Klaviyo Inc (KVYO) 2024 Q4 法說會逐字稿

Good afternoon and welcome to Klaviyo's fourth-quarter and full-year fiscal 2024 earnings conference call.

下午好，歡迎參加 Klaviyo 2024 財年第四季和全年財報電話會議。

Today's conference is being recorded.

今天的會議正在錄製。

(Operator Instructions) With that, I would like to turn the call over to Andrew Zilli, Vice President of Investor Relations.

（操作員指示）接下來，我想將電話轉給投資人關係副總裁 Andrew Zilli。

Please go ahead.

請繼續。

Thanks.

謝謝。

Good afternoon and thanks for joining Klaviyo's fourth-quarter and full-year 2024 earnings call.

下午好，感謝您參加 Klaviyo 2024 年第四季和全年財報電話會議。

Our earnings press release, SEC filings and a replay of today's call can be found on our IR website at investors.klaviyo.com. With me today on the call are Andrew Bialecki, Co-Founder and CEO; and Amanda Whalen, CFO.

我們的收益新聞稿、SEC 文件以及今天電話會議的重播可在我們 IR 網站 investors.klaviyo.com 上找到。今天與我一起參加電話會議的還有共同創辦人兼執行長 Andrew Bialecki；以及首席財務官 Amanda Whalen。

As a reminder, our commentary today will include non-GAAP measures.

提醒一下，我們今天的評論將包括非公認會計準則指標。

Reconciliations 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.

與最直接可比較的 GAAP 指標的對帳可以在今天的收益新聞稿或收益發布補充資料中找到，這些資料可以在我們的投資者關係網站上找到。

Additionally, some of our comments today 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包含前瞻性陳述，這些陳述受風險、不確定性和假設的影響，可能會發生變化。

Should any of these risks materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements.

如果任何這些風險成為現實或我們的假設被證明是錯誤的，實際的公司績效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 annual report on Form 10-K filed today.

這些風險、不確定性和假設以及可能影響我們財務結果的其他因素的描述都包含在我們的美國證券交易委員會文件中，包括我們今天提交的 10-K 表最新年度報告。

We do not undertake any responsibility to update these forward-looking statements except as required by law.

除法律要求外，我們不承擔更新這些前瞻性陳述的任何責任。

With that, I'll now turn it over to Andrew.

現在我將把發言權交給安德魯。

Thanks, Zilli, and thanks to everyone for joining us today.

謝謝，Zilli，也謝謝大家今天的參與。

At Klaviyo, we empower more than 167,000 brands around the world to leverage their data to build personalized, lasting and valuable consumer relationships across multiple channels.

在 Klaviyo，我們幫助全球超過 167,000 個品牌利用他們的數據透過多種管道建立個人化、持久且有價值的消費者關係。

Our 2024 financial performance is a clear indication of our importance in driving revenue for our customers.

我們的 2024 年財務表現清楚地表明了我們在為客戶創造收入方面的重要性。

We had a very strong finish to the year with $270 million in Q4 revenue, up 34% year-over-year, costing a $1 billion revenue run rate as we delivered our strongest Black Friday Cyber Monday yet.

我們以 2.7 億美元的第四季度收入（比去年同期增長 34%）為今年畫上了非常強勁的句號，營業收入達到了 10 億美元，因為我們推出了迄今為止最強勁的“黑色星期五”和“網絡星期一”。

For the full year, we grew our revenue by 34% to $937 million while driving nearly $150 million in free cash flow.

全年而言，我們的收入成長了 34%，達到 9.37 億美元，同時產生了近 1.5 億美元的自由現金流。

I want to thank our partners and Klaviyos around the world for supporting our customers throughout the year, and thanks to all of our customers for choosing Klaviyo to help grow your business.

我要感謝我們在世界各地的合作夥伴和 Klaviyo 對我們客戶的支持，也感謝所有客戶選擇 Klaviyo 來幫助發展業務。

Before sharing highlights from the year, I want to touch on three defining themes for Klaviyo.

在分享今年的亮點之前，我想先談談 Klaviyo 的三個定義主題。

First, we are a growth company and we are executing well on our strategy to deliver sustainable, efficient, long-term growth by moving upmarket, expanding internationally, adding more customers and growing with our existing customers.

首先，我們是一家成長型公司，我們正在順利執行我們的策略，透過進軍高端市場、拓展國際業務、增加更多客戶以及與現有客戶共同成長，實現可持續、高效、長期的成長。

Second, our approach to data with the powerful Klaviyo data platform is a core differentiator and the backbone of our vertically integrated omnichannel platform that positions Klaviyo as a single source of truth for customers.

其次，我們利用強大的 Klaviyo 資料平台處理資料的方法是一個核心差異化因素，也是我們垂直整合全通路平台的支柱，該平台將 Klaviyo 定位為客戶的唯一真實來源。

Third, consumer expectations are shifting, and our data-first approach puts Klaviyo in an exceptional position to redefine the next era of consumer engagement.

第三，消費者的期望正在發生變化，我們的數據優先方法使 Klaviyo 處於重新定義下一個消費者參與時代的絕佳位置。

Now turning to 2024 highlights.

現在就來看看 2024 年的亮點。

We continue to innovate and expand the capabilities of our platform, and our pace of innovation is a key driver of why companies continue to use Klaviyo.

我們不斷創新並擴展我們平台的功能，我們的創新步伐是企業繼續使用 Klaviyo 的關鍵驅動因素。

Across the company, our teams delivered more than 200 new features to help make our customers more successful and set Klaviyo apart in the market.

在整個公司範圍內，我們的團隊提供了 200 多項新功能，以幫助我們的客戶取得更大的成功並使 Klaviyo 在市場上脫穎而出。

On our marketing automation platform, we made it easier for marketers to get their jobs done faster with scheduled flows and automated campaign follow-ups.

在我們的行銷自動化平台上，我們透過預定的流程和自動化的活動跟進，讓行銷人員更輕鬆、更快地完成工作。

We launched campaigns library and expanded our suite of AI functionality with features like Text AI and Email AI to inspire creativity and make it easier to create content.

我們推出了活動庫，並透過文字 AI 和電子郵件 AI 等功能擴展了我們的 AI 功能套件，以激發創造力並使內容創作變得更加容易。

And we made SMS audience acquisition more effective by using onetime codes with SMS smart opt-in forms.

並且，我們透過使用一次性代碼和簡訊智慧選擇加入表單，使​​得簡訊受眾獲取更加有效。

And speaking of SMS, we now have SMS coverage in 19 countries, great progress in helping our customers reach their consumers around the globe.

說到短信，現在我們的短信服務已覆蓋 19 個國家，在幫助我們的客戶接觸全球消費者方面取得了巨大進步。

We also enhanced our platform's next-generation analytics capabilities with tools like product analysis to empower marketers with real-time insights that optimize merchandising strategies and post-purchase outreach.

我們也透過產品分析等工具增強了我們平台的下一代分析功能，為行銷人員提供即時洞察，優化行銷策略和售後拓展。

We launched the RFM Action Center, which uses recency, frequency and monetary value analysis to provide actionable recommendations for retention, repeat purposes and loyalty.

我們推出了 RFM 行動中心，它使用新近度、頻率和貨幣價值分析為保留、重複目的和忠誠度提供可行的建議。

These expanded analytics capabilities help customers address the challenges of fragmented data and disconnected tools and more efficiently put their data to work.

這些擴展的分析功能可幫助客戶應對資料碎片化和工具斷開連接的挑戰，並更有效地利用資料。

Growing our presence internationally remains a top priority for Klaviyo, and we made great progress in 2024.

擴大我們的國際影響力仍然是 Klaviyo 的首要任務，我們在 2024 年取得了巨大進步。

We made our platform and customer help center available in six additional languages while launching local language websites and marketing efforts in certain regions.

我們在某些​​地區推出本地語言網站和行銷活動的同時，也使我們的平台和客戶幫助中心支援另外六種語言。

We hosted our Klaviyo London event, continued expanding our team in Europe, and recently opened up a new Dublin office, where we will build out a larger presence going forward.

我們舉辦了 Klaviyo 倫敦活動，繼續擴大我們在歐洲的團隊，最近在都柏林開設了新的辦事處，我們將在那裡擴大影響力。

Ecosystem-led growth through strong partners and integration is key to our success, and our partnership team continues to drive great results.

透過強大的合作夥伴和整合實現生態系統主導的成長是我們成功的關鍵，我們的合作夥伴團隊繼續推動著偉大的成果。

We launched a number of new integrations with companies like Canva, Pinterest, Toast, and others and added features like the Universal Content API to make it even easier for partners to work with Klaviyo.

我們與 Canva、Pinterest、Toast 等公司推出了多項新的集成，並添加了通用內容 API 等功能，讓合作夥伴更容易與 Klaviyo 合作。

We also held our first in-person Partner Advisory Council, bringing together leaders from across our partner ecosystem to discuss and gather feedback on our 2025 strategy, evolution of the platform, and road maps to take us forward.

我們也召開了首次面對面的合作夥伴諮詢委員會會議，匯集了整個合作夥伴生態系統的領導者，討論並收集有關我們的 2025 策略、平台發展和前進路線圖的回饋。

And as we announced a few weeks ago, we signed a great partnership with Woo, making Klaviyo the preferred marketing automation partner for WooCommerce, replacing an older newsletter software.

正如我們幾週前宣布的那樣，我們與 Woo 簽署了重要的合作夥伴關係，使 Klaviyo 成為 WooCommerce 的首選行銷自動化合作夥伴，取代舊版的新聞通訊軟體。

With Klaviyo's built-in data platform and WooCommerce's flexibility, our joint customers have everything they need to build direct connections with their consumers and thrive in a competitive commerce landscape.

借助 Klaviyo 的內建資料平台和 WooCommerce 的靈活性，我們的共同客戶擁有與消費者建立直接聯繫並在競爭激烈的商業環境中蓬勃發展所需的一切。

This partnership represents an important step in our expansion internationally into new markets in retail and beyond retail to a diverse range of businesses from content creators to web developers, who are fostering communities and delivering value in unique ways.

此次合作代表著我們在國際上拓展零售業新市場以及零售業以外多元化業務的重要一步，從內容創造者到網絡開發者，他們正在以獨特的方式培育社區並提供價值。

Companies of all sizes are coming to Klaviyo, whether a brand-new business or a larger brand needing to modernize and consolidate their tech stack, because our platform is vertically integrated, easy to use, flexible and capable of handling even the most difficult use cases.

各種規模的公司都在選擇 Klaviyo，無論是全新企業還是需要實現技術堆疊現代化和整合的大型品牌，因為我們的平台是垂直整合的、易於使用、靈活且能夠處理最困難的用例。

Having a unified view of the consumer is important to customers of all sizes, especially in the higher end of the market.

對於各種規模的客戶來說，擁有統一的消費者視角都很重要，尤其是高端市場的客戶。

Clarks, the iconic British shoe brand, chose Klaviyo to consolidate their tech stack with our vertically integrated platform with help from our new partner, AbsoluteLabs.

英國標誌性鞋履品牌 Clarks 在我們新合作夥伴 AbsoluteLabs 的幫助下，選擇 Klaviyo 將其技術堆疊與我們的垂直整​​合平台整合在一起。

They were using multiple vendors that require batch processing every 24 hours, making it difficult to build real-time segmentation and marketing campaigns.

他們使用多個供應商，每 24 小時需要進行一次批次處理，這使得建立即時細分和行銷活動變得困難。

With Klaviyo, they are combining data across channels, including point-of-sale and e-commerce data, allowing them to leverage segmentation, omnichannel personalization and cutting-edge AI capabilities.

