Klaviyo Inc (KVYO) 2024 Q3 法說會逐字稿

Good afternoon and welcome to Klaviyo third-quarter, Fiscal 2024 earnings conference call.

下午好，歡迎參加 Klaviyo 第三季 2024 財年財報電話會議。

(Operator Instructions).

（操作員說明）。

I would now like to turn the conference over to the Andrew Zilli, Vice President of Investor Relations.

我現在想將會議交給投資者關係副總裁安德魯齊利 (Andrew Zilli)。

You may begin.

你可以開始了。

Thanks, Good afternoon and thanks for joining Klaviyo third-quarter, 2024 earnings call.

謝謝，下午好，謝謝您參加 Klaviyo 2024 年第三季財報電話會議。

Earnings press release, Investor presentation SEC filings and a replay today's call can be found on our IR website at investors.klaviyo.com

收益新聞稿、投資者介紹、美國證券交易委員會 (SEC) 文件和今天電話會議的重播可在我們的投資者關係網站 Investors.klaviyo.com 上找到

With me on the call today are Andrew Bialecki, Co-Founder and CEO and Amanda Whalen CFO.

今天與我一起參加電話會議的是聯合創始人兼執行長 Andrew Bialecki 和財務長 Amanda Whalen。

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.

提醒一下，我們今天的評論將包括非公認會計原則措施，與最直接可比較的公認會計原則措施的調節可以在今天的收益新聞稿或收益發布補充材料中找到，這些材料可以在我們的投資者關係網站上找到。

Additionally, some of our comments today may contain forward-looking statements that are subject to risks uncertainties and assumptions which could change.

此外，我們今天的一些評論可能包含前瞻性陳述，這些陳述可能會受到可能變化的風險不確定性和假設的影響。

Should any of these risks materialize or should our assumptions prove to be incorrect?

這些風險是否會成為現實，或者我們的假設會被證明是錯誤的？

Actual company results could differ materially from these forward-looking statements.

本公司的實際業績可能與這些前瞻性陳述有重大差異。

A description of these risks uncertainties and assumptions and other factors that could affect our financial results are included in our SEC filings, including our most recent report on form 10-K and subsequent reports on form 10-Q.

這些風險、不確定性和假設以及可能影響我們財務表現的其他因素的描述均包含在我們向 SEC 提交的文件中，包括我們最新的 10-K 表報告和後續的 10-Q 表報告。

Except as required by law, we do not undertake any responsibility to update these forward-looking statements with that.

除法律要求外，我們不承擔任何更新這些前瞻性聲明的責任。

I'll now turn it over to Andrew.

我現在把它交給安德魯。

Thanks Zilli and thanks everyone for joining us today.

感謝 Zilli 並感謝大家今天加入我們。

Klaviyo delivered another strong quarter of results in Q3 delivering revenue of $235 million growing 34% year over year, More than 157,000 customers around the world continue to relay on Claudio's data and marketing platform to grow revenue by leveraging first party consumer data to create highly personalized AI powered communications over email SMS and push notifications.

Klaviyo 在第三季再次取得強勁業績，營收達2.35 億美元，年增34%。增加收入人工智慧透過電子郵件、簡訊和推播通知進行通訊。

Klaviyo power, smarter, digital relationships using real time first party data.

Klaviyo 使用即時第一方資料增強、更聰明、數位化的關係。

Our vertically integrated platform enables our customers to quickly and intuitively customize segments, orchestrate omni channel campaigns and measure every interaction.

我們的垂直整​​合平台使我們的客戶能夠快速直觀地客製化細分市場、編排全通路行銷活動並衡量每次互動。

Instead of requiring developer support, marketers can leverage Klaviyo to get work done faster optimized campaign testing, generate creative strategies.

行銷人員可以利用 Klaviyo 更快地完成工作，優化行銷活動測試，產生創意策略，而不需要開發人員支援。

Klaviyo makes complex tasks simple and scalable, making marketers much more efficient, Enabling customers to centralize their consumer data on Klaviyo allows them to build more personalized engagement which ultimately drives more revenue.

Klaviyo 讓複雜的任務變得簡單且可擴展，使行銷人員更加高效，使客戶能夠將他們的消費者資料集中在 Klaviyo 上，使他們能夠建立更個人化的參與，最終帶來更多收入。

This is a key differentiator for Klaviyo

這是 Klaviyo 的一個關鍵區別

.

。

As many companies are dealing with a fragmented experience trying to manage consumer experiences across multiple marketing solutions.

由於許多公司正在處理碎片化的體驗，試圖跨多種行銷解決方案管理消費者體驗。

Companies choose Klaviyo to modernize and consolidate their tech stack because our platform is easy to use, flexible and capable of handling even the most difficult use cases.

公司選擇 Klaviyo 來現代化和整合他們的技術堆疊，因為我們的平台易於使用、靈活，甚至能夠處理最困難的用例。

This is particularly true at the high end of the market for our platform and our best in class integrations, drive value and create efficiencies.

在高端市場尤其如此，因為我們的平台和一流的整合能夠推動價值並創造效率。

In the third-quarter, we announced our partnership with authentic brands group, an IP company that owns more than 50 large well known brands including Vince, Kuto, Billabong DC, Shoes and Juicy Couture.

第三季度，我們宣布與Authentic Brands Group建立合作關係，這是一家IP公司，旗下擁有Vince、Kuto、Billabong DC、Shoes和Juicy Couture等50多個大型知名品牌。

Authentic came to Klaviyo to modernize their tech stack across select brands within their portfolio.

Authentic 來到 Klaviyo 對其產品組合中的精選品牌進行技術堆疊現代化。

We're excited to build our partnership with authentic brands and help them deepen their relationships with their consumers across many of their brands.

我們很高興與正宗品牌建立合作關係，並幫助他們加深與許多品牌消費者的關係。

Every business wants to know their consumer and deliver an experience that beats the competition.

每個企業都希望了解自己的消費者並提供擊敗競爭對手的體驗。

So consumers keep coming back.

所以消費者不斷回來。

Marketers are leveraging multiple channels with increasing complexity to reach this goal.

行銷人員正在利用複雜性不斷增加的多種管道來實現這一目標。

But trying to combine data across multiple systems is more difficult as the business scales with multiple channels CDP and reviews natively built on one unified platform.

但嘗試跨多個系統合併資料變得更加困難，因為業務透過多個管道 CDP 進行擴展，並且評論本身構建在一個統一平台上。

Klaviyo makes marketers more efficient Dragon bone, an iconic fashion brand joined Klaviyo this quarter to consolidate on our vertically integrated platform.

Klaviyo 讓行銷人員更有效率 Dragon Bone，一個標誌性時尚品牌於本季加入 Klaviyo，以鞏固我們的垂直整​​合平台。

And this is another example of an upmarket business turning to Klaviyo for a unified view of the consumer.

這是高端企業轉向 Klaviyo 尋求統一消費者視圖的另一個例子。

They were using a legacy marketing vendor with several other point solutions and do this fragmented stack.

他們使用了一個傳統的行銷供應商和其他幾個單點解決方案，並完成了這個分散的堆疊。

They were having a difficult time getting an aggregated view of their consumer lifestyle, centralizing their consumer data with Klaviyo helps them unlock increased customer lifetime value across online and in store purchases in the highly competitive fashion industry that relies on brand loyalty.

他們很難全面了解自己的消費者生活方式，而透過 Klaviyo 集中消費者數據可以幫助他們在依賴品牌忠誠度、競爭激烈的時尚產業中透過線上和店內購買解鎖更高的客戶終身價值。

We believe this will be a game changer.

我們相信這將改變遊戲規則。

We had a similar win with Press, the leader in the Cold Press juice and champion of functional wellness.

我們與 Press 也取得了類似的勝利，Press 是冷壓果汁領域的領導者和功能健康領域的冠軍。

Yet, we're using multiple point solutions and we're struggling with reporting basic personalization and poor segmentation.

然而，我們正在使用多點解決方案，並且我們正在努力報告基本的個人化和不良的細分。

They consolidated onto Klaviyo leveraging email, SMS and CDP to drive more personalized communications with their consumers.

他們整合到 Klaviyo，利用電子郵件、簡訊和 CDP 推動與消費者的更個人化的溝通。

Beyond our new customer wins up market, we continue to drive cross sell growth particularly with SMS.

除了我們的新客戶贏得市場之外，我們還繼續推動交叉銷售成長，特別是透過簡訊。

As customers see the value in leveraging multiple channels on one platform.

當客戶看到在一個平台上利用多個管道的價值。

We recently expanded our relationship with spot and tango, a fresh dog food delivery service and Klaviyo email customer for the past five years, They were looking to drive an omni channel strategy to create highly segmented unified consumer outreach and so added SMS to drive further conversion.

我們最近擴大了與Spot 和Tango（新鮮狗糧配送服務）和Klaviyo 電子郵件客戶的關係，在過去的五年裡，他們希望推動全通路策略，以創建高度細分的統一消費者外展，因此添加了短信來推動進一步的轉換。

Moving next to international, we are continuing our investment across go to market and project engineering to address this large growth opportunity.

接下來轉向國際，我們將繼續在市場推廣和專案工程方面進行投資，以抓住這一巨大的成長機會。

We started a new relationship with the body shop, the UK based global beauty brand with more than 30 million global consumers.

我們與 Body Shop 建立了新的合作關係，The Body Shop 是一家總部位於英國的全球美容品牌，在全球擁有超過 3000 萬消費者。

They were one of the largest customers on a legacy vendor solution but were unable to deliver personalized communications due to the complexity of the system working with the new Klaviyo partner Absolute Labs.

他們是傳統供應商解決方案的最大客戶之一，但由於與新的 Klaviyo 合作夥伴 Absolute Labs 合作的系統的複雜性，無法提供個人化通訊。

They did a full strategy review and chose Klaviyo to consolidate from 9 different tools to one enabling greater personalization and streamlining their marketing tech stack.

他們進行了全面的策略審查，並選擇 Klaviyo 將 9 種不同的工具整合為一種能夠實現更大個人化並簡化其行銷技術堆疊的工具。

On the product side, we now support SMS in 18 countries.

在產品方面，我們現在支持 18 個國家的簡訊。

Recently added coverage in Norway, Denmark, Sweden, Finland, Italy and Portugal.

最近增加了挪威、丹麥、瑞典、芬蘭、義大利和葡萄牙的覆蓋範圍。

Additionally, following the successful launch of our French language products in Q2, we made flows AI and segments AI available in French.

此外，繼第二季成功推出法語產品後，我們以法語提供了流程 AI 和細分 AI。

Further expanding our features and functionality to those customers.

進一步向這些客戶擴展我們的特性和功能。

And just a few weeks ago, we announced our projects available in 5 new languages, German, Portuguese, Korean, Spanish and Italian.

就在幾週前，我們宣布我們的計畫有 5 種新語言版本：德語、葡萄牙語、韓語、西班牙語和義大利語。

Klaviyo is now available in 7 languages including our customer help center where we offer an immense amount of resources for all of our customers.

Klaviyo 現在有 7 種語言版本，包括我們的客戶協助中心，我們為所有客戶提供大量資源。

In addition to making our product available in more languages, we're constantly working to make our platform smarter and more automated for our customers with Klaviyo AI.

除了以更多語言提供我們的產品外，我們還不斷努力透過 Klaviyo AI 為客戶打造更智慧、更自動化的平台。

Our AI driven content creation tools and streamlined automation set up allow customers to move faster and more efficiently.

我們的人工智慧驅動的內容創建工具和簡化的自動化設定使客戶能夠更快、更有效率地採取行動。

We're designing these features to boost productivity, even customer engagement and drive revenue growth as part of our quarterly feature release.

作為我們季度功能發布的一部分，我們設計這些功能是為了提高生產力，甚至提高客戶參與度並推動營收成長。

Last week, we announced enhanced email AI which takes an existing template and create multiple new versions based on a text prompt.

