Klaviyo, Inc. Series A · NYSE:KVYO
Klaviyo, Inc. Series A — Klaviyo — Investor Day (September 2025)
120 slides from Klaviyo, Inc. Series A's investor day presentation, Sep 25, 2025
Slide 1: Investor Day 2025
Investor Day 2025 September 25, 2025
Slide 2: Forward-Looking Statements and Disclaimer
Forward-Looking Statements and Disclaimer This presentation 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
Slide 3: Agenda
Agenda 01 Opening remarks Andrew Zilli 05 Customer panel Emily McEvilly 02 Executing our vision Andrew Bialecki 06 Financial overview Amanda Whalen 03 Our product engine Adil Wali 07 Q&A Presenters 04 Our GTM engine Steve Rowland 2025 © Klaviyo 3
Slide 4: Building the autonomous CRM
Executing our vision Building the autonomous CRM Andrew Bialecki CEO & Co-Founder 4
Slide 5: Empower creators to own their destiny
OUR MISSION Empower creators to own their destiny “Be yourself at internet scale.” 5
Slide 6: Customers
customers1 We look at Klaviyo as our B2C CRM—I know we have our best, most continuous customer record in Klaviyo, and…the roadmap is anticipating all our needs. You’re going to have to pry Klaviyo from my cold dead hands. Dollar Shave Club 5K+ 350+ agencies + pre-built system integrators integration
Slide 7: Our strategy delivers what consumer businesses demand
Our strategy delivers what consumer businesses demand Speed, scale, All consumer and flexibility touchpoints Broad Vertical ecosystem integration 7
Slide 8: Significant white space remains
Significant white space remains More multi- $160B product and logo penetration ~1% More $68B penetrated international growth in our TAM More Marketing B2C CRM enterprise wins Automation Source: Management estimates based on industry analyst reports. 8
Slide 9: There is a shift happening in software
There is a shift happening in software 9
Slide 10: Speed + Data is the new moat
Speed + Data is the new moat The AI era rewards those who move fast with the best data 10
Slide 11: Our platform acts as the brain for our customers' data
Our platform acts as the brain for our customers’ data 350+ pre-built integrations 2025 © Klaviyo 11
Slide 12: Real-time data in, real-time action out
Real-time data in, real-time action out Unify in Understand one place automatically 2 3 Marketing Service Analytics Act K:AI 4 everywhere Connect 1 App Integrations instantly Data Platform Learn and 5 optimize 12
Slide 13: The days of software as a tool are over
The days of software as a tool are over Autonomous Software as a tool AI-assisted Humans at the helm, Humans do the work AI drives more productivity agents in the workflow 13
Slide 14: What if your CRM was more
What if your Predictive Assistive CRM was more ? 14
Slide 15: One brand. One brain. One experience.
Customers Title Text expect unified pre- and post-sale experiences One brand. MARKETING SERVICE Proactive Reactive One brain. One experience. Brand’s proprietary data 15
Slide 16: In Action: Marketing Agent, Customer Agent
IN ACTION Marketing Agent Customer Agent 16
Slide 17: In Action: Marketing Agent
IN ACTION Marketing Agent Customer Agent 17
Slide 18: Every message adapts to the person
Every message adapts to the person From manual content to intelligent, 1:1 creation, automatically Massachusetts, USA ET PT Washington, USA Afternoon SMS 3:35 PM 10:30 AM Morning emails Loves baking cakes Baking Bundle Already exploring options INAO: Hey Molly, baking essentials are 25% off until Fr
Slide 19: In Action: Customer Agent
IN ACTION Customer Agent Customer Agent 19
Slide 20: Every customer will have a personal assistant
Every customer will have a personal assistant AI makes service proactive 20
Slide 21: Autonomous platform expands our opportunity
Autonomous platform expands our opportunity $160B $68B Global TAM at IPO Global TAM 2026 Future TAM Marketing Automation B2C CRM Autonomous CRM Source: Management estimates based on industry analyst reports. 21
Slide 22: KDP + AI Native Applications
Fueling the next phase of growth KDP + AI Native Applications = 22
Slide 23: Our product engine: Built for what's next
Klaviyo’s Our product innovation engine engine Built for what’s next Adil Wali Chief Product Officer 23