透過 Klaviyo，他們可以整合跨通路數據，包括銷售點和電子商務數據，從而利用細分、全通路個人化和尖端的 AI 功能。

Front Style, a national patriotic apparel brand, moved to Klaviyo in the fourth quarter due to our fully integrated platform.

由於我們全面整合的平台，國家愛國服裝品牌 Front Style 於第四季度轉向 Klaviyo。

Despite being one of the largest customers with their prior vendor, they were unable to run the analytics they needed and even debated building their own CDP.

儘管他們是之前供應商的最大客戶之一，但他們無法運行所需的分析，甚至考慮建立自己的 CDP。

Instead, they chose Klaviyo, enabling them to centralize their consumer data, run advanced analytics and leverage the insights into omnichannel engagement.

相反，他們選擇了 Klaviyo，這使他們能夠集中管理消費者數據、運行高級分析並利用洞察力實現全通路參與。

Omnichannel campaigns are extremely important as companies need to reach consumers over their preferred channels.

全通路活動極為重要，因為公司需要透過消費者喜歡的管道接觸他們。

Every Man Jack, a men's personal care and grooming company, added Klaviyo SMS, moving away from their prior vendor ahead of Black Friday Cyber Monday.

男士個人護理和美容公司 Every Man Jack 在黑色星期五網絡星期一到來之前放棄了之前的供應商，添加了 Klaviyo SMS。

Every Man Jack saw the value in leveraging a single-data platform to power their omnichannel communications, allowing them to build more personal digital relationships and a more efficient market strategy.

Every Man Jack 看到了利用單一數據平台來支援全通路通訊的價值，這使他們能夠建立更個人化的數位關係和更有效的市場策略。

We continue to expand across verticals and regions, and customers with complex business models choose Klaviyo to further their digital strategy.

我們繼續跨垂直行業和地區擴張，擁有複雜商業模式的客戶選擇 Klaviyo 來進一步推進他們的數位策略。

Paramatta Eels, a rugby team in Australia, switched to Klaviyo to find a trusted data and marketing solution that was easy to use for their small marketing team, allowing them to drive more engaging and relevant personalized communications.

澳洲橄欖球隊 Paramatta Eels 轉而使用 Klaviyo，以尋找一種值得信賴的數據和行銷解決方案，該解決方案易於其小型行銷團隊使用，使他們能夠推動更具吸引力和更相關的個人化溝通。

We also signed new or expansion in Q4 with DKNY, Ted Baker, BarkBox, CorePower Yoga, Intro Travel, Motor Culture, Reebok, Champion and more.

我們也在第四季度與 DKNY、Ted Baker、BarkBox、CorePower Yoga、Intro Travel、Motor Culture、Reebok、Champion 等簽訂了新協議或擴大了合作。

These customers represent different products and services, but they come to Klaviyo with the same challenges.

這些客戶代表不同的產品和服務，但他們來到 Klaviyo 時面臨相同的挑戰。

They're struggling to meet rising consumer demand while using disconnected systems and channel-first tools.

他們在使用不連貫的系統和通路優先工具的同時，努力滿足不斷增長的消費者需求。

Small marketing teams are under pressure to deliver personalized experiences at scale.

小型行銷團隊面臨著大規模提供個人化體驗的壓力。

Siloed data makes it hard to create smart segmentation through what's working and automate easily.

孤立的數據使得透過有效的工作來創建智慧分段並輕鬆實現自動化變得困難。

Their software solutions built for B2B businesses, designed for human-powered and slower sales motions, but no solution is to the challenges facing consumer businesses.

他們的軟體解決方案是為B2B企業建構的，針對人力驅動且較慢的銷售動作而設計的，但沒有解決方案能夠解決消費者企業面臨的挑戰。

No CRM platform has delivered the power needed to manage millions of fast-moving consumer interactions across multiple channels in one place until now.

到目前為止，還沒有任何 CRM 平台能夠提供所需的功能來在一個地方管理跨多個管道的數百萬個快速變化的消費者互動。

Klaviyo started as a database, a place for brands to understand and activate their data.

Klaviyo 最初是一個資料庫，是品牌了解和啟動其數據的地方。

We transformed e-mail marketing from baton blast to data-driven campaigns.

我們將電子郵件行銷從接力棒式行銷轉變為數據驅動式行銷。

Over the last 13 years, we've expanded our marketing automation, solidifying Klaviyo as the leading platform for powering digital relationships, while we've always planned to extend what we did for marketing to other services and aspects of the customer journey.

在過去的 13 年裡，我們擴展了我們的行銷自動化，鞏固了 Klaviyo 作為支援數位關係的領先平台的地位，同時我們一直計劃將我們在行銷方面所做的工作擴展到其他服務和客戶旅程的各個方面。

The most successful consumer businesses today are creating personalized experiences by unifying their channels and data across every touch point.

當今最成功的消費品企業正在透過統一每個接觸點的管道和數據來創造個人化的體驗。

This new standard for consumer engagement requires integrated marketing built on an embedded data platform powered by AI and analytics.

這項消費者參與的新標準要求在由人工智慧和分析技術驅動的嵌入式資料平台上建立整合行銷。

Klaviyo is uniquely positioned to drive this new era of consumer engagement.

Klaviyo 具有獨特的優勢，可以推動消費者參與的新時代。

As we look ahead, our vision is to expand our scope to power and improve even more of the consumer journey, helping brands deliver omnichannel experiences that fuel growth.

展望未來，我們的願景是擴大我們的範圍，為消費者提供更多動力並改善消費者旅程，幫助品牌提供全通路體驗，促進成長。

In fact, our customers are already asking for us to play a bigger role in how they engage with their consumers.

事實上，我們的客戶已經要求我們在他們與消費者的互動中發揮更大的作用。

Build for the speed and scale of the consumer world, Klaviyo's data-first approach gives us the distinct advantage to meet the demands of this market and category in marketing and beyond.

Klaviyo 的數據優先方法專為消費者世界的速度和規模而構建，為我們提供了獨特的優勢，可以滿足該市場和類別在行銷和其他方面的需求。

Tomorrow afternoon, we'll be hosting a Built for B2C event, which will be live streamed starting at 4 PM Eastern.

明天下午，我們將舉辦一場專為 B2C 打造的活動，該活動將於東部時間下午 4 點開始進行直播。

Head to klaviyo.com to register for the events and tune in to learn more about how Klaviyo is powering the next era of consumer engagement.

請造訪 klaviyo.com 註冊參加活動並了解更多有關 Klaviyo 如何推動下一時代消費者參與的資訊。

I'm extremely proud of the progress we made in 2024.

我對我們在 2024 年的進步感到非常自豪。

Our vertically integrated data center platform is a key differentiator that positions to redefine consumer engagement.

我們的垂直整​​合資料中心平台是關鍵的差異化因素，可以重新定義消費者參與。

The product and platform we are delivering sets the stage for our growth, not only in 2025 but for the next several years as we continue to execute on our growth levers and deliver the best platform for our customers.

我們所提供的產品和平台為我們的成長奠定了基礎，不僅在 2025 年，而且在未來幾年，我們將繼續執行我們的成長槓桿，為我們的客戶提供最好的平台。

Thanks to the over 2,000 Klaviyos for their relentless focus on our customers in 2024.

感謝 2,000 多名 Klaviyos 在 2024 年對我們客戶的不懈關注。

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

現在，我將把話題交給阿曼達。

Thanks, Andrew.

謝謝，安德魯。

Klaviyo delivered another quarter of strong financial performance in Q4 to close out a great year as we continue to deliver efficient growth at scale.

Klaviyo 在第四季度再次取得了強勁的財務業績，為我們繼續實現大規模高效增長的一年畫上了圓滿的句號。

In the fourth quarter, revenue grew 34% year over year to $270 million. Non-GAAP

第四季度，營收年增34%至2.7億美元。非公認會計準則

operating margin was 6%, and free cash flow was $54 million, up 57% year over year.

營業利益率為6%，自由現金流為5,400萬美元，較去年同期成長57%。

For the full year, we delivered revenue of $937 million, up 34% year over year, with a non-GAAP operating margin of 12%, delivering well above the Rule of 40.

全年，我們的營收為 9.37 億美元，年增 34%，非公認會計準則營業利潤率為 12%，遠高於 40 規則。

We are very proud of these results as we continue to deliver both growth and profitability at scale.

我們對這些業績感到非常自豪，因為我們將繼續實現規模化成長和獲利。

Andrew discussed several key themes earlier, and these results are evidence that our data-first approach is resonating, cutting well on our growth strategy.

安德魯之前討論了幾個關鍵主題，這些結果表明我們的數據優先方法正在產生共鳴，並很好地促進了我們的成長策略。

We are adding new customers, growing in the mid-market, expanding with existing customers and expanding internationally.

我們正在增加新客戶，在中端市場中發展，擴大現有客戶並進行國際擴張。

In Q4, we added over 10,000 new customers, and we now have more than 167,000 customers, up 17% year over year.

第四季度，我們增加了 10,000 多名新客戶，現在我們擁有超過 167,000 名客戶，年增 17%。

We continue to see strength in the low and high end of the market.

我們繼續看到低端和高端市場的強勢。

And notably, we started to see some stabilization in the SMB space as the number of new SMB customers improved quarter over quarter.

值得注意的是，隨著新中小企業客戶數量逐季增加，我們開始看到中小企業領域出現一定程度的穩定。

We acknowledge that this may be partially driven by the heightened demand during the holiday season, but it is an encouraging sign, nonetheless.

我們承認，這可能部分是由於節日期間需求增加所致，但無論如何，這是一個令人鼓舞的跡象。

Our Q4 revenue came in stronger than expected driven by the continued high value our customers realized from our platform during the holiday shopping season.

我們的第四季營收強於預期，這得益於客戶在假日購物季從我們的平台獲得的持續高價值。

The pricing changes we made back in April related to also benefited revenue in the mid-single-digit millions of dollars, though a majority of that was included in our guidance.

我們在四月進行的價格調整也使收入增加了數百萬美元，不過其中大部分已經包含在我們的指導範圍內。

Our investments to move upmarket continued to show success as we ended Q4 with 2,850 customers, generating over $50,000 in ARR, up 46% year over year.

我們在高端市場的投資繼續取得成功，截止第四季度，我們擁有 2,850 名客戶，產生了超過 50,000 美元的 ARR，同比增長 46%。

We had another strong quarter of adding new customers in this cohort, continuing the trend of landing larger customers from day 1.

我們又一個季度強勁增加新客戶，延續了從第一天開始吸引大客戶的趨勢。

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 NRR, which was [108%] for the quarter.

隨著現有客戶的使用量不斷增加並增加新產品，我們將繼續推動其擴張，這從我們本季的美元淨收入保留率（NRR）中可以看出，該比率為 [108%]。

Notably, our in-period NRR stabilized from Q3 to Q4.

值得注意的是，我們的期內 NRR 從第三季到第四季趨於穩定。

So while I don't want to call a floor based on two data points, it's good to see some stability in that in our metric.

因此，雖然我不想僅根據兩個數據點就確定底線，但很高興看到我們的指標具有一定的穩定性。

Our cross-sell motion continues to deliver strong results, especially with e-mail customers adding SMS.

我們的交叉銷售活動繼續帶來強勁的成果，尤其是電子郵件客戶添加簡訊之後。

As of year-end, Klaviyo SMS is used by more than 18% of our total customers and more than 26% of our combined SMB and mid-market customers.

截至年底，我們超過 18% 的客戶使用 Klaviyo SMS，並且超過 26% 的中小企業和中型市場客戶使用 Klaviyo SMS。

Going forward, we will only be disclosing the combined SMB and mid-market SMS attach rate as we believe that is a better indication of our traction in this product.