上週，我們宣布了增強型電子郵件人工智慧，它採用現有範本並根據文字提示建立多個新版本。

The prompt can call for copy changes or new sections being added and the new email will match branding and voice removing the need for manual editing for enterprise and international customers.

此提示可以要求更改副本或添加新部分，並且新電子郵件將匹配品牌和語音，從而消除企業和國際客戶手動編輯的需要。

We released portfolio earlier this year and now with portfolio level metric mapping, customers can set up custom metrics that span multiple brand accounts within a holding company.

我們在今年稍早發布了產品組合，現在透過產品組合層級指標映射，客戶可以設定跨越控股公司內多個品牌帳戶的自訂指標。

For instance, If one brand within the portfolio uses Shopify and another uses big commerce rather than managing separate revenue reports allows our users to create a unified revenue metric for complex businesses.

例如，如果產品組合中的一個品牌使用 Shopify，而另一個品牌使用大型商務，而不是管理單獨的收入報告，那麼我們的用戶就可以為複雜的業務創建統一的收入指標。

We give the flexibility for brands to create these types of metrics and easily analyze performance across all brands and integrations providing consistent reporting at the portfolio level.

我們為品牌提供創建此類指標的靈活性，並輕鬆分析所有品牌和整合的績效，從而在產品組合層級提供一致的報告。

We've also been expanding our product offerings over the last 18 months beyond email and SMS with reviews and CDP.

在過去 18 個月裡，我們還透過評論和 CDP 擴展了我們的產品範圍，超越了電子郵件和簡訊。

Our reviews product continues to make progress in empowering brands to understand their customers.

我們的評論產品在幫助品牌了解客戶方面不斷取得進展。

And we're seeing customers who want to consolidate their applications and related spend with Klaviyo Happy Wax.

我們看到客戶希望透過 Klaviyo Happy Wax 整合他們的應用程式和相關支出。

A Klaviyo customer for several years using both email and SMS added reviews earlier this year resulting in a 27% increase in the number of reviews they collected over their 1st 100 days using the product as we expand our product capabilities beyond messaging and marketing, providing a powerful data and analytics platform enables marketers to uncover important insights and take action.

一位多年來同時使用電子郵件和簡訊的Klaviyo 客戶在今年稍早添加了評論，隨著我們將產品功能擴展到訊息和行銷之外，他們在使用該產品的前100 天內收集的評論數量增加了27%，強大的數據和分析平台使行銷人員能夠發現重要的見解並採取行動。

We're really excited about our progress in CDP and compared to other CDP and market, our differentiation lies in its vertical integration, making it fast implement the value and scale.

我們對 CDP 的進展感到非常興奮，與其他 CDP 和市場相比，我們的差異化在於它的垂直整合，使其能夠快速實現價值和規模。

We recently launched a new action center within our RFM analysis report containing pre built starting points for customers to enable key use cases like triggering automation based on key inflection points found in RFM.

我們最近在 RFM 分析報告中推出了一個新的行動中心，其中包含預先建置的起點，供客戶啟用關鍵用例，例如根據 RFM 中發現的關鍵拐點觸發自動化。

Ultimately, this allows brands to shorten the time from insight to action.

最終，這使得品牌能夠縮短從洞察到採取行動的時間。

We also launched a new product analysis feature which provides customers easy access to insights about their product catalog and purchase behavior.

我們還推出了新的產品分析功能，使客戶可以輕鬆了解有關其產品目錄和購買行為的見解。

Using this flexible dashboard.

使用這個靈活的儀表板。

Brands can find insights on every product including their repeat purchase timing and what products consumers tend to buy together or in succession.

品牌可以深入了解每種產品，包括重複購買時間以及消費者傾向於一起或連續購買哪些產品。

This new feature makes it simpler than ever to build a strong merchandizing strategy, giving brands insights on how to promote the right product at the right time to drive repeat purchases and ultimately grow customer lifetime value.

這項新功能使建立強大的行銷策略變得比以往更加簡單，讓品牌深入了解如何在正確的時間推廣正確的產品，以推動重複購買並最終增加客戶的終身價值。

This quarter, Harney and sons, a company known for their high quality added CDP for product and RFM analysis by leveraging the advanced analytics capabilities on our platform.

本季度，Harney and sons（一家以其高品質而聞名的公司）利用我們平台上的高級分析功能，並添加了用於產品和 RFM 分析的 CDP。

They created a consumer segment of possible churn risks and set a one time win back campaign.

他們創建了一個可能有流失風險的消費者群體，並制定了一次性贏回活動。

This targeted approach ultimately led to an average order value that was 29% higher than their year-to-date average order value.

這種有針對性的方法最終使平均訂單價值比年初至今的平均訂單價值高出 29%。

In fact, The CEO said this was the one campaign that paid for the first three months of the CDP products.

事實上，執行長表示，這是支付 CDP 產品前三個月費用的活動。

While we continue to make great progress on our product and growth initiatives, we know that we can't do this alone.

雖然我們在產品和成長計劃上繼續取得巨大進展，但我們知道我們無法單獨做到這一點。

Our ecosystem of third party partners including marketing agencies, system, integrators and developers are key to our success and create important network effects for Klaviyo

我們的第三方合作夥伴生態系統（包括行銷機構、系統、整合商和開發人員）是我們成功的關鍵，並為 Klaviyo 創造了重要的網路效應

.

。

We continue to see new partners proactively reach out to join our partner ecosystem.

我們不斷看到新的合作夥伴主動加入我們的合作夥伴生態系統。

Further expanding our reach partners are also continuing to build on Klaviyo , adding 20 new applications for our integration directory in the last three months, as well as contributing more than 40 new flow templates that customers can implement quickly and easily.

進一步擴大我們的覆蓋範圍的合作夥伴也繼續在Klaviyo 的基礎上進行構建，在過去三個月內為我們的集成目錄添加了20 個新應用程序，並貢獻了40 多個新的流程模板，客戶可以快速輕鬆地實作這些模板。

Our third party platform integrations continue to be a strong differentiator for Klaviyo, Allowing customers to connect nearly 400 technologies, giving them more choice and enabling them to combine first party data on our platform.

我們的第三方平台整合仍然是 Klaviyo 的強大優勢，允許客戶連接近 400 種技術，為他們提供更多選擇，並使他們能夠在我們的平台上結合第一方資料。

Our team is constantly working to build new connections with other companies.

我們的團隊不斷努力與其他公司建立新的聯繫。

And in Q3, we launched our integration with Klaviyo which has achieved the fastest adoption growth of any integration in our history.

在第三季度，我們啟動了與 Klaviyo 的集成，它實現了我們歷史上所有集成中最快的採用成長。

Design and content creation is one of the key roles of marketing, particularly for smaller businesses and has a large impact on performance.

設計和內容創建是行銷的關鍵角色之一，特別是對於小型企業而言，並且對績效有很大影響。

With this integration, customers can now bring images from Klaviyo into Canva and designs from Canva into Klaviyo for use across our platform.

透過這種集成，客戶現在可以將 Klaviyo 中的圖像導入 Canva，將 Canva 中的設計導入 Klaviyo，以便在我們的平台上使用。

These integrations are driving customers to Gladio as we saw in Q3 with true food kitchen, a healthy restaurant chain with over 45 locations across the US.

這些整合正在推動客戶轉向 Gladio，正如我們在第三季度看到的 true food kitchen 一樣，這是一家健康連鎖餐廳，在美國擁有超過 45 家門市。

They moved from a traditional marketing platform to Klaviyo because of how well we integrated with their tech stack, particularly with Olo and Open Table, as well as several other Softwares they use.

他們從傳統的行銷平台轉向 Klaviyo，因為我們與他們的技術堆疊（特別是 Olo 和 Open Table，以及他們使用的其他幾個軟體）的整合程度非常好。

They are extremely excited about the power of the Klaviyo platform and our ability to help them execute on differentiated strategies going forward.

他們對 Klaviyo 平台的強大功能以及我們幫助他們執行未來差異化策略的能力感到非常興奮。

I'd like to end by thanking all Klaviyo for their hard work in supporting our customers and continuing to make Klaviyo a leading data and marketing platform as our customers gear up for Black Friday, Cyber Monday and the holiday season.

最後，我要感謝所有 Klaviyo 為支持我們的客戶所做的辛勤工作，並在我們的客戶為黑色星期五、網路星期一和假日季節做好準備時繼續使 Klaviyo 成為領先的數據和行銷平台。

Our teams are ensuring they have the support they need

我們的團隊正在確保他們獲得所需的支持

(inaudible).

（聽不清楚）。

Klaviyo health brands generate almost $60 million of Klaviyo attributed value for KV per hour at peak times.

Klaviyo 健康品牌在高峰時段每小時產生近 6000 萬美元的 Klaviyo 歸因價值。

This year.

今年。

We're excited to help our customers get their biggest holiday goals yet and are making it easier for them with the Black Friday Cyber Monday hub, a dedicated space in app where users can plan strategize and prepare for their upcoming holiday season.

我們很高興能夠幫助我們的客戶實現他們最大的假期目標，並透過黑色星期五網路星期一中心讓他們更輕鬆地實現這一目標，這是應用程式中的一個專用空間，用戶可以在其中為即將到來的假期制定策略並做好準備。

Before I hand it over to Amanda, I wanted to highlight two recent leadership hires.

在將其交給阿曼達之前，我想強調一下最近任命的兩名領導。

Surabhi Gupta joined as our Chief Technology Officer in September and earlier today, we announced that Ed Hallen will be joining as our new Chief Product Officer.

Surabhi Gupta 於 9 月加入擔任我們的技術官，今天早些時候，我們宣布 Ed Hallen 將加入我們擔任新的首席產品長。

Later this month, both leaders bring deep experience in scaling world class businesses and will help us continue to grow and deliver exceptional value to our customers.

本月晚些時候，兩位領導者將帶來擴展世界級業務的豐富經驗，並將幫助我們繼續發展並為客戶提供卓越的價值。

Ed Hallen my Co-Founder who has been serving as our Chief Product Officer will transition to become our Chief Strategy Officer.

我的共同創辦人 Ed Hallen 一直擔任我們的首席產品官，他將轉任我們的首席策略長。

Ed Hallen has obviously played a tremendous role in growing Klaviyo and I'm excited for him to take a more holistic strategic role to help drive Klaviyo Board over the next several years.

顯然，Ed Hallen 在 Klaviyo 的成長過程中發揮了巨大作用，我很高興他能夠在未來幾年中發揮更全面的戰略作用，幫助推動 Klaviyo 董事會的發展。

And with that, I'll turn it over to me.

這樣，我就把它交給我了。

Thanks Andrew.

謝謝安德魯。

Klaviyo delivered another quarter of strong financial performance in Q3, driving efficient growth at scale revenue grew 34% year over year to $235 million.

Klaviyo 在第三季再次實現了強勁的財務業績，推動了規模收入的高效成長，年增 34% 至 2.35 億美元。

And we reported a 14% non-GAAP operating margin continuing our consistent top and bottom line performance.

我們公佈了 14% 的非 GAAP 營業利潤率，延續了我們一貫的營收和利潤表現。

We are delivering on our four primary growth factors, adding new customers growing in the mid market, expanding with existing customers and expanding internationally.

我們正在實現四個主要成長因素：增加中端市場的新客戶、擴大現有客戶以及國際擴張。

In Q3, we added over 6,000 new customers and we now have more than 157,000 customers up 16% year over year.

第三季度，我們新增了 6,000 多名新客戶，目前客戶數量已超過 157,000 名，較去年同期成長 16%。

Similar to last quarter, we saw softness in the S&B market and strength in the entrepreneurs and in the high end of the market, the diversity of our customer base across size and geography allowed us to deliver another strong quarter.

與上季類似，我們看到 S&B 市場的疲軟和企業家的強勢，而在高端市場，我們不同規模和地理的客戶群的多樣性使我們能夠實現另一個強勁的季度。

Despite the softness in one part of the business.