Slide 24: High-velocity product innovation
High-velocity Data-first is our Building the product innovation durable advantage autonomous CRM 24
Slide 25: High-velocity product innovation
High-velocity Data-first is our Building the product innovation durable advantage autonomous CRM 25
Slide 26: A platform built for enterprise scale & speed
A platform built for enterprise scale & speed High velocity High commitment High density 270 18% 50+ deploys per day1 of revenue invested in R&D2 ML models in production At scale 8B+ 1.4B 3.4B 6M consumer emails sent on an average daily profile updates profiles average day events processed per accou
Slide 27: 13 years of high-velocity innovation
13 years of high-velocity innovation AI-First B2C CRM 2025 Marketing Agent and Customer Agent; Service; Omnichannel Marketing Analytics and AKDP; 2024 6 new languages 2023 Segments AI, Forms AI, Email AI 2021 SMS 2018 Attribution and Optimization 2013 Email Marketing and Automation 2012 Customer Dat
Slide 28: We've accelerated in 2025
We’ve ACCELERATED in 2025 200+ features already released this year
Slide 29: From AI announcement to live in 72 hours
From AI announcement to live in 72 hours August 26 August 29 29
Slide 30: High-velocity product innovation
High-velocity Data-first is our Building the product innovation durable advantage autonomous CRM 30
Slide 31: Our data platform synthesizes data across the tech stack
Our data platform synthesizes data across the tech stack Data integrations KDP Vertically integrated CRM 350+ pre-built integrations Marketing Service No schema to configure Analytics No limits No silos 31
Slide 32: The future is personalization without limits
The future is personalization without limits 1:1 personalization at scale Bespoke journeys Tailored on-site experiences 32
Slide 33: The future is personalization without limits
The future is personalization without limits 1:1 personalization at scale Bespoke journeys Tailored on-site experiences 33
Slide 34: The future is personalization without limits
The future is personalization without limits 1:1 personalization at scale Bespoke journeys Tailored on-site experiences 34
Slide 35: High-velocity product innovation
High-velocity Data-first is our Building the product innovation durable advantage autonomous CRM 35
Slide 36: The AI-first CRM for B2C
The AI-first CRM for B2C 2025 © Klaviyo Confidential 36
Slide 37: Omnichannel orchestration
Omnichannel Analytics & Autonomous orchestration insights marketing Deliver the right messages, Drive retention, revenue, Marketing that runs on its to the right audiences, and relationships at scale own - writing, scheduling, across the right channels with actionable customer sending without prompt
Slide 38: Omnichannel orchestration
Omnichannel orchestration One customer profile powers best-in-class channels – so messages, offers, and timing adapt instantly GA NEW Email Text WhatsApp Mobile App Social 38
Slide 39: Marketing Analytics
Marketing Analytics GA Q4’25 Omnichannel attribution New report builder Linear multi-touch attribution Segments from funnels Catalog insights actionability Product analysis Best cross-sell date in improvements segments Customer lifetime value by segment Export Catalog Insights to CSV 39
Slide 40: Marketing Agent
Marketing Agent GA H1’26 Essential flows, forms, Flow optimization and weekly campaigns Content generation for SMS and WhatsApp Q4’25 BFCM / Prompt-based campaigns FR and DE content generation 40
Slide 41: Autonomous conversations
Autonomous Personalized on- Smarter tools for conversations site self service support teams AI that guides, assists, and Empower shoppers with easy Give agents context and resolves 24/7 - on any channel order management, returns, automations to resolve - powered by shared data and dynamic offers all
Slide 42: Customer Agent
Customer Agent GA Beta Chat, SMS Email (GA in Q4) Q4’25 H1’26 WhatsApp Subscription management Tone & voice settings Agent skills and Knowledge gap detection integrations Answer feedback Agent-facilitated returns Coupon retrieval 42
Slide 43: One workspace - shared customer history
K:AI Customer Agent One workspace - shared customer history Customer Hub Helpdesk GA GA +