展望未來，我們將只揭露中小企業和中端市場簡訊配售率的綜合數據，因為我們相信這能夠更好地表明我們對該產品的吸引力。

We will continue to provide this update on an annual basis.

我們將繼續每年提供此更新。

As you heard from Andrew, we made tremendous progress this year in our international expansion on both the go-to-market and product fronts.

正如您從安德魯那裡聽到的，我們今年在市場進入和產品方面的國際擴張方面都取得了巨大進展。

In Q4, EMEA revenue growth accelerated to 49% year over year with notable strength in France, Germany and the Nordics, while our combined international revenue grew 42% year over year.

第四季度，EMEA 地區的營收年增 49%，其中法國、德國和北歐地區的成長尤為強勁，而我們的綜合國際收入則年增 42%。

Moving on.

繼續。

Fourth-quarter non-GAAP gross margins [were 74%], down approximately 5 points year over year primarily due to increased infrastructure costs in support of the holiday season, continued growth of our SMS products and, to a lesser extent, our new employee builder.

第四季非 GAAP 毛利率為 74%]，年減約 5 個百分點，主要原因是節慶季基礎設施成本增加，SMS 產品的持續成長，以及（在較小程度上）新進員工建設者的成本增加。

For the full year, non-GAAP gross margin was 77%, down about 1 point from last year.

全年非GAAP毛利率為77%，較去年下降約1個百分點。

Turning to nonoperating expenses.

轉向非營業支出。

Each line item increased as a percentage of revenue from Q3 as a result of the impact of the full year accrual related to the new employee bonus program that was recognized in Q4.

由於第四季度確認的新員工獎金計畫相關的全年應計費用的影響，每一項佔第三季收入的百分比均有所增加。

Aside from that impact, R&D was slightly higher as a result of additional expenses to support our Black Friday Cyber Monday infrastructure.

除此影響之外，由於支援「黑色星期五」和「網路星期一」基礎設施的額外支出，研發費用略有增加。

In G&A, we had an additional international tax-related reserve release, similar to prior quarters, that offset the employee bonus impact.

在一般及行政開支方面，與前幾季類似，我們有額外的國際稅收相關儲備釋放，這抵消了員工獎金的影響。

Going forward, we do not expect additional tax-related reserve releases that would have a material impact on our G&A line.

展望未來，我們預計不會有額外的稅收相關儲備釋放，這將對我們的 G&A 線產生重大影響。

For the fourth quarter, our non-GAAP operating income was $15 million, representing a non-GAAP operating margin of 5.6%.

第四季度，我們的非 GAAP 營業收入為 1,500 萬美元，非 GAAP 營業利潤率為 5.6%。

This was better than expected primarily as a result of the revenue upside we saw in the quarter.

這好於預期，主要因為我們看到本季的營收上升。

For the full year, non-GAAP operating income was $113 million for a non-GAAP operating margin of 12%.

全年非公認會計準則營業收入為 1.13 億美元，非公認會計準則營業利益率為 12%。

We generated free cash flow of $54 million during the quarter, up 57% year over year, and $149 million for the year, up 35% from the prior year due to both higher operating income and interest income.

由於營業收入和利息收入的增加，我們本季產生了 5,400 萬美元的自由現金流，比去年同期成長 57%，全年產生了 1.49 億美元的自由現金流，比上年增長 35%。

Before I get to guidance, let me discuss some pricing updates that went live yesterday.

在提供指導之前，讓我先討論一下昨天發布的一些定價更新。

Klaviyo introduced new pricing features that our customers have been asking for, including auto downgrade and flexible sending options.

Klaviyo 推出了客戶一直要求的新定價功能，包括自動降級和靈活的發送選項。

In addition, we are recommitting to our original pricing intent to enforce pricing based on active profiles because we believe in the value of the consumer profile and the power of the data it contains.

此外，我們重新致力於我們最初的定價意圖，即根據活躍資料執行定價，因為我們相信消費者資料的價值及其所包含的數據的力量。

Customers who are out of compliance will be moved to a compliant plan.

不合規的客戶將被轉移到合規計畫。

In order to be customer-friendly, we are limiting price increases to a maximum of 25%.

為了方便客戶，我們將價格漲幅限制在最高 25%。

Importantly, most customers are not expected to see a pricing increase as a result of these changes.

重要的是，大多數客戶預計不會因為這些變化而看到價格上漲。

That said, we do anticipate some incremental churn, which may impact customer accounts in Q1.

儘管如此，我們確實預計會出現一些增量客戶流失，這可能會影響第一季的客戶帳戶。

These changes are expected to generate minimal benefit to full year revenue.

預計這些變化將對全年收入產生微乎其微的影響。

Very importantly, though, they will reduce pricing friction for our customers and better position us for the future.

但非常重要的是，它們將減少我們客戶的定價摩擦，並為我們的未來做更好的準備。

As we move to 2025, our priorities as a growth company remain consistent.

隨著我們邁向 2025 年，作為一家成長型公司，我們的優先事項始終保持一致。

We will continue to invest behind adding new customers, expanding internationally, moving upmarket and expanding with existing customers.

我們將繼續投資於增加新客戶、拓展國際市場、進入高端市場以及擴大現有客戶群。

Our investments in 2025 will largely be aligned with these priorities.

我們在 2025 年的投資將基本上與這些優先事項保持一致。

In addition, we are planning incremental investments in supporting our expansion into new products as well as new verticals.

此外，我們計劃增加投資，以支持我們向新產品和新垂直市場的擴張。

From a capital allocation perspective, we anticipate 2025 will be similar to 2024.

從資本配置的角度來看，我們預期 2025 年將與 2024 年相似。

As growth is our top priority, we are confident that the investments we're making today will support our efforts to drive long-term sustainable growth.

由於成長是我們的首要任務，我們相信我們今天所做的投資將支持我們推動長期可持續成長的努力。

Now turning to guidance.

現在轉向指導。

For Q1, we expect revenue of $265 million to $269 million, representing year-over-year growth of 26% to 28% driven by continued strength upmarket and internationally.

對於第一季度，我們預計營收為 2.65 億美元至 2.69 億美元，年增 26% 至 28%，這得益於高端和國際市場持續強勁的成長。

This guidance also takes into account the seasonality of our business from Q4 to Q1 as well as our expectations for a smaller benefit from the prorated billing changes than we saw in Q4.

該指引還考慮了我們業務從第四季度到第一季的季節性，以及我們對按比例分攤的帳單變化所帶來的收益將比第四季度更小的預期。

We expect first-quarter non-GAAP operating income of $25.5 million to $28.5 million, representing a non-GAAP operating margin of 10% to 11%.

我們預計第一季非 GAAP 營業收入為 2,550 萬美元至 2,850 萬美元，非 GAAP 營業利潤率為 10% 至 11%。

This guidance includes an expected increase in our Q1 marketing spend, including our product event tomorrow and additional demand generation investments that will take place earlier in the year.

該指引包括我們第一季行銷支出的預期增加，包括我們明天的產品活動和將在今年稍早進行的額外需求產生投資。

Additionally, you'll recall that we accrued the entire 2024 employee bonus expense in Q4, but going forward, it will be accrued in each quarter.

此外，您會記得，我們​​在第四季度累計了 2024 年全部員工獎金費用，但從現在起，該費用將在每個季度累積。

As a result, you should expect non-GAAP operating margin to be down mid-single digits year-over-year for each of the first 3 quarters and up year-over-year in the fourth quarter.

因此，您應該預計前三個季度的非 GAAP 營業利潤率將同比下降中等個位數，而第四季度將同比增長。

While we don't provide guidance on gross margin or cash flow, I want to highlight a few items that will impact our Q1 performance.

雖然我們不提供毛利率或現金流量的指引，但我想強調一些會影響我們第一季業績的項目。

First, we plan to make additional infrastructure investments to support our growing cohort of larger customers.

首先，我們計劃進行額外的基礎設施投資，以支援不斷成長的大型客戶群。

While these investments will scale over time, we expect it will result in Q1 gross margin coming in slightly below our 2024 gross margin of 77%.

雖然這些投資將隨著時間的推移而擴大，但我們預計第一季的毛利率將略低於 2024 年 77% 的毛利率。

Second, regarding Q1 cash flow, as you build your models, there are 2 factors to consider.

其次，關於第一季現金流，在建立模型時，有兩個因素需要考慮。

One is that the payment related to our employee bonus program will go out in Q1.

一是與我們的僱員獎金計劃相關的付款將在第一季發放。

In addition, we'll see the seasonal reset of some payroll-related items, such as social security tax, which typically have a greater impact in the first half of the year.

此外，我們將看到一些與工資相關的項目的季節性調整，例如社會安全稅，這些項目通常會在上半年產生更大的影響。

As a result, we expect our Q1 free cash flow will be negative.

因此，我們預計第一季的自由現金流將為負值。

As we look to the full year, we are taking into account not only the trends in our own business, some of which are starting to stay, but also the broader environment.

展望全年，我們不僅考慮自身業務的趨勢（其中一些趨勢已開始維持），還考慮更廣泛的環境。

We are cautiously optimistic about the improving external small business sentiment, but we are not yet assuming meaningful improvement in our guidance until we see a sustained change in purchasing behavior.

我們對外部小型企業情緒的改善持謹慎樂觀的態度，但直到我們看到購買行為發生持續變化之前，我們還沒有假設我們的指導會出現有意義的改善。

With that said, for the full-year 2025, we are initiating revenue guidance of $1.156 billion to $1.164 billion for year-over-year growth of 23% to 24%, consistent with the expectations we set on our Q3 call.

話雖如此，對於 2025 年全年，我們預計營收將達到 11.56 億美元至 11.64 億美元，年增 23% 至 24%，與我們在第三季電話會議上設定的預期一致。

We expect non-GAAP operating income of $130 million to $136 million, representing a non-GAAP operating margin of 11% to 12%.

我們預期非 GAAP 營業收入為 1.3 億美元至 1.36 億美元，非 GAAP 營業利潤率為 11% 至 12%。

Because of the impact of the bonus accrual as well as timing of marketing spending, we expect this year's operating income linearity to look different from last year with our annual operating income lighter in the first three quarters and more heavily weighted in Q4.

由於獎金提列以及行銷支出時機的影響，我們預計今年的營業收入線性將與去年有所不同，前三個季度的年度營業收入會較少，而第四季度的比重會更大。

As we discussed on our Q3 call, our non-GAAP operating margin is roughly consistent to where we ended 2024 primarily driven by continued investments in the growth drivers I discussed previously.

正如我們在第三季電話會議上所討論的那樣，我們的非 GAAP 營業利潤率與 2024 年底的水平大致一致，這主要得益於我之前討論過的成長動力的持續投資。

In closing, 2024 was a great year for Klaviyo.

最後，2024 年對 Klaviyo 來說是偉大的一年。

We are executing our growth strategy, continue to differentiate ourselves in the market with our vertically integrated Klaviyo data platform, and we are excited to expand our scope to power and improve even more of the customer journey, helping brands deliver omnichannel experiences that fuel growth.

我們正在執行我們的成長策略，繼續透過垂直整合的 Klaviyo 數據平台在市場上脫穎而出，我們很高興擴大我們的範圍，為更多客戶旅程提供動力和改善，幫助品牌提供全通路體驗，推動成長。

We are well positioned to continue delivering growth and profitability at scale as we continue to drive success for our customers.

我們有能力繼續實現大規模成長和獲利，同時繼續幫助客戶取得成功。

And with that, I'll open up the call for Q&A.

現在，我將開始問答環節。

Operator?

操作員？

(Operator Instructions) Gabriela Borges, Goldman Sachs.

（操作員指示）加布里埃拉·博爾赫斯（Gabriela Borges），高盛。

AB and Amanda, I wanted to take a little bit more color on your mid-market pipeline.