儘管業務的某一部分錶現疲軟。

Speaking of the high end of the market, we are really pleased with the results from our go to market.

說到高端市場，我們對進入市場的結果感到非常滿意。

Initiatives we implemented last year to support our move up market.

我們去年實施的旨在支持升級市場的措施。

At the end of Q3, we had 2,619 customers generating over $50,000 in ARR which was up 54% year over year.

截至第三季末，我們有 2,619 名客戶的 ARR 超過 50,000 美元，較去年同期成長 54%。

We also had another record high number of customers landing in this cohort in the quarter.

本季度，該族群的客戶數量再創歷史新高。

A great sign of the traction we're making up market.

這是我們正在建立市場的牽引力的一個很好的跡象。

In addition to the customers you heard Andrew speak about.

除了你聽到安德魯談到的客戶之外。

We also partnered with Lulu, a digitally native women's fashion brand that was looking to enhance its tech infrastructure, streamline processes and improve its reporting capabilities.

我們也與數位原生女性時尚品牌 Lulu 合作，該品牌希望增強其技術基礎設施、簡化流程並提高其報告能力。

In Q3, they adopted Klaviyo for email and are in the process of consolidating SMS with us. with both channels unified Lulu will be able to leverage our advanced flows segmentation and AI tools to deliver more personalized omni channel communications.

在第三季度，他們採用了 Klaviyo 來發送電子郵件，並且正在與我們整合 SMS。透過這兩個管道的統一，Lulu 將能夠利用我們先進的流量細分和人工智慧工具來提供更個人化的全通路通訊。

We continue to drive expansion with our existing customers as they grow their usage and add new products as can be seen in our dollar based net revenue retention rate or in NRR which was 110% for the quarter.

隨著現有客戶使用量的增加和新產品的添加，我們將繼續推動現有客戶的擴張，這一點可以從我們以美元為基礎的淨收入保留率或本季 110% 的 NRR 中看出。

As we've been discussing the last few quarters, this quarterly decline in NRR was expected as a reminder in NRR is composed of three factors, gross retention, cross sell of additional products and expansion of existing products.

正如我們過去幾個季度一直在討論的那樣，NRR 的季度下降是預期的，這提醒我們，NRR 由三個因素組成：毛保留率、附加產品的交叉銷售和現有產品的擴張。

Our gross retention remains strong which is a great indication of the value we drive for customers that makes Klaviyo must have platform for them.

我們的總保留率仍然很高，這很好地表明了我們為客戶帶來的價值，這使得 Klaviyo 必須為他們提供平台。

Our profile efforts have also been quite strong, especially with email customers adding SMS.

我們的個人資料工作也相當強大，尤其是電子郵件客戶添加簡訊。

In fact, as of Q3, more than 80% of our TOP50 customers now use Klaviyo SMS and excluding our entrepreneur cohort, nearly 25% of our combined SMB and mid market customers are using Klaviyo SMS.

事實上，截至第三季度，超過 80% 的 TOP50 客戶現在使用 Klaviyo SMS，不包括我們的企業家群體，我們近 25% 的中小企業和中端市場客戶正在使用 Klaviyo SMS。

We're very pleased with that progress. on expansion we continue hearing from some customers, especially in the S&B space that macro pressure is continuing and that they are very focused on the ROI of their software spent additionally, with the success upmarket that I just discussed, we're seeing many new cla customers land with multiple products from the start.

我們對這項進展感到非常滿意。在擴張方面，我們不斷聽到一些客戶，特別是在S&B 領域的客戶表示，宏觀壓力仍在持續，他們非常關注額外花費的軟體的投資回報率，隨著我剛才討論的高端市場的成功，我們看到許多新的產品客戶從一開始就擁有多種產品。

There are obvious benefits to landing bigger multi product deals.

達成更大的多產品交易有明顯的好處。

However, it can also limit the expansion opportunities within those customers which has a negative effect on NRR.

然而，它也會限制這些客戶的擴張機會，從而對 NRR 產生負面影響。

This pressure on expansion continues to be consistent with what we've been speaking about over the course of the year.

這種擴張壓力仍然與我們今年以來一直在談論的情況一致。

As a result, our expectations for continued decline in NRR in the near term haven't changed.

因此，我們對近期NRR持續下降的預期並沒有改變。

And we expect this expansion pressure to have a modest impact on our growth going into next year.

我們預計這種擴張壓力將對我們明年的成長產生適度的影響。

As you heard from Andrew, we're making great progress internationally on both the go to market and product fronts and that is driving strong results EMEA delivered very strong growth at 45% year over year and APAC accelerated from last quarter combined, our international revenue grew 41% year over year, sustaining the rate of last quarter.

正如您從安德魯那裡聽到的那樣，我們在國際市場和產品方面都取得了巨大進展，這正在推動強勁的業績，歐洲、中東和非洲地區同比增長45%，亞太地區的增長速度較上季度的總和加快，我們的國際營收年增 41%，維持上季的成長速度。

These are great results and we remain focused on making our product easy to use for our international customers including with additional language launches.

這些都是偉大的成果，我們仍然致力於讓我們的產品易於為國際客戶使用，包括推出更多語言。

As Andrew mentioned, local language availability is an important unlock to bring more companies onto our platform and we'll continue to make our product available in more languages going forward.

正如安德魯所提到的，本地語言可用性是讓更多公司進入我們平台的重要一步，我們將繼續以更多語言提供我們的產品。

Moving on nongaap gross profit for the quarter was $183 million representing a non-GAAP gross margin of 78% down 200 basis points year over year.

本季非公認會計準則毛利為 1.83 億美元，非公認會計準則毛利率為 78%，較去年同期下降 200 個基點。

In addition to the impact from our growing SMS product gross margin was also pressured as a result of starting our Black Friday, Cyber Monday preparation a bit earlier this year which increased cost related to infrastructure and testing.

除了我們不斷增長的簡訊產品毛利率的影響之外，由於今年早些時候開始了黑色星期五和網路星期一的準備工作，這增加了與基礎設施和測試相關的成本，因此也受到了壓力。

As a reminder due to the seasonality of our business in Q4, we expect Q4 gross margins to be down as a result of elevated email and SMS sending volumes related to the holiday season.

提醒一下，由於我們第四季度業務的季節性，我們預計第四季度的毛利率將下降，因為與假期相關的電子郵件和簡訊發送量增加。

We continue to expect our full year non-GAAP gross margin to be down about a point from last year.

我們仍預期全年非公認會計準則毛利率將比去年下降約一個百分點。

Turning to non-GAAP operating expenses, sales and marketing and R&D expenses as a percentage of revenue came in relatively consistent with prior quarters.

談到非公認會計原則營運費用，銷售和行銷以及研發費用佔收入的百分比與前幾季相對一致。

G&A expense was 12% of revenue down 580 basis points year over year primarily as the result of an additional international tax related reserve release, similar to what we saw last quarter.

一般行政費用佔收入的 12%，年減 580 個基點，主要是由於額外的國際稅收相關準備金釋放，與我們上季度看到的情況類似。

Additionally, you may recall from our Q3 call last year that we had approximately $6 million in IPO related expenses that did not reoccur this year normalized for this tax release and the one time IPO related expenses, non-GAAP G&A expense as a percentage of revenue would have been down roughly 100 basis points year over year.

此外，您可能還記得我們去年第三季的電話會議，我們有大約600 萬美元的IPO 相關費用，今年沒有再次發生，根據本次稅務報告以及一次性IPO 相關費用、非GAAP G&A 費用佔收入的百分比進行標準化年減約100個基點。

For the third-quarter our non-GAAP operating income was $34 million representing a non-GAAP operating margin of 14%.

第三季度，我們的非 GAAP 營業收入為 3,400 萬美元，非 GAAP 營業利潤率為 14%。

This was better than expected as a result of the revenue over performance, the leverage driven primarily in G&A operating expenses and head count coming in a bit lighter than expected for the quarter, we generated free cash flow of $34 million during the quarter.

這好於預期，因為本季度的收入與業績、主要由 G&A 營運費用驅動的槓桿以及員工數量略低於預期，我們在本季度產生了 3,400 萬美元的自由現金流。

Up 57% from the prior year due to higher profit and higher interest income.

由於利潤和利息收入增加，較上年增長 57%。

Moving to guidance for the fourth quarter, we expect revenue to be 256 to $258 million representing growth of 27% to 28% year over year.

轉向第四季度的指導，我們預計收入將為 25.6 至 2.58 億美元，年增 27% 至 28%。

This guidance takes into account the continued softness in the expansion component of NRR as well as the commentary from S&B customers around macro pressure.

該指引考慮了 NRR 擴張部分的持續疲軟以及 S&B 客戶對宏觀壓力的評論。

We expect fourth quarter non-GAAP operating income of $7million to $9 million representing a non-GAAP operating margin of 3%.

我們預期第四季非 GAAP 營業收入為 700 萬美元至 900 萬美元，即非 GAAP 營業利潤率為 3%。

This guidance includes a sequential and year over year decline as a result of expense of a new employee cash bonus program that will begin this fiscal year, which we are implementing in Q4.

該指引包括由於本財年開始的新員工現金獎勵計劃（我們將在第四季度實施）的費用而導致環比和同比下降。

We have not previously had a cash short term incentive program for employees outside of those associated with our go to market team.

我們之前沒有針對與我們的市場團隊相關的員工以外的員工製定短期現金激勵計劃。

This will allow us to enhance our ability to align pay with performance.

這將使我們能夠增強將薪酬與績效掛鉤的能力。

It will also better align our compensation structure to peers in the market and will allow us to reduce go forward equity grants as a proportion of total compensation.

它還將使我們的薪酬結構更能與市場同業保持一致，並使我們能夠減少未來股權補助佔總薪酬的比例。

We estimate the program will impact Q4 in the low $10million of dollars which represents a catch up accrual for bonus payments we will make in Q1 FY25 for fiscal 2024 performance.

我們估計該計劃將對第四季度產生 1000 萬美元的影響，這意味著我們將在 2025 財年第一季為 2024 財年業績支付獎金。

Looking ahead, we will accrue for this program throughout each fiscal year.

展望未來，我們將在每個財政年度為該計劃累積資金。

For the fourth quarter we expect fully diluted shares outstanding to be approximately 306 million for the full year.

對於第四季度，我們預計全年完全攤薄後的流通股數量約為 3.06 億股。

We are raising our revenue guidance to be $923million to $925 million for year over year growth of 32% to 33%.

我們將營收指引上調至 9.23 億美元至 9.25 億美元，年增 32% 至 33%。

As a result of the bonus program for the full year, we are revising our non-GAAP operating income guidance range to $104million to $106 million representing a non-GAAP operating margin of 11%.

由於全年獎金計畫的實施，我們將非 GAAP 營業收入指引範圍修改為 1.04 億美元至 1.06 億美元，相當於 11% 的非 GAAP 營業利潤率。

This is consistent with the expectations we set at the start of the year that we would keep our 2024 non-GAAP operating margins roughly flat with 2023.

這與我們年初設定的預期一致，即我們將維持 2024 年非 GAAP 營業利潤率與 2023 年大致持平。

Finally, For the full year, we expect fully diluted share count to be approximately $299 million.

最後，我們預計全年完全稀釋後的股票數量約為 2.99 億美元。

We are very pleased to be delivering this elevated level of growth at scale for FY24 Q4 is our seasonally largest quarter from a revenue perspective and has a significant influence on our outlook for 2025.

我們很高興能夠在 2024 財年第四季實現如此高的規模成長，從收入角度來看，這是我們季節性最大的季度，並對我們 2025 年的前景產生重大影響。

While we're not providing 2025 guidance at this time, based on the trends that we are seeing strength at the low and high end of the market and pressure on customer expansion that we've been discussing.