Slide 44: Advanced data management
Advanced data Apps and Global scale management ecosystem and readiness Extend Klaviyo’s built-in Extend and connect Manage global brands with CDP capabilities for deeper Klaviyo with all of the tools enterprise-grade security, insights and personalization that you use compliance and reliability 2025
Slide 45: Advanced identity resolution
Advanced data management Advanced identity resolution 45
Slide 46: Enterprise security
Global scale & readiness Enterprise security 46
Slide 47: Global reach & internationalization
Global scale & readiness Global reach & internationalization 47
Slide 48: Our innovation drives customer value and fuels growth
Our innovation drives customer value and fuels growth ROI1 generated by Klaviyo customers since 20213 176K+ customers3 YoY KAV growth2 QoQ KAV growth3 1 Year to date as of September 2024. ROI is calculated as 2 As of December 31, 2024 48 Note: See Appendix for definitions customer KAV divided by amo
Slide 49: Embedded where work happens
Embedded where Network effect work happens and speed Agents with guardrails 1:1 personalization everywhere Native data foundation 49
Slide 50: Our GTM engine: Executing our growth strategy at scale
Our GTM engine Executing our growth strategy at scale Steve Rowland President 50
Slide 51: Global, diversified business
Global, diversified Executing on our Partner ecosystem business three growth engines is a force multiplier 51
Slide 52: Global, diversified business
Global, diversified Executing on our Partner ecosystem business three growth is a force multiplier engines 52
Slide 53: Our GTM model has evolved
Our GTM model has evolved Then Now Entrepreneur + Entrepreneur + SMB + SMB MM + Enterprise U.S.-centric team Global team Americas/EMEA/APAC Primarily email AI-First B2C CRM Marketing, Service, Analytics Selling to Selling to Owner/Mktg. Director CMO, CIO, CTO, CEO 2025 © Klaviyo 53
Slide 54: Global, diversified business
Global, diversified business 176k+1 customers from entrepreneurs to the enterprise Entrepreneur SMB Mid-market Enterprise Company $0 - $2.5M $2.5M - $30M $30M - $500M $500M+ revenue2 Route to PLG PLG SLG SLG SLG market 1As of June 30, 2025. See Appendix for definition of Customers. 2Company revenue
Slide 55: Efficient demand sources
Efficient demand sources ~50% ~25% ~25% new ARR new ARR new ARR Self-serve/sales-assisted Focused sales motion Partner ecosystem Free and paid Clearly defined customer Expands reach targets Organic inbound drivers CRM and modernization Strategic marketing practices Branded search Analyst relations N
Slide 56: Building a strong foundation with a balanced ARR mix
Building a strong foundation with a balanced ARR mix Customer base by customer count Customer base by ARR Entrepreneur SMB Mid-market + Enterprise Note: Data as of June 30, 2025. See Appendix for definitions of Customers and ARR. 56
Slide 57: Global, diversified business
Global, diversified Executing on our Partner business three growth ecosystem is a engines force multiplier 57
Slide 58: Growth engines driving Klaviyo's future
Growth engines driving Klaviyo’s future Mid-market and Multi-product International enterprise platform growth momentum Build the 58
Slide 59: Growth engines driving Klaviyo's future
Growth engines driving Klaviyo’s future Mid-market and Multi-product International enterprise platform growth momentum Build the 59
Slide 60: Fragmented stacks leave customers frustrated
#1: Multi-product platform Fragmented stacks leave customers frustrated Current reality #1 consumer frustration with brands: 60
Slide 61: Klaviyo delivers seamless customer experiences
#1: Multi-product platform Klaviyo delivers seamless customer experiences Current reality Klaviyo value Subject: Welcome, Alexis! Here’s ecommerce 10% Off Your First Order ✨ Body: Thanks for joining Luna Channel Beauty! Here’s 10% off to get you preference: Email started on your glow journey. POS #1
Slide 62: Our multi-product platform drives value and ROI