AB 和 Amanda，我想進一步了解你們的中階市場通路。

And thinking about the call that you've pretty consistently provided over the last year about the opportunity you see there, could you give us maybe a little more qualification how is the mid-market pipeline growing?

考慮到您在過去一年中一直在呼籲關注您所看到的機遇，您能否再多介紹一下中端市場通路的發展？

And when I look at your own data on customers greater than $50,000, that number has obviously been growing really nicely for a while.

當我查看您自己的超過 50,000 美元的客戶數據時，發現這個數字顯然已經持續增長了一段時間。

So how sustainable do you think the growth in that cohort is?

那麼您認為該群體的成長可持續性如何？

And any other qualitative commentary you're willing to provide would be helpful.

您願意提供的任何其他定性評論都會有所幫助。

Great.

偉大的。

Thanks, Gabriela.

謝謝，加布里埃拉。

Yes, happy to talk about that.

是的，很高興談論這個。

First off, we're very happy with both the results in terms of customer adds and revenue as well as the pipeline and forward-looking demand that we're building in the mid-market segment, and now increasingly, also starting to give that enterprise segment as well.

首先，我們對客戶增加和收入方面的結果以及我們在中端市場領域建立的通路和前瞻性需求感到非常滿意，現在，我們也開始越來越多地為企業市場提供服務。

The value prop that we have for our mid-market and enterprise customers is very clear.

我們針對中型市場和企業客戶的價值主張非常明確。

We provide a data platform that allows them to pull all of their customer data in one place.

我們提供一個數據平台，讓他們能夠將所有客戶資料集中在一個地方。

It connects with all of their systems and allows them to put that data to work in our marketing platform and other applications that they're using to deliver the customer experience.

它與他們的所有系統相連，並允許他們將這些數據應用到我們的行銷平台和他們用來提供客戶體驗的其他應用程式中。

And the fact that there's more complexity actually plays to our advantage.

事實上，複雜性的增加實際上對我們有利。

We can handle the scale, their security requirements.

我們可以處理他們的規模和安全要求。

But we also have the flexibility through our API-first design to support a lot of the use cases that those larger businesses have.

但是，透過我們的 API-first 設計，我們也能夠靈活地支援那些大型企業的許多用例。

So we're very excited about, like the growth that we've seen, businesses like Clarks, Grunt Style, Reebok, Champion and others, all joined us in Q4.

因此，我們對所看到的成長感到非常興奮，Clarks、Grunt Style、Reebok、Champion 等企業都在第四季度加入了我們。

Like you commented on, we're very excited about the growth we've seen in a number of customers in that 50,000 cohort.

正如您所評論的那樣，我們對 50,000 名客戶數量的成長感到非常興奮。

And then one other thing that we're really excited about, we're seeing more of our mid-market customers adopt more of the Klaviyo product suite.

還有另一件讓我們非常興奮的事情是，我們看到越來越多的中階市場客戶採用 Klaviyo 產品套件。

So our average revenue per customer in Q4 was up 15% year over year, which is another very strong indicator to us that there's good core market depth.

因此，我們第四季的每位客戶平均收入年增了 15％，這也是我們核心市場深度良好的另一個非常強大的指標。

So that's something we're going to be investing in this year, always with an eye towards strong unit economics.

所以這是我們今年要投資的方向，始終著眼於強大的單位經濟。

And we think that's a very durable growth driver in 2025 and the next few years.

我們認為，這將是 2025 年及未來幾年非常持久的成長動力。

Terry Tillman, Truist.

特里·蒂爾曼，Truist。

It might be a multi-parter, so just beware.

它可能由多部分組成，所以要小心。

About the upmarket opportunity here, what I'm curious about is as Steve and the team are kind of building out the infrastructure, I'm curious about like how much you're able to leverage PLG and kind of word-of-mouth as opposed to having to be heavy outbound?

關於這裡的高端市場機會，我很好奇的是，當史蒂夫和他的團隊建立基礎設施時，我很好奇你們能夠在多大程度上利用 PLG 和口碑，而不是必須大量外向？

And the second part is, like how ramped is the sales team?

第二部分是，銷售團隊的實力如何？

And is there any kind of natural ceiling right now upmarket in terms of the size of the customer?

那麼，從客戶規模來看，目前高端市場是否存在某種自然的上限呢？

Sure.

當然。

Thanks, Terry.

謝謝，特里。

So first, on the PLG motion, that's -- it's very -- that's how we build products.

首先，關於 PLG 動議，這就是我們製造產品的方式。

So while we find that a lot of our mid-market enterprise customers, they still want -- they have a conversation with us before actually buying.

因此，我們發現許多中型企業客戶仍然希望在實際購買之前與我們交談。

The fact -- the way that we designed Klaviyo that it's so easy to pull data in, ingest it, it's easy to start to build out use cases, it actually makes that evaluation process a lot faster and a lot smoother.

事實上 - 我們設計 Klaviyo 的方式使得資料提取和處理變得非常容易，也使得開始建立用例變得非常容易，這實際上使得評估過程變得更快、更順暢。

So that in that sense, that PLG motion for us is lowering the cost of acquisition.

因此從這個意義上來說，PLG 動議對我們來說正在降低收購成本。

And certainly, as we build out more social proof, more brands, we're also finding that there's a lot of mid-market enterprise businesses that are starting maybe with one brand and then spreading Klaviyo across their entire portfolio.

當然，隨著我們建立更多的社會認同和更多的品牌，我們也發現有很多中型企業可能從一個品牌開始，然後將 Klaviyo 推廣到他們的整個產品組合中。

And then on the ramp on the sales team, this is something that we've been very thoughtful about.

在銷售團隊的提升方面，這是我們非常深思熟慮的事情。

We've built up the demand in mid-market and now in enterprise.

我們已經在中端市場和企業市場建立了需求。

And we've grown the sales team actually a little bit behind that demand to make sure that we're matching the demand with sales capacity.

實際上，我們的銷售團隊已經略微壯大，以滿足需求，以確保銷售能力能夠滿足需求。

So we did start to build sales capacity, especially in the US, in 2024 for the mid-market segment.

因此，我們確實在 2024 年開始為中階市場建立銷售能力，尤其是在美國。

And we're pleased with how that's going.

我們對目前進展非常滿意。

And we mentioned, we've also had some strong growth internationally.

我們也提到，我們在國際上也取得了強勁成長。

We're seeing actually increased demand in the mid-market and enterprise internationally, especially in Europe.

我們看到國際上中端市場和企業的需求實際上有所增加，尤其是在歐洲。

And that's a place that we're also planning to expand and grow sales capacity this year because now that we've internationalized the product and we've done some of the front marketing, we think that's another area where we can grow the mid-market business.

我們也計劃今年擴大和增加該地區的銷售能力，因為現在我們已經實現了產品國際化，也做了一些前端行銷，我們認為這是我們可以發展中端市場業務的另一個領域。

And Terry, just building a little bit on what AB said, as you look to 2025, we've made good progress with the sales team that we hired in 2024.

特里，我稍微補充一下 AB 所說的話，展望 2025 年，我們在 2024 年聘用的銷售團隊取得了良好的進展。

And therefore, we're going to continue to invest behind growing that quota-carrying capacity, so hiring sales teams who have a track record of strong success with mid-market and enterprise customers, investing in training behind them and really evolving the way that we sell and continuing to expand our core system there as well.

因此，我們將繼續投資於提高配額承載能力，聘請在中端市場和企業客戶中有著良好成功記錄的銷售團隊，投資於他們的培訓，真正改變我們的銷售方式，並繼續擴展我們的核心系統。

And then to the last part of your question about what does the size of those customers, what is that looking like, consistent with what we've spoken about before, these customers can be quite large.

然後關於你問題的最後一部分，這些客戶的規模是多少，看起來怎麼樣，與我們之前談到的一致，這些客戶的規模可能相當大。

In the top 10, the average of our top 10 customers is north of $1.5 million of ARR, so certainly growing into some very significant relationships with these larger brands.

在前 10 名中，我們前 10 名客戶的平均 ARR 超過 150 萬美元，因此肯定會與這些大品牌建立非常重要的關係。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Congrats on a nice quarter.

恭喜您度過了一個愉快的季度。

AB, I was wondering if you could update us on ARR overlap with the Shopify ecosystem, how that partnership has progressed on a lead flow perspective.

AB，我想知道您是否可以向我們介紹一下 ARR 與 Shopify 生態系統的重疊情況，以及從潛在客戶流角度來看這種合作關係取得了怎樣的進展。

And then you mentioned WooCommerce, but I'm curious if there are any other B2C ecosystem opportunities that seem promising as you guys kind of continue to diversify away from Shopify.

然後你提到了 WooCommerce，但我很好奇，隨著你們繼續從 Shopify 向多元化發展，是否還有其他看起來很有前景的 B2C 生態系統機會。

Yes.

是的。

Sure.

當然。

Okay.

好的。

So let me take that in three parts.

所以讓我分成三部分來討論這個問題。

The first, Shopify.

第一個，Shopify。

We've had a great experience working with Shopify.

我們與 Shopify 合作的體驗非常愉快。

We really love working with the Shopify team.

我們非常喜歡與 Shopify 團隊合作。

That obviously started with our product and the integration there.

這顯然始於我們的產品及其整合。

We've done a lot of work on that in the last year to make data flowing back and forth between folks that run on Klaviyo and Shopify easier.

去年，我們在這方面做了很多工作，讓使用 Klaviyo 和 Shopify 的用戶之間的資料流通更加容易。

And as Shopify has converted more businesses to their platform, we found that those customers are also coming to Klaviyo.

隨著 Shopify 將越來越多的企業轉移到其平台，我們發現這些客戶也紛紛轉向 Klaviyo。

And interestingly, we actually have a number of brands that have chosen to move to Klaviyo first and then it followed on by moving their e-commerce stack to Shopify.

有趣的是，實際上有許多品牌選擇先遷移到 Klaviyo，然後再將其電子商務堆疊遷移到 Shopify。

So our relationship there is very strong.

因此我們之間的關係非常牢固。

I was going to give a model for how we should work with other technology and software platforms.

我打算給出一個模型來說明我們如何與其他技術和軟體平台合作。

So with WooCommerce, I think that offers a slightly different profile of customer.

因此，我認為，透過 WooCommerce，它可以提供略有不同的客戶資料。

The WooCommerce customer base is over 4 million merchants using WooCommerce.

WooCommerce 客戶群超過 400 萬名使用 WooCommerce 的商家。

It's more international.

它更加國際化。

It's -- also the use cases are a little bit more varied.

而且用例也更加多樣化。

It's a little bit -- you can customize -- because WooCommerce is open source, you can customize the WooCommerce platform more easily.

這有點——您可以自訂——因為 WooCommerce 是開源的，所以您可以更輕鬆地自訂 WooCommerce 平台。

So there's -- that actually helps us spread outside of, say, pure-play e-commerce.

所以這實際上有助於我們在純電子商務領域之外進行擴張。

And then finally, when it comes to new verticals and alternative use cases, we added a number of new integrations in 2024, but again, are modeled off of our partnerships with Shopify and others, integrations with Vonati, Olo, OpenTable, Toast.

最後，當談到新的垂直領域和替代用例時，我們在 2024 年增加了許多新的集成，但同樣，這些集成都是以我們與 Shopify 和其他公司的合作夥伴關係為模型的，並與 Vonati、Olo、OpenTable、Toast 進行了集成。

And these are all meant to help Klaviyo -- we really have -- we've got good market fit with other use cases to those services.

所有這些都是為了幫助 Klaviyo — — 我們確實 — — 這些服務與其他用例在市場上有著良好的契合度。

I mean, one, it helps us on the go-to-market side.

