Core Thesis - Klaviyo, Inc. is positioned as a critical platform for digital commerce, evolving from an email marketing tool to an AI-driven B2C CRM [3][4] Company Overview - Founded in 2012 by Andrew Bialecki and Ed Hallen, Klaviyo has focused on customer-led expansion and measurable revenue outcomes [3] - The company emphasizes data democratization, enabling small and mid-market merchants to compete with larger enterprises [4] Product and Technology - Klaviyo's platform integrates omnichannel marketing, customer support via K:Service, and AI-driven campaigns through K:AI, processing over 2 billion daily events across 7 billion customer profiles for over 183,000 paying customers [5] - The architecture creates a proprietary behavioral data moat, allowing real-time campaign optimization with high contextual accuracy [5] Financial Performance - Klaviyo is experiencing robust revenue growth above 25% CAGR and is targeting a 20% non-GAAP operating margin by FY2028, with projected revenue of $2.39 billion and $356 million adjusted EBITDA [6] - The company is scaling internationally, with EMEA and APAC now representing 36% of revenue, and is capturing larger enterprise clients [6] Market Position and Valuation - While valuation pressures limit immediate upside, Klaviyo's AI integration, defensible data moat, and scalable product cross-sell opportunities position it as a premier autonomous B2C CRM with long-term growth potential [7] - The current share price is $15.88 with a forward P/E of 35.71, indicating a potential entry point for investors [1][7]

[Music] [Applause] So artificial intelligence is reshaping our world. Currently it is changing how we predict the weather, how we detect diseases, how we access loans or produce music, but even how we fight in wars. More and more frequently, artificial intelligence is deciding what we buy, what we watch in the evening when we are tired, but even who we interact with on social media.And this is why we must ask ourself whose world is this artificial intelligence reflecting. AI is no longer just a tool. Right ...