#1: Multi-product platform Our multi-product platform drives value and ROI One platform, one journey powered by AI & unified data Marketing Service +37% more KAV when brands use Klaviyo Email + SMS1 100x+ ROI when Tibi adopted Klaviyo Email, SMS, Marketing Analytics2 Marketing Analytics Millions of
Slide 63: Case study: Multi-product drives Klaviyo growth
#1: Multi-product platform Case study: Multi-product drives Klaviyo growth Example: DTC personal care brand 72% ARR expansion 1 +AKDP 60%+ reduction in campaign set-up time2 Email + +SMS Data >30% reduction in total cost of ownership by consolidating email, SMS, AKDP and forms2 June 2023 June 2024 J
Slide 64: Multi-product platform remains a huge opportunity
#1: Multi-product platform Multi-product platform remains a huge opportunity More runway to cross-sell and land larger IPO1 Today 30% of mid-market/enterprise customers use more than 1 Klaviyo product2 4 Products in 8 GA Products in GA Email Mobile Reviews 54% of ARR is from multi- Customer hub Cust
Slide 65: Growth engines driving Klaviyo's future
Growth engines driving Klaviyo’s future Mid-market and Multi-product International platform enterprise growth momentum Build the 65
Slide 66: Our investments are delivering results
#2: International growth Our investments are delivering results Product-led growth = broad reach At IPO1 Today 100+ Countries generating revenue2 Countries with physical operations 3 6 Countries Targeted investments are working with SMS coverage 5 22 Languages 1 11 ~3.0x ~2.5x Spain new France new A
Slide 67: Our international growth strategy
#2: International growth Our international growth strategy Product-led growth reinforced by targeted investments Phase 4 Phase 3 In-country Phase 2 sales support Phase 1 Inside sales Partner ecosystem Self-service & more 100+ 67
Slide 68: Growth engines driving Klaviyo's future
Growth engines driving Klaviyo’s future Multi-product International Mid-market and platform growth enterprise momentum Build the 68
Slide 69: The time for the enterprise to modernize is now
#3: Mid-market & enterprise The time for the enterprise to modernize is now More than ever, businesses are looking for complete reinvention—and they’re looking for it in much shorter time frames. Clients want us to move fast. They want agility, embedded AI, integrated capabilities, and outcomes. Mik
Slide 70: Klaviyo delivers on what matters most to the enterprise
#3: Mid-market & enterprise Klaviyo delivers on what matters most to the enterprise Klaviyo Legacy technologies Built for Primarily B2B B2C/DTC at scale Long implementation Go live in days, easy to Time to value requiring developers use, low code 600+ legacy AI & data Fragmented, bolt-on, Built-in A
Slide 71: Enterprise consumer retailer testimonial
#3: Mid-market & enterprise It took us weeks and sometimes months to launch a campaign with our current vendor, and with Klaviyo in the hands of my marketing team, it takes minutes and hours. Enterprise Consumer Retailer 71
Slide 72: Success winning large consumer brands
#3: Mid-market & enterprise Success winning large consumer brands MM & enterprise growth is outpacing total business 6K+ 39% mid-market and enterprise customers1 CAGR for MM & Enterprise ARR2 $2M $4M+ average ARR of ARR of largest top 10 customers1 customer1 1As of June 30, 2025 2CAGR calculated fro
Slide 73: Global, diversified business
Global, diversified Executing on our Partner ecosystem business three growth is a force multiplier engines 73
Slide 74: Partner ecosystem is a force multiplier
Partner ecosystem is a force multiplier Leading service partners generate millions 5K+ in revenue for Klaviyo customers agencies and systems integrators1 1As of June 30, 2025 2025 © Klaviyo Confidential 74
Slide 75: Klaviyo powers the connected stack for B2C modernization
Our partnership with Klaviyo is an extension Klaviyo powers the connected of our core mission. We are both committed stack for B2C modernization to providing merchants of all sizes with the tools they need to succeed in a complex 350+ pre-built integrations market. Ours is a powerful collaboration w
Slide 76: Growth engines driving Klaviyo's future
Growth engines driving Klaviyo’s future Mid-market and Multi-product International enterprise platform growth momentum Build the 76