我的意思是，首先，它幫助我們進入市場。

From a product perspective, it means that now that transaction data, say, for that restaurant or that yoga studio, it's actually -- it's easy for them to think their data to Klaviyo.

從產品角度來看，這意味著現在該餐廳或瑜伽館的交易數據實際上——他們很容易將他們的數據導入 Klaviyo。

And what we're finding is good growth there.

我們發現那裡的成長情況良好。

So it's -- we think we've got a couple of features for folks that have non-e-commerce use cases that we'll be releasing this year that we're excited about.

所以，我們認為我們為那些擁有非電子商務用例的人提供了一些功能，我們將在今年發布這些功能，我們對此感到非常興奮。

We think we're going to grow organically with new verticals.

我們認為我們將透過新的垂直領域實現有機成長。

It's not one of our top growth levers, but we're excited about the progress that we're making.

這不是我們最重要的成長槓桿之一，但我們對所取得的進展感到非常興奮。

Just building a little bit on what AB was talking about, about the progress that we're making with Shopify and how we co-sell with them.

只是稍微補充一下 AB 所說的內容，關於我們與 Shopify 合作所取得的進展以及我們如何與他們共同銷售。

We've been working on unifying our messaging, our accounting, our enablement.

我們一直致力於統一我們的訊息傳遞、我們的會計和我們的支持。

And some of the evidence that, that is working and that we are going to market together, many of the large enterprise customers who Shopify has been speaking about are also strong Klaviyo customers as well.

一些證據表明，這種方法是有效的，而且我們將共同進行行銷，Shopify 提到的許多大型企業客戶也是 Klaviyo 的強大客戶。

That's brands like Reebok and Champion and BarkBox.

這些品牌包括 Reebok、Champion 和 BarkBox。

And so we're really excited to partner with them as we each continue to move into the mid-market and enterprise and beyond.

因此，我們非常高興與他們合作，我們雙方都將繼續進入中端市場、企業市場及其他市場。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

On international and, AB, you touched on this a little bit in response to DJ's question.

關於國際，AB，您在回答 DJ 的問題時稍微談到了這一點。

But I'd be curious to get an update from you guys on what you've seen on the ground in some of the geographies, such as France and others, that you've enabled in the back half of '24.

但我很想知道你們對 2024 年下半年在法國等地區實地看到的情況的更新。

And then if you could just take a moment to update us on what the road map is in terms of additional either geos or languages for '25 and how the Woo relationship may have either accelerated or changed that in any way.

然後，如果您可以花一點時間向我們介紹 2025 年在額外地理位置或語言方面的路線圖，以及 Woo 關係可能如何加速或改變這一點。

Sure.

當然。

So 2024 was a great year for international.

因此，2024 年對國際來說是一個偉大的一年。

Our full-year international revenue grew 42%, and we're very happy with that.

我們的全年國際收入成長了 42%，我們對此感到非常高興。

And kind of like you alluded to; we've tried to lay a lot of the foundation for growth internationally over the next couple of years.

有點像你提到的；我們已經盡力為未來幾年的國際成長奠定基礎。

We expanded Klaviyo from being in one language, English, to now seven.

我們將 Klaviyo 的語言範圍從英語擴展到了現在的七種。

We also took SMS, products where we have to work with local regulators and telcos.

我們也推出了 SMS 產品，這些產品需要與當地監管機構和電信公司合作。

We've expanded that now to 19 countries.

現在我們已經擴展到 19 個國家。

And that actually gives us an enormous amount of coverage of the European market and growing parts of Asia.

這實際上使我們對歐洲市場和不斷增長的亞洲地區有了廣泛的覆蓋。

So still on top of that, we're now -- we're focused on building out teams that are localized to those countries.

因此，最重要的是，我們現在專注於建立適合這些國家的在地化團隊。

Germany, France, Spain, Italy are all places where we're going to hire local language-speaking sales and support to help us support growth there.

我們將在德國、法國、西班牙和義大利等地聘用能講當地語言的銷售和支援人員，以幫助我們支持這些地區的發展。

We're also working on partnerships that are more regionally oriented.

我們也致力於建立更具區域導向的合作夥伴關係。

So folks like PrestaShop, Think Digital, Oz and others are helping us expand motion outside of the US.

因此，PrestaShop、Think Digital、Oz 等公司正在幫助我們在美國以外拓展業務。

So you add all that up, I think we don't feel that we need to introduce more languages or increase our coverage of SMS dramatically this year to support accelerated growth international.

所以，把所有這些加起來，我認為我們不認為今年需要引入更多語言或大幅擴大簡訊覆蓋範圍來支持國際加速成長。

Now we'll continue to evaluate those as we see opportunities.

現在，我們將繼續評估這些機會。

But I think we've done a lot of the heavy lifting on the product side in 2024, which is going to help support accelerated growth or large growth in 2025.

但我認為我們在 2024 年在產品方面已經做了很多繁重的工作，這將有助於支持 2025 年的加速成長或大幅成長。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

I wanted to touch on the NRR, where you mentioned seeing some stabilization in the in-quarter metric.

我想談談 NRR，您提到看到本季指標有所穩定。

And I understand it's just too early to call a bottom.

我知道現在說觸底還太早。

Would love to better understand just the behavior that you're seeing.

希望能夠更好地理解您所看到的行為。

Sounds like gross retention has been strong for a while.

聽起來總留存率已經保持了一段時間的強勁勢頭。

So any sort of incremental clarity on where you're seeing the improvements, either cross-sell or expansion?

那麼，您能不能逐步澄清一下在哪些方面取得了改進，是交叉銷售還是擴張？

And then when we should think about the point in time that we start to lap some easier compares?

那麼，我們什麼時候應該考慮開始進行一些更容易比較的事情呢？

Thanks, Elizabeth.

謝謝，伊麗莎白。

Yes, as we mentioned in the prepared remarks, we did see stabilization in the in-period NRR from Q3 to Q4, which is encouraging.

是的，正如我們在準備好的評論中提到的那樣，我們確實看到從第三季到第四季的期內 NRR 趨於穩定，這是令人鼓舞的。

Now we're not ready to draw too many conclusions from two data points at this point.

現在我們還沒準備好從兩個數據點得出太多結論。

But as I said, we're cautiously optimistic as we look forward to 2025.

但正如我所說，我們對 2025 年持謹慎樂觀的態度。

Breaking down NRR into its individual components.

將 NRR 分解為各個組成部分。

As you said, gross retention remains consistent and strong.

正如您所說的，總留存率仍然保持穩定且強勁。

Once customers are on the Klaviyo platform and they see the value and the ROI and the revenue that we are driving for their business, the platform is incredibly sticky.

一旦客戶進入 Klaviyo 平台並看到我們為他們的業務帶來的價值、投資回報率和收入，該平台就會具有極強的黏性。

On stabilization, we -- or sorry, on expansion, we are seeing some stabilization in the expansion trends.

在穩定性方面，或抱歉，在擴張方面，我們看到擴張趨勢穩定。

And then we're continuing to make good progress on cross-sell efforts.

然後我們在交叉銷售工作中繼續取得良好進展。

And you can see that in that progress in the growth in the number of customers that we have who are using SMS.

您可以看到，使用簡訊的客戶數量不斷增長。

And then also as a reminder, this is the first full quarter that we've had without any impact from the 2022 pricing changes that have impacted NRR for the last couple of years.

另外提醒一下，這是我們第一個沒有受到 2022 年定價變化影響的完整季度，這些變化在過去幾年影響了 NRR。

And so certainly lapping that contributes to the stabilization as well.

所以研磨肯定也有助於穩定。

But overall, we're confident that as we continue to add tremendous value to companies and we continue to expand our product portfolio, customers are going to continue to expand their business in turn with us.

但總的來說，我們相信，隨著我們繼續為公司創造巨大的價值並繼續擴大我們的產品組合，客戶也將繼續與我們一起擴大業務。

And so our focus remains on delivering value for our customers, making it easier to play to put Klaviyo to work in driving revenue and building those lasting consumer relationships.

因此，我們的重點仍然是為客戶提供價值，使 Klaviyo 更容易發揮作用，推動收入並建立持久的消費者關係。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Congrats here on the nice fourth quarter.

恭喜您第四季取得良好成績。

Maybe if I can come back to you, just on the product side, you talked quite a bit about where the platform might expand to next.

也許我可以回到您身邊，僅就產品方面而言，您談論了很多有關該平台下一步可能擴展到哪裡的問題。

You clearly have kind of the foundational data layer built out and you've built on top of it, obviously, with marketing.

您顯然已經建立了基礎資料層，並且顯然在其基礎上開展了行銷。

But as you're thinking of product evolution, what are you prioritizing?

但是當您考慮產品演變時，您優先考慮的是什麼？

And is that something that we should expect this year?

這是我們今年應該期待的事嗎？

Or is that kind of the longer-term more kind of ambitious product road map that you've laid out?

或者這是您所製定的長期、更有野心的產品路線圖？

Yes.

是的。

That's great.

那太棒了。

So let me touch on three things that we're focused on when it comes to our products.

那麼讓我來談談我們在產品方面關注的三件事。

The first is embedding artificial intelligence across the different layers of the Klaviyo stack.

首先是在 Klaviyo 堆疊的不同層中嵌入人工智慧。

Now we've talked about the data platform that Klaviyo is built on and this being the central source of truth for all your consumer data, pulling that in from all different stores and then making that data actionable.

現在我們討論了 Klaviyo 所基於的數據平台，它是所有消費者數據的核心來源，從所有不同的商店提取數據，然後使這些數據可操作。

We've done a great job of building artificial intelligence there in terms of predictive capabilities about what each consumer is going to do next.

我們在建立人工智慧方面做得非常出色，可以預測每個消費者下一步會做什麼。

You think about this as product recommendations, predicting next action.

您可以將其視為產品推薦，並預測下一步。

And we're now extending that to other parts to Klaviyo platform, including like, hey, what kind of marketing campaigns should you run next, not just on an individual basis but also in aggregate.

現在，我們正在將其擴展到 Klaviyo 平台的其他部分，包括下一步應該開展什麼樣的行銷活動，不僅是從個體角度，而且從總體角度。

So what we're doing with AI is we think we can be across our data platform as well as inside of our marketing application and other products.

因此，我們在人工智慧方面所做的工作是，我們認為我們可以跨越我們的數據平台以及我們的行銷應用程式和其他產品。

And that's going to be -- that's really going to help our customers accelerate their revenue growth with Klaviyo, what we call KAV.

這將真正幫助我們的客戶透過 Klaviyo（我們稱之為 KAV）加速他們的收入成長。

And that's going to provide a lot of additional value, which in the future we can look to monetize.

這將提供許多額外的價值，未來我們可以考慮將其貨幣化。

So that's number one for us.

所以這對我們來說是最重要的。

Number two is doubling down on being the source of truth for our customers.

第二，我們要加倍努力，為客戶提供真相的來源。

We've built out a lot of scale in our data platform.

我們的數據平台已經建構了大量的規模。

We're increasing the network connectors.

我們正在增加網路連接器。

We mentioned some of the other integrations, the other data sets that we're incorporating.

我們提到了一些其他的整合以及我們正在整合的其他資料集。

We're also building more tooling to allow people to manipulate and use that data outside of Klaviyo.

我們也正在建立更多工具，以允許人們在 Klaviyo 之外操作和使用這些數據。

I'm very excited about this.

我對此感到非常興奮。

I think every consumer business is going to need a data platform that is their real-time source of truth on what consumers are up to and can connect to every application that helps create and deliver customer experiences.

