First quarter revenue of $210.0 million,
representing 35% year-over-year growth
Expanded platform with new international
launches
Klaviyo (NYSE: KVYO), the company that powers smarter digital
relationships, today announced results for its first quarter ended
March 31, 2024.
“We’re pleased to share our strong first quarter results.
Consumer-facing businesses of all sizes across the world are using
our platform to power smarter digital relationships.” said Andrew
Bialecki, co-founder and CEO of Klaviyo. “We had a number of
exciting product launches recently that are focused on our
international and mid market customers. We’re investing across our
product, engineering, partner ecosystem, and customer-facing roles
to provide the tools our customers need to drive revenue
growth.”
Recent Business
Highlights:
- Launched Klaviyo portfolio to solve complex needs for global
and multi-account customers.
- Announced French language version of product, marking the first
time Klaviyo's platform is available in a language other than
English, and expanded SMS to now include nine countries.
- Closed new and expanded existing customer accounts, such as
Perry Ellis International, Manucurist, Fila, and Helen of Troy’s
Hydroflask, OXO, and Osprey brands during the quarter ended March
31, 2024.
- Over 146,000 customers were using Klaviyo to drive their own
revenue growth as of March 31, 2024, compared to over 125,000
customers as of March 31, 2023.
- Increased our penetration up market, ending the quarter with
2,157 customers generating over $50,000 of ARR, compared to 1,273
at the end of the first quarter of 2023, an increase of 69%
year-over-year.
- Customers generating over $50,000 of ARR now represent 31% of
our ARR, up from 23% compared to a year ago. This quarter marks the
first time this cohort represented over 30% of our ARR.
Additionally, our top 10 customers have an average ARR of
approximately $1.5 million, which is up over 70%
year-over-year.
- Continued to expand our current customer base, with NRR of 114%
as of March 31, 2024.
- Announcing that Chief Technology Officer, Allen Chaves, has
decided to step down at the end of 2024, after four and a half
years of helping grow and scale Klaviyo.
- Hired Carmel Galvin as Chief People Officer in April 2024 to
lead Klaviyo’s global people operations team and human resources
function.
“We executed well in the first quarter to set up a strong start
to 2024.” said Amanda Whalen, CFO of Klaviyo. “We delivered $210
million in revenue in the first quarter, driving growth of 35%
year-over-year, while growing our operating cash flow 68% and our
free cash flow 65% year-over-year in the first quarter. We’re
continuing to invest behind our strategic initiatives to drive
efficient and durable growth.”
First Quarter 2024 Financial
Highlights:
- Revenue: Total revenue of $210.0 million, up from total
revenue of $156.1 million in the first quarter of 2023,
representing year-over-year growth of 35%.
- Gross profit: Gross profit of $165.1 million,
representing a gross margin of 79%, compared to gross profit of
$119.5 million in the first quarter of 2023, representing a gross
margin of 77%.
- Non-GAAP gross profit: Non-GAAP gross profit of $167.6
million, representing a non-GAAP gross margin of 80%, compared to
non-GAAP gross profit of $120.7 million in the first quarter of
2023, representing a non-GAAP gross margin of 77%.
- Operating (loss) income: Operating loss of $(22.1)
million, representing operating margin of (11)%, compared to
operating income of $0.9 million in the first quarter of 2023,
representing an operating margin of 1%.
- Non-GAAP operating income: Non-GAAP operating income of
$29.3 million, representing non-GAAP operating margin of 14%,
compared to non-GAAP operating income of $23.3 million in the first
quarter of 2023, representing non-GAAP operating margin of
15%.
- Net (loss) income per share attributable to Klaviyo Series A
and Series B common stockholders - basic and diluted: Net
(loss) income per basic and diluted share attributable to Klaviyo
Series A and Series B common stockholders was $(0.05) for the first
quarter of 2024, compared to $0.02 for the first quarter of
2023.