雖然我們目前不提供 2025 年指導，但基於我們看到的低端和高端市場的實力以及我們一直在討論的客戶擴張壓力的趨勢。

Since the start of the year, we expect our 2025 revenue growth rate will decelerate modestly from our Q4 guidance due to the success of our go to market and product investment initiatives.

自今年年初以來，由於我們的上市和產品投資計劃取得了成功，我們預計 2025 年的收入成長率將比第四季的指導小幅放緩。

This year, we plan to continue to make choiceful investments in 2025 with particular focus on growing our international footprint.

今年，我們計劃在 2025 年繼續進行選擇性投資，特別注重擴大我們的國際影響力。

As a result, operating margin is projected to remain relatively consistent to 2024.

因此，營業利潤率預計到 2024 年將保持相對穩定。

As we continue to invest for growth in our large addressable market.

隨著我們繼續投資以促進我們龐大的目標市場的成長。

We will provide formal guidance for fiscal 2025 on our Q4 call along with additional details around our investments in closing.

我們將在第四季度電話會議上提供 2025 財年的正式指導，並在結束時提供有關我們投資的更多詳細資訊。

These strong results are a clear indication that Klaviyo platform is driving success for our customers.

這些強勁的結果清楚地表明 Klaviyo 平台正在為我們的客戶帶來成功。

We're well positioned to continue our success, adding new customers growing in the mid market, expanding with existing customers and expanding internationally.

我們處於有利地位，可以繼續取得成功，增加中端市場的新客戶，擴大現有客戶，並進行國際擴張。

We are excited about supporting our customers through their busiest season and driving a successful Black Friday Cyber Monday weekend with Klaviyo and with that, we'll open the call up for Q&A operator.

我們很高興能夠在客戶最繁忙的季節為他們提供支持，並與 Klaviyo 一起推動黑色星期五網路星期一週末的成功，為此，我們將開始招募問答接線員。

Thank you.

謝謝。

We'll now begin the question and answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

And your first question comes from DJ Hynes with Canaccord. please go ahead.

你的第一個問題來自 Canaccord 的 DJ Hynes。請繼續。

Hey, Thanks guys and congrats on the next quarter, Amanda.

嘿，謝謝大家，恭喜下個季度，阿曼達。

I appreciate the early look at 2025.

我很欣賞儘早展望 2025 年。

And

和

ABK, Please give us an update on your various customer acquisition engines or channels, whether that's, you know, through Shopify marketing agencies, direct selling like anything stand out to you in terms of performing particularly well or vice versa.

ABK，請向我們提供有關您的各種客戶獲取引擎或渠道的最新信息，無論是通過 Shopify 營銷機構、直銷等任何在表現特別出色方面對您脫穎而出的產品，還是反之亦然。

Yeah, sure.

是的，當然。

So just as a reminder for everyone, you know, we think about acquisition from a couple of different channels.

因此，提醒大家，我們考慮從幾個不同的管道進行收購。

So obviously, our marketing team is focused on what we describe as inbound acquisition.

顯然，我們的行銷團隊專注於我們所謂的入站獲取。

So that's driving awareness.

這就是提高意識。

Folks coming to play, we have a premium motion.

來玩的人們，我們有一個高級動議。

So allowing customers of all sizes to get started for started for free try play out that really sets up our sales team for success.

因此，允許各種規模的客戶開始免費試用，這確實有助於我們的銷售團隊取得成功。

We have like as you allude to partners are a big part of how we do customer acquisition.

正如您所提到的，合作夥伴是我們獲取客戶的重要組成部分。

Both digital agencies, you know, how we have several 1,000 in our program as well as big tech platforms, you know, obviously Shopify amongst those.

兩家數位機構，你知道，我們的計畫中有 1,000 個，還有大型科技平台，你知道，顯然 Shopify 就在其中。

And then finally, you know, our sales team as we're moving more into the mid market enterprise, We do have a sales driven motion for customers position there.

最後，你知道，隨著我們更多地進入中端市場企業，我們的銷售團隊確實有一個針對客戶定位的銷售驅動動議。

So across those, if I and it was rough kind of a line a little bit, the customer segments, we obviously spend more, more of our marketing effort is aimed at the S&B and what we call the lower part of S&B entrepreneur part of the market.

因此，在這些方面，如果我和客戶細分市場的情況有點粗糙的話，我們顯然會花費更多，更多的行銷工作是針對 S&B 以及我們所說的 S&B 企業家的下層部分。

And our sales team is more focused on the mid market enterprise side.

而我們的銷售團隊更專注於中端市場企業端。

So we're seeing, I think we're seeing some strength across all three.

所以我們看到，我認為我們在這三個方面都看到了一些優勢。

You know, with we, with our entrepreneur segment, we're seeing really nice growth there that was kind of smaller SMBS largely driven by, you know, acquisition through Shopify and other platforms that cater to entrepreneurs that are maybe just starting out as well as a lot of our digital marketing efforts.

你知道，在我們的企業家細分市場中，我們看到了非常好的成長，這是一種規模較小的中小企業，主要是透過Shopify 和其他平台進行的收購推動的，這些平台迎合了可能剛起步的企業家作為我們的許多數位行銷努力。

And on the high side, you know, with mid market enterprise brands, I think we're, we're really starting to find a groove with our both, you know, our sales team as well as larger partners, where we're putting more of those into our into our partner program to help drive demand as well as working with some of those larger platforms that work with more enterprise brands.

從高端來看，你知道，對於中端市場企業品牌，我認為我們真的開始與我們的銷售團隊以及更大的合作夥伴找到契合點，我們在哪裡將更多的內容納入我們的合作夥伴計劃中，以幫助推動需求，並與一些與更多企業品牌合作的大型平台合作。

So I know, I think we're excited about all three of those motions and both the rest of this year leading the holidays and next year, we're going to keep using those three as our kind of 310 poles for acquisition.

所以我知道，我認為我們對這三項動議感到興奮，在今年假期前的剩餘時間和明年，我們將繼續使用這三項作為我們的 310 桿進行收購。

Yeah, Makes sense.

是的，有道理。

Thank You.

謝謝。

Your next question comes from Raymond Lenschow with Barclays.

您的下一個問題來自巴克萊銀行的 Raymond Lenschow。

Please go ahead.

請繼續。

Thanks, Congrats for me as well.

謝謝，也恭喜我。

Amanda and Andrew, like the he softness like that you kind of mentioned on the call, like if you think about the economy, like we've been in like in tougher times for a while and you guys have been kind of actually managing this kind of pretty well like, did you see like a change again like in the last quarter that do you think it's kind of more macro or do you think it could be like election uncertainty and that kind of plays a role here?

阿曼達和安德魯，就像你在電話中提到的那種柔軟，就像你考慮經濟一樣，就像我們已經處於困難時期一段時間了，而你們實際上一直在管理這種情況很像，您是否再次看到像上個季度那樣的變化，您認為這是一種更宏觀的變化，還是您認為這可能像選舉的不確定性一樣，並且在這裡發揮了作用？

You know, like I'm just saying, it's like we've been in this kind of environment for a while and most other people talk about more stabilization on lower levels, but stabilization.

你知道，就像我剛才說的，我們處於這種環境已經有一段時間了，大多數其他人都在談論在較低水平上更加穩定，但只是穩定。

Thank you

謝謝

Sure.

當然。

Thanks Raimo, the I would say that what we're seeing is consistent, as you said, we've been in this macro environment for a while and the trends that we are seeing within our, you know, particularly focused on our S&B segment of customers remain very consistent with what we've seen and what we've discussed in prior quarters.

謝謝Raimo，我想說的是，正如您所說，我們所看到的情況是一致的，我們已經處於這種宏觀環境中一段時間了，而且我們在我們的內部看到的趨勢，您知道，特別關注我們的S&B 細分市場的客戶與我們在前幾個季度所看到的和討論的內容非常一致。

We're seeing some softness and new customer acquisition.

我們看到了一些疲軟和新客戶的獲取。

We're seeing some softness and expansion, but we are not seeing that macro environment or the impact either materially better or materially worse, it has been steady.

我們看到了一些疲軟和擴張，但我們沒有看到宏觀環境或影響明顯好轉或嚴重惡化，它一直保持穩定。

And what we hear from customers based on our conversations with them is that it's clear that we are in a value based market, meaning that customers are very focused on the value that they're getting from their software in this environment.

根據我們與客戶的對話，我們從客戶那裡聽到的是，很明顯，我們處於一個基於價值的市場，這意味著客戶非常關注他們在這種環境下從軟體中獲得的價值。

We are really pleased with the way that we are able to deliver strong results because we're a must have for customers to help them drive their revenue and drive their growth.

我們對能夠取得強勁成果感到非常滿意，因為我們是客戶幫助他們增加收入和成長的必備工具。

The other thing that I think is important to remember is that we have a very diverse customer base both in terms of size ranging all the way from, as Andrew said, entrepreneurs, all the way up to global enterprises as well as geographies around the world, which means that we're not reliant on either one specific type of customer or one region to drive our performance.

我認為需要記住的另一件事是，我們擁有非常多樣化的客戶群，無論是規模還是規模，從安德魯所說的企業家，一直到跨國企業以及世界各地，這意味著我們不依賴某一特定類型的客戶或某一地區來推動我們的業績。

So in fact, this quarter, we saw strength in the entrepreneurs and we also saw strength in the high end of the market.

所以事實上，這個季度，我們看到了企業家的力量，我們也看到了高端市場的力量。

I think the last factor that's important to think about in this environment is that it's important to remember Klaviyo is not indexed to GMV.

我認為在這種環境下需要考慮的最後一個因素是，重要的是要記住 Klaviyo 並未與 GMV 掛鉤。

We index to digital relationships and the digital relationships that our customers are building with their consumers.

我們對數位關係以及我們的客戶與其消費者建立的數位關係進行索引。

And so especially during this time of year as we get close to Black Friday Cyber Monday, helping our customers engage with their consumers in the right way over the right channel with the right message at the right time is extremely important because that is how we help our customers thrive.

因此，特別是在每年的這個時候，當我們接近黑色星期五網路星期一時，幫助我們的客戶透過正確的管道、在正確的時間以正確的資訊以正確的方式與消費者互動是非常重要的，因為這就是我們提供幫助的方式我們的客戶蓬勃發展。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

Makes sense.

有道理。

Your next question comes from Scott Berg with Needham.

你的下一個問題來自尼達姆的史考特·伯格。

Please go ahead.

請繼續。

Hi, everyone.

大家好。

Thanks for taking the question in the next quarter here.

感謝您在下個季度在這裡提出問題。

ABK just wanted to ask on the two new hires that you mentioned, the CTO and CPO your platform.

ABK 只是想詢問您提到的兩位新員工，也就是您平台的 CTO 和 CPO。

I know you've talked pretty extensively about the you know, database kind of bottoms up platform and the benefit you all receive from that.

我知道您已經廣泛討論了資料庫類型的自下而上平台以及您從中獲得的好處。

But how do these two new hires?

但這兩位新進員工的表現又如何呢？

You know, how are you expecting them to impact the technology kind of footprint going forward?

您知道，您期望它們如何影響未來的技術足跡？

Sure.

當然。

Yeah, we've got a great team.

是的，我們有一支很棒的團隊。

We have some big ambitions and I'm very excited for Sabina Dill to join forces because I know they have ambition that matches our own.

我們有一些遠大的抱負，我對 Sabina Dill 的加入感到非常興奮，因為我知道他們的抱負與我們的抱負不謀而合。

Yeah, I think for all leadership hires, there's maybe two core traits we look for.

是的，我認為對於所有領導層的招聘，我們可能會尋找兩個核心特質。

One is that kind of humility, the ability to dig into the details, roll up your sleeves.

一是謙虛，有能力深入細節，捲起袖子。

And the second is having seen, you know, having seen things at scale.

第二個是見過，你知道，見過大規模的事物。

And so I've got a second point is particularly material for what you're talking about.