我認為每個消費品企業都需要一個數據平台，該平台是了解消費者動態的即時真相來源，並可以連接到每個有助於創造和提供客戶體驗的應用程式。

So we're building that kind of core infrastructure, and we're excited about the trajectory there.

所以我們正在建造這種核心基礎設施，我們對那裡的發展軌跡感到興奮。

And then finally, when it comes to the applications that sit on top of this data platform, we obviously started marketing, and we're very excited about the progress we're making there, across e-mail, SMS and now mobile.

最後，當談到位於這個數據平台上的應用程式時，我們顯然已經開始了行銷，我們對我們在那裡取得的進展感到非常興奮，包括電子郵件、簡訊和現在的行動領域。

We have a point of view that we're going to make the data and AI embedded in each of those applications, in each of those channels.

我們的觀點是，我們將把資料和人工智慧嵌入每個應用程式、每個管道中。

But also, we want to be best-in-class creative tools.

但同時，我們也希望成為一流的創意工具。

Sometimes there are tools for our users to use.

有時會有一些工具供我們的使用者使用。

Sometimes they're through generative AI, best-in-class content creation, best-in-class deliverability.

有時他們是透過生成人工智慧、一流的內容創作和一流的交付能力來實現的。

And we're actually now starting a marketing to build products or features that will help you work across channels.

實際上，我們現在正在開始行銷，以打造能夠幫助您跨通路工作的產品或功能。

So now deciding, hey, does this consumer to this message?

所以現在決定，嘿，這個消費者會對這個消息嗎？

Does it make sense to send over e-mail, over SMS, over mobile, in the future, other channels like WhatsApp or other messaging platforms?

未來透過電子郵件、簡訊、手機、WhatsApp 或其他訊息平台等其他管道發送是否有意義？

We've built the intelligence; we're building the intelligence to do that automatically to drive ROI.

我們已經建立了情報；我們正在建立智慧系統來自動實現這一目標，以提高投資回報率。

And then as part of extending beyond our channels, we're also thinking about other parts of the customer experience Klaviyo can have an impact on.

然後，作為超越我們管道的一部分，我們也在考慮 Klaviyo 可以對客戶體驗的其他部分產生影響。

I mentioned tomorrow, we've got a bunch of product releases, so I won't steal all the news from that.

我提到過，明天我們會發布一系列產品，所以我不會竊取所有的新聞。

But I think if you think about the entire customer experience, marketing is just one piece of that.

但我認為，如果你考慮整個客戶體驗，行銷只是其中的一部分。

And when we think about what it means to drive the customer experience, be the complete CRM and data platform for the businesses we're serving, I think there are use cases beyond just marketing that Klaviyo can help power.

當我們思考推動客戶體驗的意義、成為我們所服務企業的完整 CRM 和資料平台時，我認為除了行銷之外，Klaviyo 還可以幫助實現其他用例。

And we're excited to -- we're building a lot of promise to invest there as well.

我們非常高興——我們也正在那裡建立許多投資承諾。

Brent Bracelin, Piper Sandler.

布倫特·布雷斯林，派珀·桑德勒。

AB, Amanda, wanted to double-click into the customer logo growth.

AB，阿曼達，想雙擊進入顧客商標成長。

It accelerated to 17% for the first time in a couple of years.

幾年來首次加速至 17%。

Could you walk through the puts and takes on customer growth expectations in the coming year?

您能否介紹一下未來一年客戶成長預期的前景和前景？

I think, Amanda, you talked about new simplified pricing potentially driving some churn.

阿曼達，我認為您談到的新的簡化定價可能會導致一些客戶流失。

On the other hand, you have this new WooCommerce partnership in international going strong that could possibly offset that.

另一方面，您在國際上與 WooCommerce 的新合作關係正在不斷加強，這可能會抵消這一點。

So are we thinking about mid-teens logo growth?

那麼，我們是否考慮過十幾歲的標誌增長？

Or could simplified pricing be a bigger impact on the entrepreneur part of the business, and we should be thinking closer to low teens growth for customers?

或者簡化定價是否會對企業的企業家部分產生更大的影響，我們應該更貼近客戶的低十幾歲的增長來考慮？

Any color there would be helpful.

任何顏色都有幫助。

Thanks, Brent.

謝謝，布倫特。

Yes, we're very proud that we added over 10,000 net new customers in Q4.

是的，我們非常自豪在第四季度新增了 10,000 多名淨客戶。

And what we saw in Q4 was strength across all of our customer cohorts.

我們在第四季度看到所有客戶群都表現強勁。

So now as you recall, the largest number of our customer adds tends to come from our entrepreneur customers.

所以現在您回想一下，我們新增的客戶數量最大往往來自我們的創業家客戶。

And in that group, we saw strong results coming from our marketing team's efforts to really target those and bring them into the Klaviyo family.

在該群體中，我們看到了強勁的成果，這得益於我們的行銷團隊的努力，他們真正瞄準了這些群體，並將他們納入 Klaviyo 大家庭。

On the high end, we had a near-record high number of new lands in our greater than 50,000 cohort.

在我們超過 50,000 名員工中，我們獲得的新土地數量接近歷史最高水準。

And then also in the middle, as we mentioned on the call, we also saw a strong quarter-on-quarter growth in SMB net adds as well.

然後，正如我們在電話會議中提到的那樣，我們也看到中小企業淨增量環比強勁增長。

The key driver for it is that we continue to drive great value for our customers.

其關鍵驅動力是我們將繼續為客戶創造巨大價值。

And so as a result, the Klaviyo platform is really being seen as the standard for B2C businesses.

因此，Klaviyo 平台確實被視為 B2C 企業的標準。

Now customer adds is not necessarily a number that we guide to specifically.

現在客戶加的不一定是我們專門引導的一個數字。

But maybe as you think about some of the puts and takes for the year and how the linearity might play out in Q1, based on the seasonality of the business, we typically see lighter Q1 customer adds in general.

但是，也許當您考慮到今年的一些收益和損失，以及基於業務的季節性，第一季的線性表現如何時，我們通常會看到第一季的客戶增加量總體上較少。

And then additionally, as I mentioned in my remarks, we are expecting a modest increase in churn as a result of the new pricing enforcement.

此外，正如我在評論中提到的那樣，我們預計新的定價措施實施後客戶流失率會略有增加。

And so that may impact our total customer count in Q1.

這可能會影響我們第一季的總客戶數量。

But over time, we continue to see adding new customers as a key lever for our growth, along with expanding existing customers growing in the mid-market and growing internationally.

但隨著時間的推移，我們繼續將增加新客戶視為我們成長的關鍵槓桿，同時擴大現有客戶在中端市場的成長和國際成長。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Congrats from me as well.

我本人也對此表示祝賀。

First question on -- going back to WooCommerce.

第一個問題——回到 WooCommerce。

If you think about it, like the strategy was a little bit moving upmarket over last few quarters.

如果你仔細想想，你會發現過去幾季以來，我們的策略略微向高端邁進。

WooCommerce looks -- is more like downmarket, in my view.

在我看來，WooCommerce 看起來更像是低階市場。

Like how do we have to think about it?

例如，我們該如何思考這個問題？

Is this like a new path now?

這難道是一條新的道路嗎？

Is that just broadening of the strategy?

這僅僅是戰略的擴大嗎？

How should we think about it?

我們該如何思考這個問題？

And then I have one for Amanda.

然後我有一個給阿曼達。

Sure.

當然。

So let me comment on that.

因此請允許我對此發表評論。

The reality is we've already -- we had a preexisting partnership with the WooCommerce team.

事實上我們已經與 WooCommerce 團隊建立了合作關係。

We already have over 15,000 brands that are using Klaviyo and WooCommerce together.

我們已經有超過 15,000 個品牌同時使用 Klaviyo 和 WooCommerce。

And we think there's an opportunity for that to be much larger.

我們認為，這個機會還會更大。

So I think we're being very -- we're opportunistic here where we've got good product market fit, and I think we've worked with the Woo team.

所以我認為我們非常——我們在這裡抓住機會，我們有良好的產品市場契合度，而且我認為我們已經與 Woo 團隊合作了。

I think we think there's -- our 2 products can work really well together.

我認為我們的兩款產品可以很好地協同工作。

We can help those WooCommerce businesses be even more successful.

我們可以幫助那些 WooCommerce 企業取得更大的成功。

And look, I think it's a little bit of a nod to what we've done -- what Klaviyo has done for number businesses worldwide both for entrepreneurs and in the enterprise.

而且，我認為這是對我們所做的事情的一種認可——Klaviyo 為世界各地的企業家和企業所做的貢獻。

I think we're starting to reach a kind of default status.

我認為我們開始達到一種預設狀態。

And so we're very -- I think this kind of proves that.

所以我們非常——我認為這證明了這一點。

And we ultimately think that we can serve folks from when they're just starting out to when they're scaling to be one of the iconic brands of our time.

我們最終認為，我們可以為剛起步的人們提供服務，直到他們發展成為我們這個時代的標誌性品牌之一。

So yes, I think we can do both at the same time.

所以是的，我認為我們可以同時做這兩件事。

We're very excited about this partner.

我們對這個合作夥伴感到非常興奮。

Okay.

好的。

Perfect.

完美的。

And then for Amanda, like can you talk a little bit about the new offer -- or the decision to offer at auto downgrade for customers?

然後對於阿曼達，您能否談談新優惠 - 或為客戶提供自動降級的決定？

Can you provide some color on the Medtronic here and how that might impact Q4, Q1 numbers as well?

您能否提供一些關於美敦力的詳細資訊以及這對第四季和第一季的數據有何影響？

Thanks, Raimo.

謝謝，Raimo。

Yes, as we shared in the remarks, we made a few changes to pricing that were effective yesterday, including flexible spending for e-mail and SMS and an auto downgrade option.

是的，正如我們在評論中分享的那樣，我們對昨天生效的定價做了一些更改，包括電子郵件和簡訊的靈活支出以及自動降級選項。

And what that auto downgrade option does is it checks whether a customer's profile count qualifies them for a lower plan.

自動降級選項的作用是檢查客戶的個人資料數量是否符合較低等級套餐的資格。

And if it does, then it moves them down automatically.

如果存在，它就會自動將其向下移動。

Those were features that our customers had been requesting for a while.

這些都是我們的客戶一直要求的功能。

We are committed to removing friction in the process so that our customers have Klaviyo be as easy to buy as it is easy to use.

我們致力於消除過程中的摩擦，以便我們的客戶可以輕鬆購買和使用 Klaviyo。

And so adding those two new features was an important part of being responsive to customers and making sure that we're just removing that friction from the process for them.

因此，添加這兩個新功能是響應客戶並確保我們為他們消除流程中的摩擦的重要部分。

The other change that we made is recommitting to our pricing intent to enforce pricing based on active profiles because customers drive value from the data that they store with Klaviyo.

我們做出的另一項變更是重新致力於我們的定價意圖，即根據活躍配置文件實施定價，因為客戶可以從使用 Klaviyo 儲存的資料中獲得價值。

And so pricing based on profiles and making sure that we're consistent in how we enforce on that is an important part of committing to that value that our customers are driving from Klaviyo.

因此，根據個人資料進行定價並確保我們在執行方面保持一致，這是致力於實現客戶從 Klaviyo 獲得的價值的重要組成部分。

Now a couple of things to note on it.

現在有幾件事要注意。

One is that I mentioned that the majority of customers are not expected to see a pricing change because of any of these changes because they're already on a plan that is appropriate for the number of profiles that they're storing with us.

一是我提到過，大多數客戶預計不會因為這些變化而看到價格變化，因為他們已經採用了適合他們在我們這裡存儲的個人資料數量的計劃。

And then for those customers who do see a change, regardless of how many clouds they're storing with us, in the spirit of being customer-friendly, we're limiting price increases to a maximum of 25%.

