Q3 2024 Klaviyo Inc Earnings Call Transcript
Key Points
- Klaviyo Inc (KVYO) reported a strong Q3 with revenue of $235 million, marking a 34% year-over-year growth.
- The company added over 6,000 new customers, bringing the total to more than 157,000, showing a 16% increase year-over-year.
- Klaviyo Inc (KVYO) is seeing significant growth in its international markets, with EMEA revenue growing by 45% year-over-year.
- The company has expanded its SMS coverage to 18 countries and introduced its platform in five new languages, enhancing its global reach.
- Klaviyo Inc (KVYO) continues to drive cross-sell growth, particularly with SMS, with over 80% of its top 50 customers now using this service.
- The company is experiencing softness in the SMB market, impacting new customer acquisition and expansion.
- Klaviyo Inc (KVYO) expects a continued decline in its dollar-based net revenue retention rate (NRR) due to macroeconomic pressures and larger initial customer landings.
- Non-GAAP gross margin decreased by 200 basis points year-over-year, partly due to increased infrastructure costs for Black Friday, Cyber Monday preparations.
- The company anticipates a modest impact on growth going into next year due to continued pressure on customer expansion.
- Klaviyo Inc (KVYO) expects Q4 non-GAAP operating income to decline due to the implementation of a new employee cash bonus program.
Good afternoon and welcome to Klaviyo third-quarter, Fiscal 2024 earnings conference call. (Operator Instructions). I would now like to turn the conference over to the Andrew Zilli, Vice President of Investor Relations. You may begin.
Thanks, Good afternoon and thanks for joining Klaviyo third-quarter, 2024 earnings call our earnings press release, investor presentation sec filings and a replay of today's call can be found on our IR website at [email protected]
With me on the call today are Andrew Bialecki, Co-Founder and CEO and Amanda Whalen CFO. As a reminder, our commentary today will include non-GAAP measures, reconciliation to the most directly comparable GAAP measures can be found in today's earnings press release or earnings release supplemental materials which can be found on our investor relations website.
Additionally, some of our comments today may contain forward-looking statements that are subject to risks uncertainties and assumptions which could change. Should any
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