所以我有第二點對於你所談論的內容特別重要。

You know, The actually interesting as, as I was getting to know him, we're spending time bill is actually a Klaviyo customer was a customer, one of the businesses he started was one of our early customers.

你知道，真正有趣的是，隨著我逐漸了解他，我們花費的時間帳單實際上是 Klaviyo 客戶是客戶，他創辦的企業之一是我們的早期客戶之一。

So he's got a lot of context for the space and you know, for both Sarabi and a deal, they've worked on, you know, some of the planet scale infrastructure.

所以他對這個領域有很多背景，你知道，對於薩拉比和一筆交易，他們都致力於一些全球規模的基礎設施。

So as we think about clad, as you know, the source of truth for consumer data for businesses being that system of record, you know, how do you build systems that are very elastic, very scalable, very reliable, very secure.

因此，如您所知，當我們考慮企業消費者資料的真實來源是記錄系統時，您知道如何建立非常有彈性、非常可擴展、非常可靠、非常安全的系統。

I'm excited that they both have a lot of experience building that.

我很高興他們都擁有豐富的建造經驗。

So I think we've done a really good job, you know, with our engineering team to date and, you know, kind of instilling that in our culture and I think they're going to help us, you know, scale that quite a bit.

所以我認為我們的工程團隊迄今為止做得非常好，並且，你知道，將其灌輸到我們的文化中，我認為他們將幫助我們，你知道，規模化一點。

Wonderful.

精彩的。

Your next question comes from Brent Bracelin with Piper Sandler.

您的下一個問題來自 Brent Bracelin 和 Piper Sandler。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon.

午安.

AB that the Q4 guy here does suggest the businesses is poised to cross over a billion ARR exiting the year.

AB 表示，這裡的第四季人員確實表明，今年退出時，這些業務的 ARR 將超過 10 億。

I'd be curious to hear your thoughts on and product vision here on the next billion Wall Street always wants more.

我很想聽聽您對下一個十億的想法和產品願景，華爾街總是想要更多。

You're bringing new talent.

你正在帶來新的人才。

You have a strong balance sheet, good cash flow.

您擁有強大的資產負債表和良好的現金流。

You could always lean into M&A walk us through kind of the appetite to add that next billion.

你總是可以透過併購來引導我們增加下一個十億的慾望。

And and how much you're going to lean into M&A you know, internal investment, walk us through that vision.

以及您將在多大程度上傾向於併購，內部投資，請引導我們實現這一願景。

That'd be helpful.

那會有幫助的。

Thanks.

謝謝。

Yeah, for sure.

是的，當然。

Well, well, I think it's hopefully will not take us nearly as long to get to the second building (inaudible) to get to the 1st one because we got, we got to get that pretty quickly.

好吧，好吧，我認為我們到達第二棟大樓（聽不清楚）的時間有望不會像到達第一棟大樓那樣長，因為我們得到了，我們必須很快到達。

So let me talk about a couple of things, you know, Amanda talked about the four areas that we're focused, continuing to get more SMBS on this clay platform, you know, doing that internationally, expanding up into the mid market and enterprise.

所以讓我談談幾件事，你知道，阿曼達談到了我們關注的四個領域，繼續在這個粘土平台上獲得更多的中小企業，你知道，在國際上這樣做，擴展到中端市場和企業。

And then also growing our product portfolio.

然後也擴大我們的產品組合。

So maybe speak a little bit about the product side and I'll come back to the customers.

所以也許可以談談產品方面，然後我會回到客戶。

We're going to serve you know, a mantra we've had inside of CLA is, f we're going to build a product, it's going to be best in class, the word we use is premium.

我們將為您服務，我們 CLA 內部的一句口頭禪是，如果我們要打造一款產品，它就會是同類產品中最好的，我們使用的詞是「優質」。

And so a few years ago, Klaviyo core product was a database and then, you know, kind of email and marketing on top of that, We've taken an approach of, well, how do we extend all of the messaging channels that matter for business.

幾年前，Klaviyo 的核心產品是一個資料庫，然後是電子郵件和行銷，我們採取了一種方法，即如何擴展所有重要的訊息傳遞管道為了生意。

And so that's why we put big investments in SMS.

這就是我們在 SMS 上投入大量資金的原因。

And now going forward, we're doing a lot more with mobile, Mobile applications and experiences there as well as social channels, things like whatsapp and other social networks.

現在，展望未來，我們將在行動、行動應用程式和體驗以及社交管道、whatsapp 和其他社交網路等方面做更多的事情。

So I think we can do a lot more than just email and go way beyond that into all of messaging and marketing.

因此，我認為我們可以做的不僅僅是電子郵件，還可以擴展到所有訊息傳遞和行銷領域。

You know what we're doing with reviews, that's another product category that's very important to a lot of marketers.

您知道我們如何處理評論，這是對許多行銷人員非常重要的另一個產品類別。

And then even beyond that, you know, we think about like, well, what are the other customer experiences that you can use?

除此之外，我們還會考慮您可以使用的其他客戶體驗是什麼？

The source of truth that we're building this, you know, this database to power to personalize, to measure, to use AI to automate those experiences, get smarter over time.

我們正在建立這個資料庫的事實來源是，這個資料庫能夠實現個人化、測量、使用人工智慧來自動化這些體驗，隨著時間的推移變得更加智慧。

You know, and that's what we're doing with CDP.

你知道，這就是我們與 CDP 所做的事情。

A lot of the CDP usage we've seen comes from analytics, businesses that want to understand who their customers are and immediately take action.

我們看到的許多 CDP 使用都來自分析，也就是想要了解客戶是誰並立即採取行動的企業。

So we're excited about the growth that we're seeing with that product.

因此，我們對該產品的成長感到興奮。

And then we think about the other services, the other touch points that a business has with its consumers.

然後我們考慮其他服務，企業與消費者的其他接觸點。

So things like what's the, you know, the website or the in store experience as well as what's the customer service experience.

諸如網站或店內體驗以及客戶服務體驗之類的事情。

And, you know, our ambition is to make sure all of those services, all of those experiences are great for the customer and high value to the business.

而且，您知道，我們的目標是確保所有這些服務、所有這些體驗都對客戶有利，對企業具有高價值。

And so for some of those, you know, we're considering building and some of that will be organic.

因此，對於其中一些，我們正在考慮進行建設，其中一些將是有機的。

We're also we'll be open to doing M&A but we also very much we look at our ecosystem and our partners.

我們也將對併購持開放態度，但我們也非常關注我們的生態系統和合作夥伴。

We have a lot of great partners that have built features that we, we can't get to or help us address various use cases domestically internationally, you know, different verticals.

我們有許多優秀的合作夥伴，他們建立了我們無法實現的功能，也無法幫助我們解決國內、國際、不同垂直領域的各種用例。

So that's also an approach that we'll take.

這也是我們將採取的一種方法。

But ultimately, we want to be that source of truth about who your customers are and the entire, you know, the software platform that used to drive customer experiences that drive revenue.

但最終，我們希望成為有關您的客戶是誰的真相來源，以及用於推動客戶體驗從而推動收入的整個軟體平台。

Helpful color.

有用的顏色。

Thank you.

謝謝。

Your next question comes from Michael Burke with Wells Fargo Securities.

您的下一個問題來自富國銀行證券公司的邁克爾伯克。

Please go ahead.

請繼續。

Hey, congrats on the core.

嘿嘿，恭喜你獲得了核心。

Thanks for taking my question.

感謝您提出我的問題。

I want to touch on the international opportunity quickly that you seem to be operating on all cylinders there and you had some pretty nice announcements across languages as well as native capabilities there.

我想快速談一下國際機遇，你們似乎正在全力以赴，並且你們在跨語言以及本地功能方面發布了一些非常好的公告。

What how can you think about the progress since launching those?

您如何看待啟動這些專案以來的進展？

I know it's early on but across the the new languages and the five new regions, any initial takeaways there, you can leverage for new geographies as you expand.

我知道現在還為時過早，但在新語言和五個新地區中，任何初步收穫都可以在擴展時利用新的地理區域。

Thank you.

謝謝。

Sure.

當然。

Thank you so much for the question, Michael.

非常感謝你提出這個問題，邁克爾。

And we are very excited about the progress that we're seeing across international.

我們對在國際上看到的進展感到非常興奮。

And you know, this quarter, particular strength in EMEA with 45% revenue growth.

您知道，本季 EMEA 地區的營收成長尤其強勁，營收成長了 45%。

And when you talk about, you know, some of the impacts that expanding languages and that focus on international is having in the business.

當您談論擴展語言和關注國際化對業務產生的一些影響時，您就會知道。

This quarter, we saw notable strength in our new business across France, Germany, Spain and Finland, in particular. we are focused this quarter and going forward on adding local language speaking sales reps to support that product capability so that we can support local language selling in regions like Germany, France, Spain and Italy.

本季度，我們在法國、德國、西班牙和芬蘭的新業務尤其表現強勁。本季我們的重點是增加講本地語言的銷售代表，以支援該產品功能，以便我們能夠支援德國、法國、西班牙和義大利等地區的本地語言銷售。

In terms of other progress that we're seeing in the business, you know, it's leading to some great wins.

就我們在業務中看到的其他進展而言，你知道，它帶來了一些巨大的勝利。

We had Tori wins quarter internationally, not only with the body shop, but also with Minnelli and Passata, all of which are great brands internationally.

我們在國際上贏得了 Tori 四分之一的勝利，不僅與 Body Shop 合作，還與 Minnelli 和 Passata 合作，所有這些都是國際上的偉大品牌。

And I think another important part to call out is the strength of our partner network and the impacts that our partner led approach is having on our international growth.

我認為另一個需要強調的重要部分是我們合作夥伴網絡的實力以及我們合作夥伴主導的方法對我們的國際成長所產生的影響。

We are very appreciative of our partners around the globe, including companies like PRESTA Shop, think Digital and oz among many others.

我們非常感謝我們在全球的合作夥伴，包括 PRESTA Shop、think Digital 和 oz 等公司。

They are helping to support us as we expand outside of the United States.

當我們向美國境外擴張時，他們正在幫助支持我們。

Still early days, but I can tell you that the customer response has been terrific for the launch of five new languages, German, Portuguese, Korean, Spanish, and Italian.

雖然還處於早期階段，但我可以告訴您，客戶對德語、葡萄牙語、韓語、西班牙語和義大利語這五種新語言的推出反應非常好。

It was just in October, but they are very excited and we're excited to see how they can continue to drive growth internationally.

雖然才十月份，但他們非常興奮，我們很高興看到他們如何繼續推動國際成長。

Awesome.

驚人的。

Thank you.

謝謝。

Your next question comes from Rob Oliver with Baird.

您的下一個問題來自 Rob Oliver 和 Baird。

Please go ahead.

請繼續。

Great, good evening.

太好了，晚上好。

Thanks for taking my question.

感謝您提出我的問題。

AB mine is for you.

我的AB是給你的。

A couple questions ago, brand asked about the next leg of growth to $2 billion.

在幾個問題之前，布蘭德詢問了下一步將成長至 20 億美元的情況。

And you know, when you look at some of the other products aside from SMS, which is obviously number one on Cross sell, I know Amanda (inaudible) still has an area of maybe talk a little bit about what you're seeing from reviews and then in particular CDP where I know you guys made some changes to how you package the CDP solution and would love to get an update on how that sort of bifurcation of the product is.

你知道，當你查看除短信之外的其他一些產品時，短信顯然是交叉銷售中排名第一的產品，我知道阿曼達（聽不清）仍然有一個領域可能會談論一下你從評論中看到的內容然後特別是 CDP，我知道你們對 CDP 解決方案的打包方式進行了一些更改，並且希望獲得有關產品的這種分歧的最新信息。

Perhaps driving incremental wins.

也許會推動增量勝利。

Thank you.