- Non-GAAP net income per share attributable to Klaviyo Series
A and Series B common stockholders - basic and diluted:
Non-GAAP net income per basic and diluted share attributable to
Klaviyo Series A and Series B common stockholders was $0.15 and
$0.13, respectively, for the first quarter of 2024, compared to
$0.11 and $0.10, respectively, for the first quarter of 2023.
- Balance sheet and cash flow: Cash, cash equivalents, and
restricted cash as of the end of the first quarter was $756.9
million. Cash from operating activities was $26.2 million,
representing a margin of 12%. Free cash flow for the first quarter
was $23.0 million, representing free cash flow margin of 11%.
Financial Outlook
$ in millions
FY24-Q2 Guidance
FY24 Guidance
Low
High
Low
High
Revenue
$
211.0
$
213.0
$
899.0
$
907.0
Year-over-year Growth Rate
28
%
29
%
29
%
30
%
Non-GAAP Operating Income
$
19.5
$
22.5
$
97.0
$
105.0
Non-GAAP Operating Margin
9
%
11
%
11
%
12
%
Klaviyo has not provided a reconciliation of non-GAAP operating
income guidance measures to the most directly comparable GAAP
measures because certain items excluded from GAAP cannot be
reasonably calculated or predicted at this time. Accordingly, a
reconciliation is not available without unreasonable effort.
Stock-based compensation-related charges, including employer
payroll tax-related items on employee stock transactions, are
impacted by the timing of employee stock transactions, the future
fair market value of our common stock, and our future hiring and
retention needs, all of which are difficult to predict and subject
to constant change.
Dilutive Securities
Klaviyo has various dilutive securities. The table below details
these securities (shares in millions; rounding differences may
occur):
Price as of March 31,
2024
Weighted Average Exercise
Price
Shares
Share price
$
25.48
Common stock outstanding as of
3/31/2024
264.0
Warrants outstanding
4.8
RSUs outstanding
14.6
Options outstanding
$
0.48
28.0
ESPP shares outstanding
0.4
Total estimated fully diluted shares
311.8
We have excluded the impact of the Shopify investment option of
15,743,174 shares at $88.93 per share as it was out of the money as
of March 31, 2024. The investment option expires on July 28,
2030.
Conference Call
Information
In conjunction with this announcement, Klaviyo will host a
conference call for investors at 4:30 p.m. ET (1:30 p.m. PT) today
to discuss the results for its first quarter ended March 31, 2024
and its outlook for its second quarter ending June 30, 2024 and
fiscal year ending December 31, 2024. The live webcast and a replay
of the webcast will be available at the Investor Relations section
of Klaviyo’s website: https://investors.klaviyo.com (live and
replay).
Select Defined Terms
Customers. We define a customer as a distinct paid
subscription to our platform. A single organization could have
multiple discrete contracting divisions or subsidiaries or brands
each with paid subscriptions to our platform, which would, in
general, constitute multiple distinct customers. In some cases at
the customer’s request, we allow subscriptions under the same
parent organization to be consolidated into a single paid
subscription in which case such consolidated paid subscriptions
would constitute a single customer. We measure our total number of
customers as a point-in-time calculation measured as of the end of
a particular period. Customers do not include persons or entities
that use our platform on a free trial basis.
Customers Generating Over $50,000 of ARR. We calculate
our number of customers generating over $50,000 of ARR (as defined
below) as those customers that have an average ARR of greater than
$50,000 over the prior twelve months (or the entire duration of the
customer’s paying relationship, if it is less than twelve months)
as of the date of determination. We believe the number of customers
generating over $50,000 of ARR is a key performance metric to help
investors and others understand and evaluate our results of
operations in the same manner as our management team, as it is an
indicator of our ability to grow the number of customers that are
exceeding this ARR threshold, both from our existing customers
expanding their usage of our platform and from our sales to larger
customers. We believe this is an important indicator of our ability
to continue to successfully move up market.
