decline over the past month [3] - Arteris has an unchanged EPS estimate of -$0.11 for its upcoming report, which represents a 26.7% improvement from the previous year [4]

Core Insights - BigCommerce announced the winners of the 2025 BigCommerce and Feedonomics Customer and Partner Awards in the Americas region, recognizing innovative customers and partners on their platforms [1][2] - The awards featured 24 categories evaluated by a panel of BigCommerce and Feedonomics employees and executives, highlighting exceptional achievements in ecommerce [2] BigCommerce Customer Awards - Achievement in Growth Award recognizes exceptional growth and success achieved with BigCommerce [4] - B2B Excellence Award acknowledges leadership in B2B ecommerce [4] - Design Award celebrates captivating storefront designs [4] - Shopper Experience Award honors exceptional customer experiences [4] - Innovation Award recognizes cutting-edge ecommerce solutions [4] Feedonomics Customer Awards - Feedonomics Innovative Integration Award recognizes exceptional creativity in integrating Feedonomics [6] - Feedonomics Exemplary Efficiency Award honors outstanding operational efficiency achieved with Feedonomics [6] - Feedonomics Global Expansion Award acknowledges successful international market expansion using Feedonomics [6] - Achievement in Growth Award presented to DoorDash for exceptional growth with Feedonomics [7] BigCommerce Agency Partner Awards - Agency Partner of the Year awarded for best overall performance in EMEA [9] - Agency B2B Excellence Award recognizes agency partners excelling in B2B solutions [9] - Catalyst Delivery Award honors agencies leveraging Catalyst for custom development [10] - User Experience & Design Award awarded for visually appealing designs enhancing user experience [10] - Excellence in Delivery Award recognizes agencies launching BigCommerce storefronts on time and budget [10] BigCommerce Technology Partner Awards - Tech Partner of the Year awarded to Klaviyo for superior user experience [12] - Innovative Integration Award given to ResolvePay for solving critical needs [12] - Customer Growth Award presented to TradeCentric for generating significant revenue growth [12] - Technology B2B Excellence Award awarded to BlueSnap for meeting B2B customer needs [12] - Emerging Partner Award given to Wayflyer for superior user experience and growth [12] Feedonomics Partner Awards - Feedonomics Partner of the Year awarded to Power Digital for highest revenue sourcing [14] - Innovation Award recognizes partnership with Walmart for disrupting legacy technology [14] - Emerging Partner Award celebrates MediaScale Partners for exceptional promise and leadership [15]

文 ｜ 陈俊云 近期市场对美国经济"滞胀"叙事的交易导致美股软件板块跟随市场出现大幅回调，但3 8家主流美 股软件公司2 0 2 4Q4财报显示，经历了过去三年的需求泡沫出清之后，欧美企业客户软件需求整体 趋于稳定，或呈现缓慢复苏迹象，部分软件企业2 0 2 5Q1和2 0 2 5全年偏保守的业绩指引亦和板块既 往的习惯相符，但近期特朗普政府系列政策对宏观的影响和预期扰动令市场明显担忧，需要谨慎关 注。投资节奏上，短期市场恢复趋势性的上行仍需要宏观不确定性的消除，AI在企业市场的商业 化部署，叠加企业云计算需求的持续向上料将使得基础软件板块在2 0 2 5H1显著受益，同时伴随宏 观预期的企稳，以及AI商业化收益的逐步体现，我们认为应用软件业绩有望在2 0 2 5H2显著改善。 ▍ 报告缘起： 参考软件板块2 0 2 4年四季报整体的业绩&指引，以及各公司对于下游需求环境的表述，我们判断 欧美企业IT支出短期仍将呈现稳步复苏态势。但近期特朗普政府在关税政策、政府部门裁员&预 算削减等层面的系列举措正在对美国宏观经济增长、通胀预期等构成持续的噪音和扰动，同时部 分软件企业较为保守的业绩指引等亦在一定程度上加剧了 ...

Table of Contents As filed with the Securities and Exchange Commission on September 18, 2023. Registration No. 333-274211 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Amendment No 2. to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Klaviyo, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) 125 Summer Street 6th Floor Boston, MA 02110 ...