謝謝。

Yeah, I think going forward, you know, we very, very much look at being going from a single product company where we worked three years ago to a multi product company and a platform, you know, something where you can buy all of the applications or a lot of those applications that integrate, that's our goal.

是的，我認為展望未來，你知道，我們非常非常希望從三年前我們工作的單一產品公司轉變為一家多產品公司和一個平台，你知道，你可以在其中購買所有產品應用程序或許多集成的應用程序，這就是我們的目標。

So I'll start with SMS and then I'll talk about CDP .

所以我將從 SMS 開始，然後我將討論 CDP。

You know, for SMS, we talked about how 80% of our TOP50 customers are using SMS and it was, it was in the early remarks.

你知道，對於短信，我們談到了 80% 的 TOP50 客戶如何使用短信，這是在早期的評論中。

And I think that that shows that messaging a lot of demand from both SMB but as well as mid market and enterprise and a lot of uses there.

我認為這表明訊息傳遞滿足了中小型企業以及中端市場和企業的大量需求，並且有很多用途。

So we're very excited what that tells us the story around wanting to consolidate, wanting things on our platform because of what the data that we have and we're doing more to expand coverage there.

因此，我們非常興奮這告訴我們想要整合的故事，想要在我們的平台上進行一些事情，因為我們擁有數據，我們正在做更多的事情來擴大那裡的覆蓋範圍。

So we also mentioned that we've expanded SMS coverage to more six more countries predominantly in Europe.

我們也提到，我們已將簡訊覆蓋範圍擴大到另外六個國家（主要是歐洲）。

And we're also doing deeper integrations with SMS, you know, into other, other functionality that's outside of Clio.

我們也正在與 SMS 進行更深入的集成，與 Clio 以外的其他功能整合。

So for example, you know, if you do advertising, you're doing demandgen on other platforms, for instance, meta platform, you can now you know, rather than just collecting emails, you can also collect phone numbers and you know, have a seamless integration with SMS.

例如，你知道，如果你做廣告，你在其他平台上做需求生成，例如元平台，你現在可以知道，不僅僅是收集電子郵件，你還可以收集電話號碼，你知道，有與短信無縫集成。

So I think we're really, really good progress there.

所以我認為我們在這方面取得了非常非常好的進展。

We continue to look at like adoption rates and what percentage of our customers can adopt and how do we make it easier for them to not just do it through our sales team, but also do it through partners and obviously do it directly through our product.

我們繼續關注類似的採用率以及我們的客戶可以採用的百分比，以及我們如何讓他們更容易地不僅透過我們的銷售團隊做到這一點，而且還透過合作夥伴做到這一點，顯然是直接透過我們的產品做到這一點。

So really, excited about the progress there and I think we're going to see that carry over into other messaging channels that you know, we've been working on right Mobile in the future whatsapp and other social channels.

所以，真的，我對那裡的進展感到興奮，我認為我們將看到這種進展延續到其他訊息傳遞管道中，你知道，我們一直在未來的 Whatsapp 和其他社交管道中開發正確的行動裝置。

And then the, you know, the CDP story, I've mentioned going beyond just, you know, click is more than just a more than just using us for marketing.

然後，你知道，CDP 的故事，我提到過，點擊不僅僅是利用我們進行行銷。

Yeah, what we've done with CDP is we realize there's really two core use cases.

是的，我們對 CDP 所做的事情是我們意識到確實有兩個核心用例。

The first is around analytics and understanding who your customers are.

第一個是圍繞分析和了解您的客戶是誰。

And the second is around data governance.

第二個是圍繞著資料治理。

And for that analytics use case, we've seen a great amount of customer adoption.

對於該分析用例，我們已經看到大量客戶採用。

They really understand the purpose of our product.

他們真正了解我們產品的用途。

You know, what we want to do is say if you, if there's, if you want to understand who your customers are and you want to build a funnel of where are my customers dropping off?

你知道，我們想做的是說，如果你想了解你的客戶是誰，並且你想建立一個漏斗來了解我的客戶在哪裡流失？

You know, where are they?

你知道，他們在哪裡？

I got first time purchases but not repeat purchasers.

我有第一次購買，但沒有重複購買。

We made our product so easy that you can, you know, click in the UI and immediately turn that into a marketing campaign, pain or marketing automation.

我們讓我們的產品變得如此簡單，您知道，點擊使用者介面並立即將其轉變為行銷活動、痛苦或行銷自動化。

And so we're shortening this loop from insight to action and we're seeing that customers get it.

因此，我們正在縮短從洞察到行動的循環，我們看到客戶得到了它。

In fact, the ROI is is great because you know that the cost of our CDP product pays for itself, you know, almost immediately in terms of incremental revenue or KV, as we say.

事實上，投資回報率非常高，因為你知道我們的 CDP 產品的成本是可以收回成本的，正如我們所說，幾乎可以立即以增量收入或 KV 的形式收回成本。

So I think that analytics product, I think that's going to be a big driver of growth going forward.

所以我認為分析產品將成為未來成長的一大推動力。

And we're excited about that.

我們對此感到興奮。

That's starting to change how people think about Klaviyo as not just email, not even just messaging and marketing, but actually, even beyond that.

這開始改變人們對 Klaviyo 的看法，它不僅僅是電子郵件、訊息和行銷，而且實際上還不止於此。

So very excited about that, we got a lot more in the works that I'm sure we'll be sharing in the future.

對此感到非常興奮，我們有更多的工作要做，我相信我們將來會分享。

Great.

偉大的。

Thank you for All the call.

感謝大家的來電。

I appreciate it.

我很感激。

Your next question comes from Keith Wise with Morgan Stanley.

您的下一個問題來自摩根士丹利的基斯·懷斯。

Please go ahead.

請繼續。

Excellent.

出色的。

Thank you guys for taking the question and congratulations on a solid quarter.

感謝你們提出問題，並祝賀本季表現穩定。

I wanted to dig into the NRR commentary a little bit And why it weighs on growth into next year.

我想深入研究 NRR 的評論，以及為什麼它會影響明年的成長。

I was a little bit surprised because it sounds like the up sell motion is going and the cross motion is going quite well for you guys, particularly with SMS, but the, the, the switch portfolio is expanding really nicely.

我有點驚訝，因為聽起來向上銷售運動正在進行，交叉運動對你們來說進展順利，特別是短信，但是，開關產品組合正在擴展得非常好。

The expansions have been pressured by Macro for a while and so you're anniversary then that's not like a net new impact into next year and the bigger lands.

一段時間以來，擴張一直受到宏觀的壓力，所以你是周年紀念日，這並不像是對明年和更大土地的淨新影響。

I mean, that's just, you're, you're accruing the revenues elsewhere rather than NRR, you're just getting it up front.

我的意思是，這只是，你在其他地方而不是 NRR 上累積收入，你只是預先得到它。

So can you touch a little bit of why the NRR continues sliding, like why there's not set offsets from cross sell and why that's a incremental pressure on revenue growth into the forward here.

那麼，您能否談談為什麼 NRR 繼續下滑，例如為什麼沒有設置交叉銷售的抵消，以及為什麼這對未來的收入成長造成增量壓力。

Sure.

當然。

Great to hear from you, Keith, thanks so much for the question.

很高興收到你的來信，基思，非常感謝你提出這個問題。

As we said, we don't guide to NRR specifically, but we do expect that it will continue to decline in the near term and that expectation for a near term decline hasn't changed.

正如我們所說，我們沒有具體指導 NRR，但我們確實預計其在短期內將繼續下降，並且近期下降的預期沒有改變。

So if you break in RR into its components, there are three primary components of NRR.

因此，如果將 RR 分解為其組成部分，就會發現 NRR 包含三個主要組成部分。

First is retention.

首先是保留。

Second is expansion of existing products.

二是現有產品的拓展。

And third is cross sell retention.

第三個是交叉銷售保留。

On the retention side, our gross retention remains strong because we are a must have for our customers on the expansion side.

在保留方面，我們的總保留率仍然很高，因為我們是客戶擴張方面的必備品。

If you split that into expansion of products, existing products and then cross sell expansion of existing products tends to be the largest driver of our overall expansion.

如果將其分解為產品擴張，現有產品以及現有產品的交叉銷售擴張往往是我們整體擴張的最大動力。

It's a significant driver of NRR and that is part of why we're talking about the impacts that we're seeing there.

它是 NRR 的重要驅動因素，這也是我們談論我們在那裡看到的影響的部分原因。

We continue to hear from customers that it's a value based market particularly among SMBS, they're very mindful of their spend.

我們不斷從客戶那裡聽到，這是一個基於價值的市場，尤其是中小型企業，他們非常注重自己的支出。

They are intentional about the messages that they're sending.

他們對所發送的訊息是有意識的。

And then also as I mentioned earlier in the prepared remarks and as you mentioned, as well as we move up market, customers tend to land larger with multiple products that leaves less opportunity for expansion.

正如我之前在準備好的發言中提到的，正如您所提到的，以及我們向高端市場邁進，客戶往往會透過多種產品獲得更大的市場，從而減少了擴張的機會。

It is a good thing overall.

整體來說這是一件好事。

We like landing larger and earlier, but it does create some pressure on that expansion component of NRR.

我們喜歡更大、更早的著陸，但這確實給 NRR 的擴張部分帶來了一些壓力。

And because of those two factors, we expect that that decline and the expansion is going to continue.

由於這兩個因素，我們預計這種下降和擴張將繼續下去。

I

我

t's consistent with what we've seen.

與我們所看到的一致。

But again, because our NRR is a trailing 12 month calculation and we first started seeing this appear last year, that's part of why you're seeing that impact into next year.

但同樣，因為我們的 NRR 是過去 12 個月的計算結果，而且我們去年才開始看到這種情況，這就是為什麼您會在明年看到這種影響的部分原因。

On the cross sell side, we are very pleased with the progress we're seeing.

在交叉銷售方面，我們對所看到的進展感到非常滿意。

Not only with customers adopting SMS but also CDP and reviews.

顧客不僅採用 SMS，還採用 CDP 和評論。

And we continue to see customers who expand with us.

我們不斷看到與我們一起擴張的客戶。

A great example.

一個很好的例子。

This quarter was spot and Tango who added SMS after they had already been using Klaviyo for email.

本季度，Spot 和 Tango 在使用 Klaviyo 發送電子郵件後添加了簡訊。

We also added another customer this quarter in the beauty and skin care space who had previously switched to Klaviyo for email and this quarter, they added SMS in order to approve their multi channel messaging.

本季我們還在美容和護膚領域增加了另一位客戶，他們之前已改用 Klaviyo 發送電子郵件，本季度他們添加了短信以批准他們的多渠道消息傳遞。

And we continue to hear from customers that they see real value in that consolidation.

我們不斷從客戶那裡聽到，他們看到了這種整合的真正價值。

Most importantly, they see value from it because it creates a better experience for their consumers.

最重要的是，他們從中看到了價值，因為它為消費者創造了更好的體驗。

Because consolidation helps them more effectively engage consumers across channels.

因為整合可以幫助他們更有效地跨通路吸引消費者。

They also see value because it simplifies the way that our customers run their businesses.

他們也看到了價值，因為它簡化了我們的客戶經營業務的方式。

It makes it easier for them to have a comprehensive view of performance and reporting all under one roof with Klaviyo

透過 Klaviyo，他們可以更輕鬆地在同一屋簷下全面了解績效和報告

.

。

So we believe that that trend is going to continue to be an important driver of cross sale going forward.

因此，我們相信這種趨勢將繼續成為未來交叉銷售的重要驅動力。

Got it just a quick follow up.

得到它只是一個快速跟進。

If we think about the expansion and within NB being somewhat macro related, can we read through that?

如果我們考慮到擴展和 NB 內部有些宏觀相關，我們可以通讀一下嗎？

Like you're assuming a continued sort of the continued was the continuation of the current macro environment right now, which hasn't been great into next year.