Dollar-Based Net Revenue Retention Rate. We calculate our
Dollar-Based Net Revenue Retention Rate (“NRR”) by first
identifying the cohort of customers as of twelve months prior to
the date of determination. We then calculate the Annualized
Recurring Revenue (“ARR”) from this customer cohort as of twelve
months prior to the date of determination (the “Prior Period ARR”)
and the ARR from this customer cohort as of the date of
determination (the “Current Period ARR”). ARR, for any date of
determination, is the annualized value of existing paid
subscriptions, which we calculate by taking the amount of revenue
that we expect to receive in the next monthly period for our
existing paid subscriptions, assuming no changes to such
subscriptions in the next month, as of that date of determination,
and multiplying that amount by twelve. Current Period ARR includes
any expansion, price increases, and customer subscriptions that are
deactivated and subsequently reactivated during the applicable
twelve-month period and reflects contraction or attrition over the
last twelve months from this customer cohort, but excludes any ARR
from new customers in the current period. We then divide the total
Current Period ARR by the total Prior Period ARR to arrive at the
point-in-time NRR. We then calculate the weighted average
point-in-time NRR as of the last day of each month in the current
trailing twelve-month period to arrive at the NRR, with the
weightings determined by the total ARR at the end of each period.
We believe NRR is a key performance metric to help investors and
others understand and evaluate our results of operations in the
same manner as our management team, as it represents the expansion
in usage of our platform by our existing customers, which is an
important measure of the health of our business and future growth
prospects. We measure dollar-based net revenue retention rate to
measure this growth.
Klaviyo Attributed Value. We define Klaviyo Attributed
Value (“KAV”) as the amount of revenue our customers generated
through orders placed by consumers within a specified period of
time after a message is sent using our platform, which in the case
of email is five days from when the message is sent, and in the
case of SMS is twenty-four hours from when the message is sent. For
email, the message also needs to be opened or clicked in order for
the transaction to fall within our definition. KAV excludes orders
placed with customers that do not opt-in to sharing data on placed
orders, orders for which we cannot determine the currency or value,
or unusual orders that appear to us to be anomalies. Since our
definition of a customer does not include persons or entities that
use our platform on a free trial basis, any revenue generated
through orders placed with these persons or entities is also
excluded from our definition of KAV. We do not net chargebacks or
sales refunds from our calculation of KAV. If a customer leaves
Klaviyo, we stop counting that customer’s KAV after their last
contracted month. We believe KAV serves as a measure of the
return-on-investment that we help generate for our customers and
illustrates the value our platform can drive to our customers,
which we believe enhances our ability to maintain existing
customers and attract new customers. We use KAV as an internal
estimate to track the value we drive to customers through our
platform. KAV is an operational measure, does not represent revenue
earned by us, and does not directly correlate to our pricing,
revenue, or results of operations. Further, KAV is not a forecast
of future revenue and investors should not place undue reliance on
KAV as an indicator of our future or expected results.
About Klaviyo
Klaviyo (CLAY-vee-oh) powers smarter digital relationships,
making it easy for businesses to capture, store, analyze, and
predictively use their own data to drive measurable, high-value
outcomes. Klaviyo’s modern and intuitive SaaS platform enables
business users of any skill level to harness their first-party data
from more than 350 integrations to send the right message at the
right time across email, SMS, and push notifications. Innovative
businesses like Good American, TaylorMade, Skims, Stanley 1913, and
more than 146,000 other paying customers leverage Klaviyo to
acquire, engage, and retain customers—and grow on their own
terms.