Slide 77: Customer and Partner Panel
Customer and Partner Panel Moderator John Gonneville Rachel Fagan VP of Strategy and M&A VP of Marketing Emily McEvilly Chief Customer Officer Arben Azizi Marketing Technology Lead 77
Slide 78: Customer and Partner Panel
Customer and Partner Panel Moderator Ami Palan Emily McEvilly Senior Managing Director, Chief Customer Americas Officer 78
Slide 79: Financial overview: Multiple engines for sustained growth
Financial overview Multiple engines for sustained growth Amanda Whalen Chief Financial Officer 79
Slide 80: Klaviyo from IPO to today
Klaviyo from IPO to today Q3’23 (IPO)1 Q2’251 Revenue (TTM) $642M $1,078M +68% Free cash flow (TTM)2 $94M $155M +65% Total customers3 135,000+ 176,000+ +30% Average revenue per customer3 $5,200 $6,700 +29% $50K+ ARR customers3 1,699 3,291 +94% EMEA revenue (TTM) $130M $253M +95% 1All figures as of t
Slide 81: Our large & growing market opportunity
Our large & Track record of Multiple engines for Near-term financial growing market durable, efficient sustained growth framework opportunity growth 82
Slide 82: Our large & growing market opportunity
Our large & Track record of Multiple engines for Near-term financial growing market durable, efficient sustained growth framework opportunity growth 83
Slide 83: We are addressing a large and fast-growing market
We are addressing a large and fast-growing market New products, moving upmarket, and international expansion grow TAM $160B ● Multi-product expansion $68B ● More geographies ● Broad range of customers Global TAM at IPO Global TAM 2026 Future TAM Marketing Automation B2C CRM Autonomous CRM Source: Ma
Slide 84: Track record of durable, efficient growth
Our large & Track record of Multiple engines for Near-term financial growing market durable, efficient sustained growth framework opportunity growth 85
Slide 85: We've delivered strong revenue growth since IPO
We’ve delivered strong revenue growth since IPO Revenue $293 $280 $270 $235 $222 $210 $202 $176 48% 34% CAGR since IPO1 48% 39% 39% 35% 35% 34% 34% 34% 34% 33% 33% 32% 32% Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Revenue ($M) YoY revenue growth % 1CAGR calculated from September 30, 2023 to Ju
Slide 86: Continued gross profit growth with healthy gross margins
Continued gross profit growth with healthy gross margins Non-GAAP gross profit1 $224 $214 $201 Key drivers $183 $175 $168 SMS cross-sell success $160 $140 comes with lower gross margins 80% 79% 80% 79% 78% 74% 77% 76% 48% 39% Infrastructure investment 35% 35% 34% 34% optimizations beginning to 33% 3
Slide 87: Driving overall operating efficiency
Driving overall operating efficiency Non-GAAP operating expenses1 (% of Revenue) 67% Key drivers 64% 15% 12% G&A: Leverage from focus on scale; Stripe fees remain ~3% of revenue 20% 18% R&D: Leverage on foundational work while investing against new initiatives 33% 34% S&M: Investing behind strong un
Slide 88: Improving profitability and positive cash flow
Improving profitability and positive cash flow Non-GAAP operating income1 TTM free cash flow1 $155 $147 $94 $78 14.6% 14.3% 12.3% 11.2% FY23 FY25E2 Q3’23 Q2’25 Non-GAAP operating income ($M) Non-GAAP operating margin % TTM free cash flow ($M) TTM free cash flow margin % 1See Appendix for a reconcili
Slide 89: Our financial performance is in the top 7% of software companies
Our financial performance is in the top 7% of software companies 107 public software companies 50 with $1 billion+ run rate 27 achieving Rule of 40 8 growing revenue 30%+ Source: Meritech. Data as of August 8, 2025. 2025 © Klaviyo 90
Slide 90: Multiple engines for sustained growth
Our large & Track record of Multiple engines Near-term financial growing market durable, efficient for sustained framework opportunity growth growth 91
Slide 91: Growth engines driving Klaviyo's future
Growth engines driving Klaviyo’s future International Mid-market and Multi-product platform growth enterprise momentum ● Add more customers & land ● Leverage existing investments ● Drive further success with larger deals to accelerate key market growth larger customers ● Increase customer usage ● Pe
Slide 92: Growth engines driving Klaviyo's future