對於那些確實看到變化的客戶，無論他們在我們這裡儲存了多少雲，本著客戶友好的精神，我們將價格上漲限制在最高 25%。

We did see a slight uptick in churns in January after this was announced.

在這項消息宣布之後，我們確實看到 1 月客戶流失率略有上升。

That was expected based on our experience with pricing pilots that we ran leading up to these changes.

根據我們在這些變更之前進行的定價試點的經驗，這是可以預料的。

And so if you think about what is the impact for this for the full year, if you take into account all of these factors, the uplift from pricing enforcement, offset by a small amount of churn and then as well as some expansion impact that comes from the introduction of auto downgrades and flex pricing, overall, we are assuming a minimal overall revenue benefit for the year.

因此，如果您考慮這對全年的影響，如果您考慮到所有這些因素，定價執行帶來的提升，抵消了少量的客戶流失，以及引入自動降級和彈性定價帶來的一些擴張影響，總體而言，我們假設全年的總收入收益很小。

But most importantly, what these changes do is they reduce friction for our customers.

但最重要的是，這些變化有助於減少客戶的摩擦。

They anchor our pricing in the unique value that Klaviyo drives through data, and both of these changes tee us up well for the future.

他們將我們的定價錨定在 Klaviyo 透過數據實現的獨特價值上，這兩項變更都為我們的未來做好了準備。

Derrick Wood, TD Cowen.

德里克·伍德（Derrick Wood），TD Cowen。

Congrats on a great quarter.

恭喜您度過了一個美好的季度。

AB, it sounds like you've made great strides in expanding the number of countries you can deliver SMS in.

AB，聽起來你們在擴大可發送簡訊的國家數量方面已經取得了很大進展。

Just how should we think about the revenue unlock?

我們究竟該如何看待收入解鎖？

I mean, is there a lot of pent-up demand?

我的意思是，是否存在大量被壓抑的需求？

So quickly after you turn this on in new countries, you'll see some incremental revenue conversion?

那麼，當您在新的國家啟用這項服務後，您很快就會看到一些增量收入轉換嗎？

Or is this something that now you start a new sales cycle and start looking to cross-sell in these new countries and expect dividends to come down the pike over the next 6 to 9, 12 months?

或者您現在開始新的銷售週期並開始尋求在這些新的國家進行交叉銷售，並期望在未來 6 到 9 個月、12 個月內股息會下降？

Just curious about the go-to-market now that you've expanded the countries.

我只是好奇，既然您已經擴大了國家範圍，那麼市場進入情況又如何呢？

Sure.

當然。

I think it's probably a mix of both.

我認為可能兩種情況都存在。

What we found actually as we've expanded SMS coverage, it's a number of predominantly European markets.

實際上，隨著我們擴大簡訊覆蓋範圍，我們發現許多市場主要集中在歐洲。

We have done a lot of customers that were actually kind of waiting for Klaviyo to have support for the countries and regions they care about.

我們有很多客戶實際上都在等待 Klaviyo 為他們關心的國家和地區提供支援。

And so I do think there's sort of an initial kind of uptick in SMS demand from customers from that.

因此我確實認為客戶對簡訊的需求會有所上升。

At the same time, sometimes folks have existing SMS programs and it takes them some time to migrate off.

同時，有時人們已經有了 SMS 程序，需要花一些時間才能遷移過來。

Maybe they're waiting for a contract to renew.

也許他們正在等待續約。

So I do think there also will be a long-term benefit to this.

因此我確實認為這也將帶來長期利益。

And with SMS in our country strategy, what we focus on is -- take Europe as an example.

在我們的國家戰略中，我們的重點是 SMS——以歐洲為例。

As we grow internationally, we're finding a lot more of the businesses we're working with, they're cross-border, they're multi-region, multi-country businesses.

隨著我們國際化的不斷發展，我們發現與我們合作的企業越來越多，它們是跨國、跨地區、跨國的企業。

And so having SMS support that spans a large percentage of their customer base, I can understand it's hot, is very high, makes a big difference.

因此，擁有覆蓋很大一部分客戶群的短信支持，我可以理解它很受歡迎，水平很高，會產生很大的影響。

Because when folks want to invest in an SMS program, they typically want to do it in a way that is comprehensive.

因為當人們想要投資簡訊計畫時，他們通常希望以一種全面的方式來進行。

And I think the SMS coverage plus some of the other things that we're building for international customers, capabilities that make it easier to send campaigns and do marketing in multiple languages without a lot of extra work, work with product catalog, inventory that's cross-border where pricing may be different, we've built a lot of that functionality directly into Klaviyo.

我認為短信覆蓋範圍以及我們為國際客戶構建的其他一些功能，這些功能可以更輕鬆地發送活動並以多種語言進行營銷，而無需大量額外工作，可以使用產品目錄、跨境庫存，定價可能會有所不同，我們已經將許多此類功能直接構建到 Klaviyo 中。

I think you add that all up, and that's giving us the opportunity to both go after more businesses that they want to expand their SMS program, but also just want to use Klaviyo generally.

我認為將所有這些加起來，就為我們提供了機會，讓我們既可以追逐更多想要擴展其短信計劃的企業，也可以吸引他們普遍使用 Klaviyo。

And now we can help support them as they market globally, right, across the entire region or even around the world.

現在我們可以幫助他們開展全球行銷，遍及整個地區乃至全世界。

So very excited about the opportunity that unlocks.

我對即將開啟的機會感到非常興奮。

That's one of the reasons that I called out in the mid-market and enterprise, we're actually seeing an increased demand internationally because a lot of those businesses, I mean, they tend to be multi-country.

這也是我在中端市場和企業中呼籲的原因之一，我們實際上看到國際需求不斷增加，因為許多這類企業往往是跨國的。

And we think we've gotten -- we've really done some good work to get better product market fit for those customers.

我們認為，我們確實做了一些很好的工作，讓產品更適應這些客戶市場。

Scott Berg, Needham.

史考特·伯格，尼德姆。

I just wanted to follow up on the WooCommerce partnership on the press release on it and the commentary.

我只是想跟進有關 WooCommerce 合作夥伴關係的新聞稿和評論。

Didn't hear anything along the lines of, I don't know, maybe any financial incentives or any sort of terms of, I guess, engagement, how you all are working together.

我沒有聽到任何類似的消息，我不知道，也許是任何財務激勵或任何形式的參與條款，關於你們如何一起工作。

Preferred partnership can mean a lot of things.

優先合作關係可以意味著很多事情。

But maybe help us understand what the commitment level of both companies are, whether it's on a financial basis or maybe it's something else, maybe from, I don't know, a technology perspective.

但也許可以幫助我們了解兩家公司的承諾水平，無論是基於財務基礎還是其他什麼，也許是從技術角度。

Yes.

是的。

Thanks for the question, Scott.

謝謝你的提問，斯科特。

So in terms of the financial arrangements of the partnership, as you would expect, there's a revenue share component to it.

因此，就合作夥伴關係的財務安排而言，正如您所期望的那樣，其中包含收入分成部分。

We are disclosing the specific details to it, but it's typical for these types of agreements to come with a revenue share agreement.

我們正在向其披露具體細節，但此類協議通常會附帶收入分成協議。

There is no equity associated with the partnership.

該合夥企業不存在股權。

So that's an important part to note there.

這是需要注意的重要部分。

In terms of overall, we're really excited to be named their preferred marketing automation provider.

總體而言，我們很高興被評為他們的首選行銷自動化提供者。

So now when brands join WooCommerce or for existing brands, we are their recommended partner, saying that Klaviyo is a company that we believe in who can help brands continue to grow and expand their customer base and build those ongoing strong relationships with their customers.

因此現在，當品牌加入 WooCommerce 或對於現有品牌時，我們就是他們推薦的合作夥伴，並表示 Klaviyo 是我們信任的公司，可以幫助品牌繼續發展和擴大客戶群並與客戶建立持續牢固的關係。

We think that together, we can provide a better experience for our joint customers.

我們相信，透過共同努力，我們可以為共同的客戶提供更好的體驗。

And there are 4 million merchant brands who use WooCommerce around the globe, not only in retail, but as Andrew mentioned earlier, in services and in content.

全球有 400 萬商家品牌使用 WooCommerce，不僅在零售領域，而且正如 Andrew 之前提到的，在服務和內容領域。

And so we're really excited about the opportunity that partnership opens up for local growth and then also for international and new vertical growth as well.

因此，我們對合作夥伴關係為本地成長以及國際和新的垂直成長所帶來的機會感到非常興奮。

Mark Zgutowicz, Benchmark.

馬克‧茲古托維茨 (Mark Zgutowicz)，基準。

Maybe just a macro question, if I could.

如果可以的話，這可能只是一個宏觀問題。

A lot of good fundamental questions have already been asked.

許多很好的基本問題已經被問過了。

Curious on the tariff front, kind of a fluid situation right now.

對關稅方面感到好奇，目前的情況有點不穩定。

I'm curious if you've anticipated any downstream impacts or have heard anything from any of your customers in terms of any disruption there.

我很好奇，您是否預見了任何下游影響，或者是否從您的任何客戶那裡聽說了任何有關中斷的情況。

Thanks for the question.

謝謝你的提問。

We are monitoring the geopolitical landscape as everyone is these days.

我們和大家一樣，正在關注地緣政治格局。

But as of now, we don't expect the tariffs would impact us directly.

但截至目前，我們預期關稅不會對我們產生直接影響。

As you spoke about downstream implications, some of our customers may be impacted.

正如您談到下游影響一樣，我們的一些客戶可能會受到影響。

But if they are, we're confident that they're going to continue to use Klaviyo because what our platform does is we help them efficiently drive revenue and build lasting relationships with their consumers through all economic cycles.

但如果是這樣，我們相信他們會繼續使用 Klaviyo，因為我們的平台的作用是幫助他們在所有經濟週期中有效地增加收入並與消費者建立持久的關係。

Brett Knoblauch, Cantor Fitzgerald.

布雷特諾布勞赫、康托費茲傑拉。

Maybe to start, as you look at maybe the SMS adoption or increased adoption throughout the year going from 16 to 18.2, is that about what you would have expected going into the year?

首先，當您看到 SMS 的採用率或全年採用率從 16 增加到 18.2 時，這是您對今年的預期嗎？

Did you overachieve, meet, underachieved expectations with regarding to that?

就此而言，您是否超出、達到或未達到預期？

Yes.

是的。

I can take this.

我可以接受這個。

Look, we'd always like to grow that faster.

瞧，我們總是希望能更快實現成長。

I think probably the -- we're very happy with the adoption rate we've seen.

我想可能是——我們對所看到的採用率感到非常滿意。

One thing that we want to reiterate is, I think that aggregate metric is useful.

我們要重申的一件事是，我認為整體指標是有用的。

But going forward, we're going to be disclosing the attach rate for SMS with our SMB customers and above.

但展望未來，我們將向 SMB 及以上級別的客戶公開簡訊的配售率。

And that was 26% in Q4.

第四季這一比例為 26%。

And we feel that, that SMB in up rather than the segment that we call entrepreneurs as sort of the small-/medium-sized businesses, it's actually more indicative of our success.

我們認為，中小企業（而不是我們稱之為企業家的中小型企業）的成長實際上更能說明我們的成功。

What we found is that for a lot of business when they're just getting started, SMS isn't relevant right away or not for all of those businesses.

我們發現，對於許多剛起步的企業來說，簡訊並不是立即適用的，或者並不是對所有企業都適用。

So we want every business to connect with consumers over the channels that are relevant for that -- those consumers who are interested in that business wants to provide.