Forward Looking
Statements
This press release includes certain “forward-looking statements”
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. Other than
statements of historical facts, all statements contained in this
press release, including, but not limited to, statements about
Klaviyo’s outlook for the second quarter of fiscal year 2024 ending
June 30, 2024 and the full fiscal year ending December 31, 2024,
and Klaviyo’s expectations regarding possible or assumed business
strategies, potential growth and innovation opportunities, new
products, potential market opportunities, and other similar
matters, are forward-looking statements. Words such as “aim,”
“anticipate,” “believe,” “contemplate,” “continue,” “could,”
“estimate,” “expect,” “future,” “going to,” “guidance,” “intend,”
“keep,” “may,” “opportunity,” “outlook,” “plan,” “potential,”
“predict,” “project,” “shall,” “should,” “strategy,” “target,”
“will,” “would,” or words of similar meaning or similar references
to future periods may identify these forward-looking statements,
although not all forward-looking statements contain these
identifying words.
Forward-looking statements reflect management’s beliefs,
expectations and assumptions about future events as of the date
hereof, which are inherently subject to uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. These risks include, among
others, the following: our ability to achieve future growth and
sustain our growth rate; our ability to successfully execute our
business and growth strategy, such as the success of our investment
in our key growth initiatives and our ability to recognize
effective areas for growth; our ability to successfully integrate
with third-party platforms; our relationships with third parties,
such as our marketing agency and technology partners; unfavorable
conditions in our industry; our ability to attract new customers,
including mid-market and enterprise customers, retain revenue from
existing customers and increase sales from both new and existing
customers; success of our marketing and sales strategies; costs and
expenses associated with being a public company; as well as other
risks and uncertainties set forth under the caption “Risk Factors”
and elsewhere in our Quarterly Report on Form 10-Q for the quarter
ended March 31, 2024, as filed with the Securities and Exchange
Commission (the “SEC”), and the other filings and reports we make
with the SEC from time to time, which may be obtained on our
Investor Relations website at https://investors.klaviyo.com and on
the SEC website at www.sec.gov. Moreover, we operate in a very
competitive and rapidly changing environment, and new risks may
emerge from time to time. It is not possible for our management to
predict all risks, nor can we assess the impact of all factors on
our business or the extent to which any factor(s) may cause actual
results or outcomes to differ materially from those contained in
any forward-looking statements we may make. In light of the risks,
uncertainties, assumptions, and other factors, the future events
and trends discussed in this press release may not occur and actual
results could differ materially and adversely from those
anticipated or implied in the forward-looking statements.
Therefore, you should not rely on any of the forward-looking
statements. Any forward-looking statement made by us in this press
release is based only on information currently available to us and
speaks only as of the date on which it is made. Other than as
required by law, we assume no obligation to update any
forward-looking statements contained in this press release in the
event of new information, future developments or otherwise.
Statement Regarding Use of Non-GAAP
Financial Measures
In addition to financial measures prepared in accordance with
generally accepted accounting principles in the United States
(GAAP), this press release and the accompanying tables contain
non-GAAP financial measures, including non-GAAP gross profit,
non-GAAP operating income, non-GAAP operating expenses, non-GAAP
operating margin, non-GAAP net income, non-GAAP net income per
share attributable to Klaviyo Series A and Series B common
stockholders - basic, non-GAAP net income per share attributable to
Klaviyo Series A and Series B common stockholders - diluted, free
cash flow, and free cash flow margin. The non-GAAP financial
information is presented for supplemental informational purposes
only and is not intended to be considered in isolation or as a
substitute for, or superior to, financial information prepared and
presented in accordance with GAAP. Please see the accompanying
tables for reconciliations of these non-GAAP financial measures to
their nearest GAAP equivalents.
Our non-GAAP gross profit, non-GAAP operating income, non-GAAP
operating expenses, and non-GAAP net income exclude significant
expenses and income that are required by GAAP to be recorded in our
consolidated financial statements, including, but not limited to,
(i) amortization of prepaid marketing expenses, (ii) stock-based
compensation and related employer payroll taxes, and (iii)
restructuring expenses. Our non-GAAP operating margin is calculated
as non-GAAP operating income divided by total revenue. Our non-GAAP
net income per share attributable to Klaviyo Series A and Series B
common stockholders - basic is calculated as non-GAAP net income
divided by weighted average shares outstanding - basic for purposes
of calculating non-GAAP net income per share. Our non-GAAP net
income per share attributable to Klaviyo Series A and Series B
common stockholders - diluted is calculated as non-GAAP net income
divided by weighted average shares outstanding - diluted for
purposes of calculating non-GAAP net income per share. Free cash
flow is defined as cash and cash equivalents provided by or used in
operating activities less purchases of property and equipment and
capitalization of software development costs. Free cash flow margin
is a non-GAAP financial measure that is calculated as free cash
flow divided by total revenue.