就像你假設當前宏觀環境的延續是當前宏觀環境的延續，而明年的情況並不好。

So like we could take it away saying you're being conservative about sort of macro assumptions into 2025.

所以我們可以把它拿走，說你對 2025 年的宏觀假設持保守態度。

I think that's a fair assumption.

我認為這是一個合理的假設。

You know, as we said, this and we said earlier on the call as well, this trend has been pretty consistent all year and because it has been consistent, we're assuming that that's going to continue at a similar rate as we head into next year.

你知道，正如我們所說，這一點以及我們之前在電話會議上所說的，這一趨勢全年都非常一致，並且因為它一直一致，我們假設這種趨勢將以類似的速度繼續下去，因為我們進入了明年。

So to the extent that the macro environment changes, we could see a shift there.

因此，只要宏觀環境發生變化，我們就可以看到變化。

But I think it's the prudent thing to do to assume that the current environment is going to stay stable.

但我認為，假設當前環境將保持穩定，這是明智之舉。

Absolutely.

絕對地。

That's super helpful.

這非常有幫助。

Thank you so much, Amanda.

非常感謝你，阿曼達。

Your next question comes from Arjun Bhatia with William Blair.

你的下一個問題來自阿瓊·巴蒂亞和威廉·布萊爾。

Please go ahead.

請繼續。

Alright, Thank You very much.

好的，非常感謝。

I wanted to touch on the market traction.

我想談談市場的吸引力。

It sounds like, you know, to the earlier point you were making Amanda just then that your customers are landing larger.

聽起來，你知道，就在你讓阿曼達（Amanda）之前的那一刻，你的客戶數量正在增加。

You're seeing the 50 K customer count increase quite a bit.

您將看到 5 萬客戶數量大幅增加。

And you have a host of kind of large logos to, to show for it.

你有大量的大型標誌來展示它。

But as you move further up market, how are you seeing the competitive dynamics change?

但當您進一步朝高端市場邁進時，您如何看待競爭動態的變化？

How are you seeing the vendors that you're displacing change?

您如何看待您要取代的供應商的變化？

And what impact is it, is it having on win rates and, and sales cycles in particular?

它有什麼影響，特別是對贏率和銷售週期有什麼影響？

And then as you look into next year on the NRR front, what should we expect from those larger customers?

然後，當您展望明年的 NRR 方面時，我們應該對那些較大的客戶有何期望？

Because it seems like some of the pressure is with smaller customers.

因為看起來一些壓力來自較小的客戶。

But should we expect one year out after landing two years out after landing that those larger customers might actually expand at a faster rate than your, your customer base today?

但是，我們是否應該預期，在登陸兩年後，這些較大的客戶實際上可能會以比您今天的客戶群更快的速度擴張？

Thank you.

謝謝。

Sure, I'll take the, I'll take the first part on a competition and you know how we see their you know, spend and adoption of our product products growing over time.

當然，我會參加，我會參加比賽的第一部分，你知道我們如何看待他們的支出和對我們產品的採用隨著時間的推移而增長。

So from a competitive dynamic as you move up into the mid market enterprise, you know, we built play out to be the system of record and extremely scalable.

因此，當您進入中階市場企業時，從競爭動態來看，您知道，我們將遊戲打造為記錄系統並且具有極高的可擴展性。

And then obviously like marking on top of that, that also scales as well.

顯然，就像在上面做標記一樣，它也可以縮放。

So very pleased about with the expansion we're seeing there, you know, we're competing largely with, you know, companies that didn't start product that didn't start as a database.

我們對在那裡看到的擴充感到非常高興，你知道，我們主要與那些沒有推出產品但不是以資料庫開始的公司競爭。

They really were marketing products.

他們確實是在行銷產品。

You know, some of them cover just a single channel, could be email, could be text messaging, could be mobile.

您知道，其中一些僅覆蓋單一頻道，可能是電子郵件，可能是短信，也可能是行動管道。

And I think the fact that we cover all of those channels is a competitive advantage for us.

我認為我們涵蓋所有這些管道這一事實對我們來說是一個競爭優勢。

And the fact that we built this, you know, kind of data engine underneath.

事實上，我們在底層建構了這種數據引擎。

So we see a lot of folks, you know, modernizing off of you know, maybe some older technology and I think that's going to be a very durable trend.

因此，我們看到很多人正在對一些舊技術進行現代化改造，我認為這將是一個非常持久的趨勢。

And then as we're landing those man, I already talked, spoke to us, we're seeing a lot of customers actually want to adopt more of our product set up front, which is great.

然後，當我們找到這些人時，我已經與我們交談過，我們看到很多客戶實際上希望採用更多我們預先設定的產品，這很棒。

And I think over time, as you know, I talked about like we plan to expand our product portfolio.

我認為隨著時間的推移，正如你所知，我談到了我們計劃擴大我們的產品組合。

We like what we're seeing from SMS and CDP and analytics and reviews and we expect that to grow over time.

我們喜歡從 SMS 和 CDP 以及分析和評論中看到的結果，我們預計這種情況會隨著時間的推移而增長。

And so I do think there's opportunities for those businesses to grow with us.

因此，我確實認為這些企業有機會與我們一起成長。

And I'll add to, you know, the components of NRR that Amanda mentioned, you know, one that we can start taking advantage of when we get into the enterprise is expanding you know, across business units and geographies.

我要補充一下，阿曼達提到的 NRR 的組成部分，當我們進入企業時，我們可以開始利用這些組成部分，跨業務部門和地理擴展。

One of the, one of the patterns we've seen is like when we land with enterprise business, so there's actually an opportunity to start with maybe a brand or a region and then grow from there.

我們看到的模式之一就像我們開展企業業務時一樣，因此實際上有機會從一個品牌或一個地區開始，然後從那裡開始發展。

So anyway, I think there's a lot of room to both grow logos as well as then you know, expand their spend and our, you know, how, how much that business is relying on Klaviyo for all of the different parts.

所以無論如何，我認為有很大的空間來發展徽標以及擴大他們的支出，以及我們的業務在所有不同部分對 Klaviyo 的依賴程度。

Okay.

好的。

Understood.

明白了。

Perfect.

完美的。

Thank you.

謝謝。

Your next question comes from Derek Wood with TD Cowen.

您的下一個問題來自 Derek Wood 和 TD Cowen。

Please go ahead.

請繼續。

Thanks.

謝謝。

Amanda, another impressive quarter around margins.

阿曼達，利潤率又一個令人印象深刻的季度。

Sounds like there's a lot of moving parts to consider in Q4.

聽起來第四季有很多變化的部分需要考慮。

And I guess by my calculation that the cash bonus payments operating margin guide would be around 8% which is still down from the mid 10s, year-to-date.

根據我的計算，我猜現金紅利支付的營業利潤率指引值將在 8% 左右，仍低於年初至今的 10% 左右。

Could you just comment on how to think about some of the seasonal factors, especially the the degree of seasonal compression and, and gross margins and the seasonal uptick in sales and marketing spend and remind us why you tend to see such big ramp in sales and marketing spend in Q4.

您能否評論如何考慮一些季節性因素，特別是季節性壓縮的程度以及毛利率以及銷售和營銷支出的季節性上升，並提醒我們為什麼您傾向於看到銷售和營銷支出出現如此大的增長？

Thank you.

謝謝。

It's a great question and I appreciate you asking it.

這是一個很好的問題，我很感謝你提出這個問題。

You know, an operating income we discussed in the prepared remarks.

你知道，我們在準備好的評論中討論了營業收入。

The guidance includes the impact of the accrual for the new cash bonus program.

該指南包括新現金獎勵計劃應計費用的影響。

Think of that in the low 10s, millions of dollars as a catch up accrual for all of fiscal 2024.

想像一下，在 2024 財年整個財年中，大約 10 美元的數百萬美元是可彌補的應計費用。

In terms of the underlying performance, what we're expecting in Q4 is our normal, typical seasonality in the business.

就基本表現而言，我們對第四季的預期是正常的、典型的業務季節性。

What we tend to see in our business in Q4 is a bit of gross margin pressure which comes from a result of increased sending volumes.

我們在第四季度的業務中往往會看到由於發送量增加而帶來的毛利率壓力。

And those sending volumes come with higher expenses in before.

而這些發送量之前會帶來更高的費用。

Just based purely on volume as well as additional marketing expenses.

僅基於銷售量以及額外的行銷費用。

This is the most important time for a year for our customers.

對我們的客戶來說，這是一年中最重要的時刻。

It is a time when we want to be front and center with them.

現在是我們想要站在他們的前沿和中心的時候。

And so we tend to market more in Q4 to be, make sure that we are top of mind for customers in this really critical time for them.

因此，我們傾向於在第四季度進行更多行銷，確保在這個對客戶來說非常關鍵的時刻，我們是客戶的首要考慮因素。

What we're expecting this quarter and this year in Q4 is very much in line with that typical seasonality.

我們對本季和今年第四季的預期與典型的季節性非常一致。

So if you took out the impact of the new bonus program, our Q4 guidance would be in line with what was implied when we issued our Q3 and full year operating income guidance this quarter.

因此，如果考慮到新獎金計劃的影響，我們第四季度的指導將與我們本季發布第三季和全年營業收入指導時所暗示的一致。

Thank you.

謝謝。

Your next question comes from Terry Tillman with Truist.

您的下一個問題來自 Truist 的 Terry Tillman。

Please go ahead.

請繼續。

Thanks AB, Amanda and Zoe.

謝謝AB、阿曼達和佐伊。

My question is kind of a multi parter here.

我的問題是一個多方參與的問題。

First, in terms of just another reminder for us, Amanda, in terms of four Q, how does that usually look in terms of seasonality of winning new customers?

首先，阿曼達再次提醒我們，就四個問題而言，就贏得新客戶的季節性而言，通常情況如何？

I don't know, do they want to want to keep kind of those kind of decisions off the table because of the holiday selling or because of your upmarket motion, you could still see some strong activity in terms of new customer business.

我不知道，他們是否想要因為假期銷售或因為您的高端動議而不想做出此類決定，您仍然可以看到新客戶業務方面的一些強勁活動。

And then the second part of this question is appreciate the macro dynamics and value based kind of decisioning by your customers.

這個問題的第二部分是了解客戶的宏觀動態和基於價值的決策。

Do you assume in the holiday period that like your existing cohorts of SMS customers are actually going to send lower volumes than last year?

您是否認為在假期期間，您現有的簡訊客戶群實際上發送的簡訊量會比去年少？

Thank you.

謝謝。

Sure.

當然。

Thanks so much, Terry.

非常感謝，特里。

I'll take the the ads first and then we can talk a little bit about what happens with SMS and Q4.

我將首先處理廣告，然後我們可以談談 SMS 和 Q4 的情況。

So from an ads perspective, historically, Q4 is a seasonally strong quarter for us.

因此，從廣告的角度來看，從歷史上看，第四季對我們來說是一個季節性強勁的季度。

Now, we don't separately forecast net ads.

現在，我們不再單獨預測網路廣告。

But we do tend to see many customers come to us in Q4, particularly at that lower end of the market, right, as they get ready for that holiday season.

但我們確實傾向於在第四季度看到許多客戶來找我們，特別是在低端市場，因為他們正在為假期做好準備。

It is important to remember that as we are moving more and more upmarket, we may add fewer but higher quality customers and we think that's a worthwhile trade off over time.

重要的是要記住，隨著我們越來越向高端市場發展，我們可能會增加更少但更高品質的客戶，我們認為隨著時間的推移，這是值得的權衡。

So said differently, you know, one mid market customer or an enterprise customer can be worth several entrepreneur customers in terms of LTV.

換句話說，您知道，就 LTV 而言，一個中端市場客戶或企業客戶可以抵得上幾個企業家客戶。

So that's why you may see some movement in that Q4, but it does tend to historically be seasonally strong on SMS.

