Boston- Klaviyo (NYSE: KVYO), the company that powers smarter digital relationships, today announced results for its first quarter ended March 31, 2024.
* Klaviyo Announces First Quarter 2024 Financial Results
* First quarter revenue of $210.0 million, representing 35% year-over-year growth
* Expanded platform with new international launches
'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: See full release at:
https://www.klaviyo.com/newsroom/klaviyo-announces-first-quarter-2024-financials
KLAVIYO, INC. 