Stock-based compensation expense includes the net effects of
capitalization and amortization of stock-based compensation expense
related to capitalized software. Stock-based compensation expense
has been, and will continue to be for the foreseeable future, a
significant recurring expense in our business and an important part
of the compensation provided to our employees. Because of varying
available valuation methodologies, subjective assumptions, and the
variety of equity instruments that can impact a company’s non-cash
expenses, we believe that providing non-GAAP financial measures
that exclude stock-based compensation expense allows for meaningful
comparisons between our operating results from period to period.
When evaluating the performance of its business and making
operating plans, Klaviyo does not consider these items (for
example, when considering the impact of equity award grants, the
company places a greater emphasis on the amount of overall
stockholder dilution than the accounting charges associated with
such grants). The amount of employer payroll tax-related items on
employee stock transactions is dependent on restricted stock unit
settlements, option exercises, related stock price, and other
factors that are beyond Klaviyo’s control and that do not correlate
to the operation of the business. The amount of employer payroll
tax-related items on employee stock transactions was immaterial
prior to being publicly listed. The expense related to amortization
of prepaid marketing expense of warrants issued to Shopify is
dependent upon estimates and assumptions; therefore, Klaviyo
believes non-GAAP measures that adjust for the amortization of
prepaid marketing expense provide investors a consistent basis for
comparison across accounting periods. Klaviyo believes that the
economic impact of the partnership is best measured in the form of
stockholder dilution and as such has provided a reconciliation that
shows the full dilutive impact of all outstanding equity
instruments. Overall, Klaviyo believes it is useful to exclude
these expenses in order to better understand the long-term
performance of its core business and to facilitate comparison of
its results period-over-period and to those of peer companies. All
of these non-GAAP financial measures are important tools for
financial and operational decision-making and for evaluating
Klaviyo’s own operating results over different periods of time.
We believe that all these non-GAAP financial measures provide
useful information about our financial performance, enhance the
overall understanding of our past performance and future prospects
and allow for greater transparency with respect to decision making
by our management, who use these measures as important tools for
financial and operational decision-making and for evaluating
Klaviyo’s own operating results over different periods of time.
Investors are cautioned that there are material limitations
associated with the use of non-GAAP financial measures versus their
nearest GAAP equivalents. Other companies may calculate non-GAAP
financial measures differently or may use other measures to
evaluate their performance, all of which could reduce the
usefulness of our non-GAAP financial measures as tools for
comparison. Further, stock-based compensation expense has been, and
will continue to be for the foreseeable future, a significant
recurring expense in Klaviyo’s business and an important part of
the compensation provided to attract and retain its employees to
create long-term incentive alignment with stockholders.
Klaviyo, Inc.