這就是為什麼您可能會在第四季度看到一些變化，但從歷史上看，簡訊確實傾向於季節性強勁。

What we're seeing in SMS volume is that SMS tends to be seasonally strong as a result of the holiday season.

我們在簡訊量中看到的是，由於假日季節，簡訊量往往呈現季節性強勁。

It is a great time for brands to use SMS.

現在是品牌使用簡訊的好時機。

Because it's a highly time sensitive time.

因為這是一個對時間高度敏感的時期。

It gets consumers' attention during that narrow window of that five day period for Black Friday Cyber Monday.

它在黑色星期五網路星期一這五天的狹窄視窗內引起了消費者的注意。

And we would anticipate that we're going to see that again with S MS this year.

我們預計今年我們將在 S MS 上再次看到這種情況。

In terms of S MS and kind of what's happening with the overall trends there.

就短信而言，以及那裡的總體趨勢正在發生什麼。

What we're seeing is customers adding more subscribers and seeing healthy growth in terms of their subscriber base with SMS, they are being intentional about the number of messages that they send per subscriber.

我們看到的是，客戶增加了更多的訂閱者，並看到簡訊訂閱者群的健康成長，他們有意控制每個訂閱者發送的訊息數量。

And that is somewhat, you know, consistent or has been consistent with what we've seen in the prior quarter.

你知道，這在某種程度上與我們在上一季看到的情況是一致的。

So overall continued healthy growth in that channel just at a little bit of a moderated pace in terms of the sending versus what we would have seen.

因此，與我們所看到的相比，該管道的整體持續健康成長，只是在發送方面略有放緩。

In past, you know, I think a great example of customers and how they think about switching over during the quarter and the impact that Black Friday Cyber Monday has.

您知道，過去，我認為客戶的一個很好的例子以及他們如何看待本季的轉換以及黑色星期五網路星期一的影響。

This is Lulu's.

這是露露的。

Lulu's this quarter really wanted to take advantage of the personalization and the advanced capabilities that our platform has.

Lulu 本季確實希望利用我們平台擁有的個人化和高級功能。

And despite a very tight migration goal, they switched over to Klaviyo so that they could get on SMS and deliver those personalized messages ahead of Black Friday, Cyber Monday.

儘管遷移目標非常嚴格，但他們還是改用了 Klaviyo，以便可以在黑色星期五和網路星期一之前接收簡訊並發送這些個人化訊息。

Your next question comes from Nick Aman with Scotiabank, please go ahead.

您的下一個問題來自豐業銀行的尼克·阿曼，請繼續。

Hi, This is John Gomez on for Nick Altman.

大家好，我是尼克·奧特曼的約翰·戈麥斯。

Thanks for taking my question.

感謝您提出我的問題。

Can you talk about your pipeline for upmarket logos?

您能談談您的高檔徽標的管道嗎？

And when you think about the pipeline and seasonality upmarket, should we expect the bulk of that strength to come in Q4?

當您考慮高端市場的管道和季節性時，我們是否應該預期大部分力量將出現在第四季度？

Given that's the biggest renewal quarter and perhaps this provides the best opportunity for displacement activity.

鑑於這是最大的更新季度，也許這為置換活動提供了最佳機會。

Yeah.

是的。

So just in terms of pipeline, you know what we think about because again, we work with a lot of retailers.

因此，就通路而言，您知道我們的想法，因為我們與許多零售商合作。

So as the Manor was alluding to a lot of our enterprise, customers are not making buying and switching decisions in Q4.

因此，正如莊園提到的我們的許多企業一樣，客戶在第四季度並沒有做出購買和轉換決定。

You know, typically they'll do that offset by a couple of months or quarter two.

你知道，通常他們會抵消幾個月或第二季的時間。

And you know, we still, I mean, we do get some larger folks that will say, hey, I'm getting in a rush right before you know, the holidays right before Thanksgiving, I want to go now, but in general, we think of this is a quarter to really build up those relationships in that pipeline.

你知道，我的意思是，我們確實有一些大人物會說，嘿，在你知道之前我很著急，感恩節前的假期，我現在就想去，但總的來說，我們認為這是真正建立管道中的這些關係的季度。

And we see a lot of that actually materialize into customers, you know, post the holidays when folks say, okay, we've now gotten through the rush.

我們看到很多這樣的事情實際上落實到了客戶身上，你知道，在假期結束後，人們說，好吧，我們現在已經度過了高峰期。

You know, so in January, we can start to make decisions about you know, upgrading their tech stack or consolidating more products to, you know, to our platform.

你知道，所以在一月份，我們可以開始做出有關你知道的決定，升級他們的技術堆疊或將更多產品整合到我們的平台上。

Great.

偉大的。

Thank you.

謝謝。

Your next question comes from Mark Zuckerberg from the benchmark company.

您的下一個問題來自基準公司的馬克·祖克柏。

Please go ahead.

請繼續。

Thank you.

謝謝。

I was just curious if shopifies more recent expansion and success that they're having at the enterprise level is starting to trickle into your pipeline and and sort of how your preparedness and go to market looks there relative to, mid market.

我只是好奇，商店最近在企業層面的擴張和成功是否開始滲透到您的通路中，以及相對於中端市場，您的準備和進入市場的情況如何。

Thank you.

謝謝。

Yeah, I, so our partnership with shop, I just continues to get better and better.

是的，我，所以我們與商店的合作關係，我只是繼續變得越來越好。

And definitely, you know, as, as they're working with larger and larger retailers and businesses, you know, we're doing the same.

當然，你知道，因為他們正在與越來越大的零售商和企業合作，你知道，我們也在做同樣的事情。

I think, you know, going to market together is a motion that we've worked on collectively.

我想，你知道，一起上市是我們共同努力的動議。

I and I think the reason this works so well is, you know, the competition nature of Klaviyo is this kind of, you know, this customer platform, we've got all the customer data and then we hope we can help power customer experience.

我和我認為這種方法如此有效的原因是，你知道，Klaviyo 的競爭本質是這樣的，你知道，這個客戶平台，我們擁有所有客戶數據，然後我們希望我們能夠幫助增強客戶體驗。

Obviously, we work with shop by team to integrate really well.

顯然，我們與各個團隊進行合作，以便很好地整合。

And what from a customer point of view, from a retailer point of view, I think this idea of commerce and marketing working together.

從顧客的角度，從零售商的角度來看，我認為商業和行銷的理念是協同作用的。

I mean, they think of those as they two different products, two different categories, but they have to integrate really tightly.

我的意思是，他們認為它們是兩種不同的產品，兩個不同的類別，但它們必須非常緊密地整合。

And so the integration that we've worked on, you know, over the last decade with the Shopify team, I think it is really paying off and you know, that's model by the way that, you know, as we start to do more with, you know, enterprise businesses, we want to replicate.

因此，在過去的十年中，我們與 Shopify 團隊進行的整合，我認為它確實得到了回報，而且你知道，這就是模型，你知道，隨著我們開始做更多的事情你知道，我們希望複製企業業務。

Are there other platforms, you know both inside and outside of you know, E-Commerce and retail.

是否還有其他平台，您知道內部和外部，電子商務和零售。

And even other verticals that we can work with where we say, hey, these two technologies really work well together.

甚至我們可以合作的其他垂直領域，我們會說，嘿，這兩種技術確實可以很好地協同工作。

You know, we expose AP is you can do custom development, but you also know out of the box, things are just going to work.

您知道，我們公開 AP 是您可以進行自訂開發，但您也知道開箱即用，一切都會正常運作。

Data is going to flow back and forth.

數據將來回流動。

Really well, so we're excited about the progress there and definitely, you know, working with shop by has been has been great.

真的很好，所以我們對那裡的進展感到很興奮，當然，你知道，與 shop by 的合作非常棒。

Excellent.

出色的。

Thank you.

謝謝。

And our last question comes from Cali Valenti with Goldman Sachs.

我們的最後一個問題來自高盛的卡利·瓦倫蒂。

Please go ahead.

請繼續。

Hi.

你好。

Thank you for taking my question.

感謝您回答我的問題。

And congrats on the quarter building on kind of the discussion we had on, you know, integrating the E-commerce and the marketing layers.

恭喜本季建立在我們所討論的基礎上，你知道，整合電子商務和行銷層。

Can you talk a little bit about some of the ways that you're helping Klaviyo connect to add audiences?

您能談談您幫助 Klaviyo 建立聯繫以增加受眾的一些方法嗎？

I know this came up last quarter.

我知道這是上個季度出現的。

So curious, kind of what use cases you're seeing and how you see that potentially expanding over time.

很好奇，你看到了什麼用例，以及你如何看待它隨著時間的推移而可能擴展的情況。

Thank you.

謝謝。

Sure, Kelly.

當然，凱利。

Do you mind repeating your question and it just cut out for a second in the middle?

你介意重複你的問題，但中間停頓了一秒鐘嗎？

Oh, sorry.

哦，抱歉。

Yeah, I just wanted to hear about how you're helping Klaviyo customers connect to add audiences.

是的，我只是想聽聽您如何幫助 Klaviyo 客戶建立聯繫以增加受眾。

I know that came up on the call last quarter.

我知道上個季度的電話會議就提到了這個問題。

So just curious what kind of like use cases you're seeing and how you see that expanding over time?

所以只是好奇您看到了什麼樣的類似用例以及您如何看待它隨著時間的推移而擴展？

Sure.

當然。

Yeah.

是的。

So you think about Klaviyo and how we can help with marketing, you know, there's a big chunk of the marketing budget that fits into advertising and doing demand generation, raising awareness.

所以你想想 Klaviyo 以及我們如何幫助行銷，你知道，行銷預算的很大一部分用於廣告和進行需求生成，提高知名度。

It's really important that clad the platform integrates tightly.

平台的緊密整合非常重要。

You know with the Googles the metas you know, we talked about tiktok, I think it was last quarter.

你知道谷歌的元數據，我們談論了抖音，我想那是上個季度的事。

So all those platforms on Pinterest, we want to integrate with all of those.

因此，我們希望與 Pinterest 上的所有平台進行整合。

And the way that typically works is folks think of play as part of their acquisition funnel.

通常的工作方式是人們將遊戲視為獲取管道的一部分。

So when new customers come to the website you know how can you through you know forms and other you know, data capture, how can you make sure you build a relationship with that visitors that you don't have to, you know, maybe spend as much retarding and getting them to come back.

因此，當新客戶來到網站時，您知道如何透過表格和其他您知道的資料擷取來確保與訪客建立關係，而您不必這樣做，您知道，也許花費盡可能地拖延並讓他們回來。

And then how can you use Klaviyo bio and messaging over email, SMS and mobile to actually convert them into you know first time or paying customer.

然後，您如何使用 Klaviyo bio 以及透過電子郵件、簡訊和行動裝置進行的訊息傳遞，將他們真正轉化為您認識的首次客戶或付費客戶。

So we're an important part of that acquisition funnel.

因此，我們是收購通路的重要組成部分。

And then also we like to give businesses the ability to pass that data back.

然後我們也希望讓企業能夠傳回這些數據。

You know, to those ad platforms.

你知道，對於那些廣告平台。

So we've done a lot of work that if you have say a best customer list inside of Klaviyo that you can actually curate based on all the data you have.

因此，我們做了很多工作，如果您在 Klaviyo 中列出了最佳客戶列表，那麼您實際上可以根據您擁有的所有數據來策劃。

Can you pass that back to those ad platforms as signal for the maybe types of consumers that are a good fit for your brands, you can get better targeting.

您能否將其傳遞回這些廣告平台，作為適合您品牌的可能類型的消費者的信號，您可以獲得更好的定位。

So we think of play is very much more than just helping you retain and get customer keep customers coming back.

因此，我們認為遊戲不僅僅是幫助您留住客戶並讓客戶留住回頭客。

We also have a big big job to do on the acquisition side as well.

在收購方面我們也有很多工作要做。

Great.

偉大的。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining you.

感謝大家的加入。

May now disconnect.

現在可以斷開連線。