Growth engines driving Klaviyo’s future Mid-market and Multi-product International enterprise platform growth momentum Build the 93
Slide 93: We've built a large, diverse customer base
#1: Multi-product platform We’ve built a large, diverse customer base Our customers continue to grow with us Total Annualized average revenue customer count per customer +30% +29% 176,000+ $6,700 135,000+ $5,200 Q3’23 Q2’25 Q3’23 Q2’25 Note: All figures as of September 30, 2023 or June 30, 2025, as
Slide 94: We continue to drive expansion with existing cohorts
#1: Multi-product platform We continue to drive expansion with existing cohorts 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Note: This chart illustrates the total ARR of each cohort as of December 31, 2024 over the periods presented. Each cohor
Slide 95: Net revenue retention strength
#1: Multi-product platform Net revenue retention strength Supported by expansion, cross-sell, and steady gross retention Q2 2025 NRR1 bridge NRR levers Gross revenue retention1: Steady and strong at 88% since IPO Expansion: Most heavily weighted factor; favorable email expansion trends 108% 100% Cro
Slide 96: Gross retention remains very stable
#1: Multi-product platform Gross retention remains very stable When customers experience the exceptional ROI and value of Klaviyo, they stay Gross revenue retention (GRR)1 We have grown substantially 88% year on year, and we’re not seeing any signs of slowing down. Klaviyo is keeping up and supporti
Slide 97: Our cross-sell efforts are working
#1: Multi-product platform Our cross-sell efforts are working More runway with SMS adoption % of SMB+ customers using Klaviyo SMS ↑ +59% YoY 27% $180M + 22% SMS revenue TTM1 54% of ARR is from multi-product customers2 Q3’23 Q2’25 1 TTM as of June 30, 2025 98 2 As of June 30, 2025. See Appendix for d
Slide 98: Multi-product platform presents expansion opportunity
#1: Multi-product platform Multi-product platform presents expansion opportunity Range of uplift compared to email1 Pricing model Email + Data Profiles 1.8x to 3.3x .4x to 1x Mobile Sends .3x to .8x .1x to .5x Profiles, conversations, Service tickets 1 Marketing Profiles Analytics/AKDP Marketing Mul
Slide 99: Growth engines driving Klaviyo's future
Growth engines driving Klaviyo’s future Mid-market and Multi-product International platform enterprise growth momentum Build the 100
Slide 100: Our international investments are paying off
#2: International growth Our international investments are paying off We’re building a scalable foundation for continued expansion Revenue mix 43% 65% EMEA & APAC revenue CAGR1 69% 35% 11 22 31% languages countries with supported on SMS availability the platform Q3’23 Q2’25 Americas EMEA & APAC 1CAG
Slide 101: Scalable foundation for further international success
#2: International growth Scalable foundation for further international success Drivers of future international growth Advance markets Data center Multi-currency through phased footprint support approach 102
Slide 102: Growth engines driving Klaviyo's future
Growth engines driving Klaviyo’s future Multi-product International Mid-market and platform growth enterprise momentum Build the 103
Slide 103: Larger customers are a growing part of our business
#3: Mid-market & enterprise Larger customers are a growing part of our business 1 Number of $50K+ ARR customers Early progress with ~3,300 $500K+ ARR customers 40% ~1,100 >60 CAGR ~2,000 $500K+ ARR ~600 ~2,200 ~1,400 4X since IPO2 FY23 Q2’25 Customers with >$100K ARR Customers with >$50K ARR – $100K
Slide 104: ARR trends reflect success with larger customers
#3: Mid-market & enterprise ARR trends reflect success with larger customers 1 Larger customers are continuing to grow % of ARR by customer spend 15% 14% ≠≠≠≠ 22% $2.0M ↑ 100% since IPO2 14% average ARR from top 10 customers 71% 64% 36% ↑ From 27% at IPO2 FY23 H1’25 of ARR is $50K+ customers Custome
Slide 105: KDP + AI
Fueling the next phase of growth KDP + AI = 106
Slide 106: Near-term financial framework
Our large & Track record of Near-term financial Multiple levers for growing market durable, efficient sustained growth framework opportunity growth 107