Condensed Consolidated Balance
Sheet (Unaudited)
(In Thousands)
As of
March 31, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
755,827
$
738,562
Restricted cash
393
409
Accounts receivable, net of allowance for
doubtful accounts
23,241
23,076
Deferred contract acquisition costs,
current
17,177
15,198
Prepaid expenses and other current
assets
29,804
26,244
Total current assets
826,442
803,489
Property and equipment, net
42,786
43,450
Right-of-use assets, net
34,684
36,987
Deferred contract acquisition costs,
non-current
24,507
23,177
Restricted cash, non-current
657
686
Prepaid marketing expense
168,720
173,844
Other non-current assets
10,600
7,417
Total assets
$
1,108,396
$
1,089,050
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
8,464
$
13,597
Accrued expenses
65,134
62,838
Lease liabilities, current
13,625
14,081
Deferred revenue
42,519
40,100
Total current liabilities
129,742
130,616
Lease liabilities, non-current
34,759
37,498
Other non-current liabilities
6,443
6,159
Total liabilities
170,944
174,273
Stockholders' equity
Preferred stock
—
—
Common stock - Series A
70
41
Common stock - Series B
194
219
Additional paid-in capital
1,749,113
1,713,560
Accumulated deficit
(811,925
)
(799,043
)
Total stockholders' equity
937,452
914,777
Total liabilities and stockholders'
equity
$
1,108,396
$
1,089,050
Klaviyo, Inc.
Condensed Consolidated GAAP
Statement of Operations (Unaudited)
(In Thousands, Except Share
and Per Share Data)
Three Months Ended March
31,
2024
2023
Revenue
$
209,993
$
156,088
Cost of revenue
44,938
36,574
Gross profit
165,055
119,514
Operating expenses:
Selling and marketing
91,858
60,613
Research and development
56,097
35,032
General and administrative
39,192
22,991
Total operating expenses
187,147
118,636
Operating (loss) income
(22,092
)
878
Other income (expense)
68
(25
)
Interest income
9,546
3,816
Total other income
9,614
3,791
(Loss) income before income taxes
(12,478
)
4,669
Provision for income taxes
404
391
Net (loss) income
$
(12,882
)
$
4,278
Net (loss) income per share attributable
to Series A and Series B common stockholders
Basic
$
(0.05
)
$
0.02
Diluted
$
(0.05
)
$
0.02
Weighted average shares outstanding
Basic
261,332,411
235,498,300
Diluted
261,332,411
268,430,992
Klaviyo, Inc.
Condensed Consolidated
Statement of Cash Flow (Unaudited)
(In Thousands)
Three Months Ended March
31,
2024
2023
Operating activities
Net (loss) income
$
(12,882
)
$
4,278
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization expense
3,974
3,301
Non-cash operating lease costs
3,052
3,343
Amortization of deferred contract
acquisition costs
3,933
3,497
Amortization of prepaid marketing
expense
13,224
13,224
Loss on disposal of property and
equipment
32
—
Bad debt expense
(60
)
(767
)
Stock-based compensation expense
35,627
1,823
Other
(21
)
10
Changes in operating assets and
liabilities:
Accounts receivable
(105
)
(383
)
Deferred contract acquisition costs
(7,242
)
(6,015
)
Prepaid expenses, prepaid taxes, and other
assets
(6,838
)
(6,036
)
Accounts payable
(5,061
)
817
Accrued expenses
(244
)
1,306
Deferred revenue
2,419
1,040
Operating lease liabilities
(3,915
)
(3,896
)
Other non-current liabilities
289
10
Net cash provided by operating
activities
26,182
15,552
Investing activities
Acquisition of property and equipment
(1,259
)
(325
)
Capitalization of software development
costs
(1,966
)
(1,306
)
Net cash used in investing activities
(3,225
)
(1,631
)
Financing activities
Proceeds from exercise of common stock
options
3,589
383
Cash paid for finance leases
(5
)
(5
)
Proceeds from exercise of warrants
4
6
Employee taxes paid related to net share
settlement of stock-based awards
(11,865
)
—
Proceeds from employee stock purchase
plan
2,540
—
Net cash (used in) provided by financing
activities
(5,737
)
384
Net increase in cash, cash equivalents,
and restricted cash
17,220
14,305
Cash, cash equivalents, and restricted
cash, beginning of period
739,657
386,916
Cash, cash equivalents, and restricted
cash, end of period
$
756,877
$
401,221
Klaviyo, Inc.