因此，我們希望每個企業都能透過相關的管道與消費者建立聯繫——那些對企業提供的服務感興趣的消費者。

What we found for a lot of the smallest businesses, as they're getting going, there's so much going on that until their SMS becomes entirely automated, it actually makes sense to just focus on the core channel, which typically ends up being e-mail.

我們發現，對於許多剛起步的小型企業來說，在他們的簡訊實現完全自動化之前，有太多的事情要做，因此，只專注於核心管道（通常就是電子郵件）才是明智的做法。

So we're happy with that.

所以我們對此很滿意。

I think that percentage will continue to grow.

我認為這個比例還會持續成長。

We've done a lot of work.

我們已經做了很多工作。

I mentioned some of the work we've done on SMS to expand internationally coverage.

我提到了我們在簡訊方面所做的一些工作，以擴大國際覆蓋範圍。

We're also doing a lot of work on the SMS product side, very proud of our team for all of the product features we released around SMS this year.

我們也在 SMS 產品方面做了很多工作，我們團隊對今年圍繞 SMS 發布的所有產品功能感到非常自豪。

And we've actually got a lot more coming even in the next few months to make our SMS product really best-in-class.

事實上，在接下來的幾個月裡，我們將推出更多舉措，使我們的 SMS 產品真正成為一流的產品。

And the last thing I'll say is, I think SMS as a channel is going to get more interesting over the next 12, 24 months as SMS gets upgraded to a new standard called RCS that actually allows for a lot richer type of experiences being delivered through text message through mobile messaging.

最後我想說的是，隨著簡訊升級到 RCS 的新標準，我認為簡訊作為一種管道將在未來 12 到 24 個月內變得更加有趣，這實際上允許透過行動訊息傳遞文字訊息來提供更加豐富的體驗。

And we're very excited about some of the work that we're doing to allow our customers to use that new technology and get in front of this.

我們對正在進行的一些工作感到非常興奮，這些工作使我們的客戶能夠使用這項新技術並走在前面。

And we think that's going to have a positive impact on customer engagement, which should additionally have more adoption.

我們認為這將對客戶參與度產生正面影響，並有望得到更多人的採用。

And just building a little bit on what AB said, one of the reasons that we're so excited about SMS is that we see the benefit it drives for our customers.

稍微補充一下 AB 所說的，我們對 SMS 如此興奮的原因之一是我們看到了它為我們的客戶帶來的好處。

So when an e-mail customer adds SMS, not only do they get the additional KAV, that Klaviyo Attributed Value and revenue from SMS, but they also see rack uplift in their e-mail-specific KAV.

因此，當電子郵件客戶添加簡訊時，他們不僅可以獲得額外的 KAV、Klaviyo 歸因價值和來自簡訊的收入，還可以看到其電子郵件特定 KAV 的提升。

So it shows that these two channels are better together.

因此，這表明這兩個渠道結合起來效果更好。

And in fact, Klaviyo customers who added SMS to their marketing strategy during Black Friday Cyber Monday this year experienced a 20% increase in their e-commerce revenue year-on-year.

事實上，今年黑色星期五網路星期一期間將簡訊添加到行銷策略中的 Klaviyo 客戶的電子商務收入同比增長了 20%。

And one of our favorite examples, a customer who came to us for SMS this past quarter is CorePower Yoga.

我們最喜歡的例子之一是上個季度來找我們發送簡訊的客戶 CorePower Yoga。

They were a prior customer of ours, a nationwide yoga studio with over 200 locations.

他們是我們的老客戶，我們是一家在全國擁有 200 多個分店的瑜珈館。

They're a great customer, and they expanded with us in SMS because they are facing challenges with as many of our customers experienced a broken tech stack.

他們是一位很棒的客戶，並且與我們一起在 SMS 領域進行了擴張，因為他們正面臨著挑戰​​，因為我們的許多客戶都遇到了技術堆疊故障。

They were batching and blasting anyone who signed up for their marketing, which led to a high number of unsubscribes.

他們對所有註冊行銷的人進行批量處理和轟炸，導致大量人退訂。

And so we are now partnering together.

所以我們現在正在合作。

And with Klaviyo, they're going to be able to leverage detailed customer data to make smarter spending decisions, which will reduce unsubscribes and help enhance their brand growth.

借助 Klaviyo，他們將能夠利用詳細的客戶數據做出更明智的支出決策，從而減少退訂並有助於促進品牌成長。

Michael Berg, Wells Fargo.

富國銀行的麥可‧伯格。

I'll ask a quick one here for Amanda.

我要在這裡為阿曼達快速問一個問題。

Just double-clicking on the pricing mechanism changes, have you worked through most of the installed base already by giving this monthly contracts and you announced it a month or so ago?

只需雙擊定價機制的變化，您是否已經透過提供每月合約解決了大多數安裝基礎問題，並在一個月前宣布了這一消息？

And just from a functional standpoint, how do you think about how that works from a how the customer finds out if they're in compliance versus not?

僅從功能角度來看，您如何看待它如何運作，即客戶如何了解他們是否合規？

And maybe just squeeze one more in there, longer term, philosophically, how do you think about pricing here given the competitive end market, but obviously a highly value-added product?

或許只是再擠進一個，長期來看，從哲學上講，考慮到競爭激烈的終端市場，您如何看待定價，但顯然這是一種高附加價值的產品？

Sure.

當然。

I'll start with the how does it wind its way through our customer base.

我首先會介紹它是如何在我們的客戶群中傳播的。

So we announced this to our customer base a month ago to give everyone a heads-up that this change was coming.

因此，我們在一個月前就向客戶宣布了這個消息，讓每個人都知道這項變更即將到來。

And then the pricing change and all of these changes went into effect yesterday.

然後價格發生變化，所有這些變化都在昨天生效。

And so customers who are on monthly billing cycles, it will go into effect for each of them at the point where their monthly billing cycle renews.

因此，對於採用按月計費週期的客戶，它將在其按月計費週期更新時對每個客戶生效。

So that will happen over the course of the next month.

這將在下個月發生。

As part of the announcement a month ago, we did let customers know here's where your profiles are today, here's the plan that you're on and how those two compare and what the implication for you personally would be based on the appropriate pricing tier for you to be on as well as the appreciation discount that we are giving, which limits any pricing change for an individual customer to no more than 25%.

作為一個月前公告的一部分，我們確實讓客戶了解了您當前的個人資料、您所使用的計劃以及這兩者之間的比較情況，以及基於適合您的定價層級對您個人的影響以及我們提供的升值折扣，這將單個客戶的任何價格變化限制在不超過 25% 的範圍內。

And then importantly, as AB said, part of what we're doing through this is also educating and working with our customers on what are the pros who they want to keep in their database?

然後重要的是，正如 AB 所說，我們透過這種方式所做工作的一部分也是對客戶進行教育和合作，了解他們希望在資料庫中保留哪些專業人士？

Who are those engaged customers?

那些忠實的客戶是誰？

How do they keep them appropriately engaged?

他們如何讓他們適當地參與？

And then if customers are becoming unengaged, what's the right way to manage their profile list?

那麼，如果客戶變得不再參與，那麼管理他們的個人資料清單的正確方法是什麼？

And we've put in place tools to make it easy for our customers to manage their profile list on an ongoing basis.

我們已經提供了工具，以便客戶可以輕鬆持續地管理他們的個人資料清單。

And let me just add on the philosophy side.

讓我再補充一下哲學方面的內容。

Look, we very much believe in building best-in-class premium products, but having a pricing model that's very approachable for our customers.

你看，我們非常相信打造一流的優質產品，但擁有一個對我們的客戶來說非常適合的定價模式。

So as we iterate on pricing is always with that in mind.

因此，我們在定價時始終考慮到這一點。

We want to make our products easy to adopt, easy to use more of.

我們希望讓我們的產品更容易被採用、更容易被使用。

And we try to align our pricing axis to whatever that value metric is for the specific products.

我們嘗試將定價軸與具體產品的價值指標相一致。

So for both e-mail and SMS, we're -- I think we're making some very positive changes for our customers here that are in response to a lot of the feedback that we've had from them over the last couple of months and even the last year or 2.

因此，對於電子郵件和短信，我認為我們正在為我們的客戶做出一些非常積極的改變，這是對我們在過去幾個月甚至過去一兩年裡從他們那裡得到的大量反饋的回應。

Nick Altmann, Scotiabank.

加拿大豐業銀行的尼克‧阿爾特曼 (Nick Altmann)。

AB, you mentioned you held your first in-person Partner Advisory Council for strategizing around 2025.

AB，您提到您召開了第一次面對面的合作夥伴諮詢委員會會議，以製定 2025 年左右的策略。

So I wanted to ask a follow-up there.

所以我想問後續問題。

But can you maybe just give us a sense as to how much of the business is being driven from the channel today, what the overarching message to partners is around 2025?

但您能否告訴我們，目前有多少業務是由通路推動的，2025 年對合作夥伴的整體訊息是什麼？

And maybe just talk about the channel internationally and where that sort of fits into those expansion plans.

或許只是談論國際管道以及它與擴張計劃的契合程度。

Yes.

是的。

Sure.

當然。

Look, our partners are what have made Klaviyo the success it is today.

看，我們的合作夥伴使 Klaviyo 取得了今天的成功。

We have a couple of different types.

我們有幾種不同的類型。

On the technology side, we mentioned a bunch of software and technology platform that Klaviyo integrates with and partners with both on the product side and on the go-to-market side.

在技​​術方面，我們提到了 Klaviyo 在產品方面和市場方面整合並合作的一系列軟體和技術平台。

We also have a vibrant ecosystem of developers that are building applications on top of the Klaviyo data platform to make it more useful to our customers.

我們還擁有一個充滿活力的開發者生態系統，他們在 Klaviyo 數據平台上建立應用程序，以使其對我們的客戶更有用。

Aside -- next to our technology partners, we also have a lot of service partners, both marketing agencies and now as we move up into the market enterprise, increasingly, we're expanding our relationships with system integrators and SIs.

除此之外，除了我們的技術合作夥伴之外，我們還有很多服務合作夥伴，包括行銷機構，現在，隨著我們進入市場企業，我們正在不斷擴大與系統整合商和 SI 的關係。

And all of these different types of -- we think about -- they really surround our customers to help make them successful and help amplify the value of our products.

我們認為，所有這些不同類型的產品都圍繞著我們的客戶，幫助他們取得成功，並幫助提升我們產品的價值。

So as we -- we've always had this approach of product-led and partner-led.

因此，我們一直採取以產品和合作夥伴為主導的方法。

So as we mentioned, we're growing internationally.

正如我們所提到的，我們正在國際上發展。

A big part of our motion is as we get product market fit, we're also immediately look to the local partners both on the technology side and on the service side who know our customers can help tell us whether we're doing a good job, help introduce us and drive demand.

我們行動的很大一部分是，當我們的產品適應市場時，我們也會立即尋找技術方面和服務方面的本地合作夥伴，他們了解我們的客戶，可以幫助我們判斷我們是否做得很好，幫助介紹我們並推動需求。

And so we're very excited about that.

因此我們對此感到非常興奮。

We've made a lot of changes to our partner program in the last year to further incentivize and work better with our partner ecosystem.

去年，我們對合作夥伴計畫做出了許多改變，以進一步激勵合作夥伴生態系統並使其更好地運作。

And this year, I'm very excited for both to expand the number of agency and SI releases we have as well as really double down on the developer community that's starting to build around Klaviyo.

今年，我非常高興能夠擴大我們的代理商和 SI 版本的數量，並真正加倍投入圍繞 Klaviyo 開始建立的開發者社群。

So I think that's going to help accelerate growth internationally.

所以我認為這將有助於加速國際成長。

But frankly, in the US, it's just going to help all aspects of our business.

但坦白說，在美國，它只會對我們業務的各個方面有所幫助。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。