Slide 107: FY26 to FY28 financial framework
FY26 to FY28 financial framework Non-GAAP operating margin target Metric FY26-FY28 15-17% ↑ ↑ ↑ ↑ Gross margin 12.3% S&M as % of revenue Leverage R&D as % of revenue across OpEx G&A as % of revenue FY25E1 FY28 exit Net dilution < 2.5% in 20282 1Represents rounded midpoint of fiscal year 2025 guidanc
Slide 108: On track towards long-term margin target
On track towards long-term margin target Non-GAAP operating margin target 20%+ 15-17% 12.3% FY25E1 FY28 exit Long-term target 1Represents rounded midpoint of fiscal year 2025 guidance provided on August 5, 2025. 109
Slide 109: Our capital allocation framework
Our capital allocation framework Drive Consider Provide organic growth strategic M&A shareholder returns ● Product and platform ● Small tuck-in technology ● Returning cash to investments and talent shareholders as a longer- ● Upmarket, international, ● Accelerate growth drivers term consideration an
Slide 110: In summary
In summary Well positioned to deliver sustainable long-term growth Large, expansive Track record of durable, Multiple levers for market opportunity efficient growth execution durable growth Opportunity grows as our Klaviyo ranks among top Vast and growing value proposition and software companies, op
Slide 111: Klaviyo Investor Day 2025: Key takeaways
Klaviyo is building the autonomous B2C CRM, redefining how businesses engage consumers Key takeaways We’re capturing a growing market Klaviyo Investor opportunity with vast white space Day 2025 AI + data provide a defensible competitive moat High-velocity innovation and an efficient GTM engine provi
Slide 112: Appendix
Appendix 2025 © Klaviyo Confidential 115
Slide 113: Statement Regarding Use of Non-GAAP Financial Measures
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 presentation and accompanying oral commentary contain non-GAAP financial measures, including non-GAAP gross
Slide 114: GAAP to Non-GAAP reconciliation of Gross Profit
GAAP to Non-GAAP reconciliation of Gross Profit Three Months Ended ($ in millions) FY23 Q3 FY23 Q4 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 Gross profit $117.0 $156.6 $165.1 $171.9 $180.7 $198.4 $212.1 $221.9 Stock-based compensation $21.9 $3.0 $2.4 $2.6 $2.0 $1.9 $1.8 $2.0 Employer payroll t
Slide 115: GAAP to Non-GAAP reconciliation of Operating Income
GAAP to Non-GAAP reconciliation of Operating Income ($ in millions) FY23 Operating income (loss) ($330.6) Stock-based compensation $340.8 Employer payroll tax on employee stock transactions $7.7 Amortization of prepaid marketing $52.9 Restructuring Expense $7.4 Non-GAAP Operating income (loss) $78.1
Slide 116: GAAP to Non-GAAP reconciliation of Operating Expenses
GAAP to Non-GAAP reconciliation of Operating Expenses ($ in millions) FY23 FY25 Q2 FY25 H1 Selling and marketing $394.4 $126.6 $250.2 Stock-based compensation ($108.0) ($14.3) ($26.4) Employer payroll tax on employee stock transactions ($2.7) ($0.9) ($2.2) Amortization of prepaid marketing ($52.9) (
Slide 117: GAAP to Non-GAAP reconciliation of Operating Expenses (cont'd)
GAAP to Non-GAAP reconciliation of Operating Expenses (cont’d) ($ in millions) FY23 FY25 Q2 FY25 H1 General and administrative $194.3 $54.1 $97.1 Stock-based compensation ($87.7) ($10.5) ($18.8) Employer payroll tax on employee stock transactions ($1.4) ($11.3) ($12.1) Restructuring expense ($1.1) -
Slide 118: Reconciliation of Operating Cash Flow to Free Cash Flow
Reconciliation of Operating Cash Flow to Free Cash Flow Trailing 12 Mos Ended ($ in millions) FY23 Q3 FY25 Q2 Cash provided by operating activities $101.6 $169.0 Acquisition of property and equipment ($2.3) ($8.6) Capitalization of software development costs ($5.5) ($16.6) Employer taxes for executi
Slide 119: Select defined terms
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
Slide 120: Select defined terms (cont'd)
Select defined terms (cont’d) Gross Revenue Retention Rate: We calculate our Gross Revenue Retention Rate (“GRR”) in the same manner that we calculate NRR, except that GRR only includes the impact of customer losses, and does not include the impact of customer expansions or contractions from the rel