Reconciliation of Gross Profit
to Non-GAAP Gross Profit (Unaudited)
(In Thousands)
Three Months Ended March
31,
2024
2023
Gross profit
$
165,055
$
119,514
Restructuring Expense
—
1,156
Stock-based compensation
2,378
26
Employer payroll tax on employee stock
transactions
184
—
Non-GAAP gross profit
$
167,617
$
120,696
Gross margin
78.6
%
76.6
%
Non-GAAP gross margin
79.8
%
77.3
%
Klaviyo, Inc.
Reconciliation of Operating
Loss to Non-GAAP Operating Income (Unaudited)
(In Thousands)
Three Months Ended March
31,
2024
2023
Operating (loss) income
$
(22,092
)
$
878
Restructuring Expense
—
7,366
Stock-based compensation
35,627
1,823
Employer payroll tax on employee stock
transactions
2,583
—
Amortization of prepaid marketing
13,224
13,224
Non-GAAP operating income
$
29,342
$
23,291
Operating margin
(10.5
)%
0.6
%
Non-GAAP operating margin
14.0
%
14.9
%
Klaviyo, Inc.
Reconciliation of Net (Loss)
Income to Non-GAAP Net Income (Unaudited)
(In Thousands, Except Share
and Per Share Data)
Three Months Ended
March 31, 2024
March 31, 2023
Net (loss) income
$
(12,882
)
$
4,278
Stock-based compensation
35,627
1,823
Employer payroll tax on employee stock
transactions
2,583
—
Amortization of prepaid marketing
13,224
13,224
Restructuring expense
—
7,366
Non-GAAP net income
$
38,552
$
26,691
Non-GAAP net income per share attributable
to Series A and Series B common stockholders:
Basic
$
0.15
$
0.11
Diluted
$
0.13
$
0.10
Shares used in non-GAAP per share
calculations:
Basic
261,332,411
235,498,300
Diluted
293,879,881
268,430,992
Klaviyo, Inc.
Reconciliation of Operating
Expenses to Non-GAAP Expenses (Unaudited)
(In Thousands)
Three Months Ended March
31,
2024
2023
Selling and marketing
$
91,858
$
60,613
Restructuring Expense
—
(1,802
)
Stock-based compensation
(11,284
)
(127
)
Employer payroll tax on employee stock
transactions
(646
)
—
Amortization of prepaid marketing
(13,224
)
(13,224
)
Non-GAAP Selling and marketing
$
66,704
$
45,460
Research and development
$
56,097
$
35,032
Restructuring Expense
—
(3,300
)
Stock-based compensation
(13,121
)
(551
)
Employer payroll tax on employee stock
transactions
(1,246
)
—
Non-GAAP Research and development
$
41,730
$
31,181
General and administrative
$
39,192
$
22,991
Restructuring Expense
—
(1,108
)
Stock-based compensation
(8,844
)
(1,119
)
Employer payroll tax on employee stock
transactions
(507
)
—
Non-GAAP General and administrative
$
29,841
$
20,764
Total operating expenses
$
187,147
$
118,636
Restructuring Expense
—
(6,210
)
Stock-based compensation
(33,249
)
(1,797
)
Employer payroll tax on employee stock
transactions
(2,399
)
—
Amortization of prepaid marketing
(13,224
)
(13,224
)
Non-GAAP Total operating expenses
$
138,275
$
97,405
Klaviyo, Inc.
Reconciliation of Operating
Cash Flow to Free Cash Flow (Unaudited)
(In Thousands)
Three Months Ended March
31,
2024
2023
Cash Provided by operating activities
$
26,182
$
15,552
Acquisition of property and equipment
(1,259
)
(325
)
Capitalization of software development
costs
(1,966
)
(1,306
)
Free cash flow
$
22,957
$
13,921
Operating cash flow margin
12.5
%
10.0
%
Free cash flow margin
10.9
%
8.9
%
Tag: IR
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508316697/en/
Investor Relations Jack Grant ir@klaviyo.com
Press Lacey Berrien press@klaviyo.com
Klaviyo (NYSE:KVYO)
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