Klaviyo Inc (KVYO) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to Klaviyo's first-quarter fiscal 2025 earnings conference call. (Operator Instructions)

下午好，歡迎參加 Klaviyo 2025 財年第一季財報電話會議。（操作員指示）

With that, I would like to turn the call over to Andrew Zilli, Vice President of Investor Relations. You may begin.

接下來，我想將電話轉給投資人關係副總裁 Andrew Zilli。你可以開始了。

Thanks. Good afternoon, and thanks for joining Klaviyo's first-quarter 2025 earnings call. Our earnings press release, investor presentation, SEC filings and a replay of today's call can be found on our IR website at investors.claviyo.com.

謝謝。下午好，感謝您參加 Klaviyo 2025 年第一季財報電話會議。我們的收益新聞稿、投資者介紹、SEC 文件以及今天電話會議的重播可以在我們的 IR 網站 investors.claviyo.com 上找到。

With me on the call today are Andrew Bialecki, Co-Founder and CEO; and Amanda Whalen, CFO. As a reminder, our commentary today will include non-GAAP measures.

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 和財務長 Amanda Whalen。提醒一下，我們今天的評論將包括非公認會計準則衡量標準。

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

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。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. 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 and subsequent quarterly reports on Form 10-Q. Except as required by law, we do not undertake any responsibility to update these forward-looking statements.

如果任何這些風險成為現實，或者我們的假設被證明是錯誤的，那麼實際的公司表現可能與這些前瞻性陳述有重大差異。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包含在我們向美國證券交易委員會提交的文件中，包括我們最近的 10-K 表年度報告和隨後的 10-Q 表季度報告。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, Billy, and thank you all for joining us today. Klaviyo delivered a strong start to 2025 with Q1 revenue of $280 million, representing 33% year-over-year growth. We now empower over 169,000 customers worldwide from individual entrepreneurs to global enterprises to build smarter digital relationships. We are a must-have omnichannel platform for businesses looking to connect with their consumers in a meaningful way to drive revenue. Our performance once again proved out three defining themes for Klaviyo.

謝謝，比利，也謝謝大家今天加入我們。Klaviyo 在 2025 年取得了強勁開局，第一季營收達 2.8 億美元，年成長 33%。目前，我們為全球超過 169,000 名客戶提供支持，從個人企業家到全球企業，以建立更智慧的數位關係。對於希望以有意義的方式與消費者建立聯繫以增加收入的企業來說，我們是必備的全通路平台。我們的表現再次證明了 Klaviyo 的三個決定性主題。

First, we are a growth company, and we are executing well on our strategy to deliver sustainable, efficient, long-term growth with notable momentum growing in the mid-market and above and expanding internationally.

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，實現可持續、高效、長期的成長，在中端及以上市場呈現顯著的成長勢頭，並正在向國際市場擴張。

Second, our vertically integrated data-first approach with a powerful embedded Klaviyo data platform and fast pace of innovation are core differentiators.

其次，我們採用垂直整合的資料優先方法，擁有強大的嵌入式 Klaviyo 資料平台和快速的創新步伐，這是我們的核心差異化因素。

And third, Klaviyo is uniquely positioned to redefine the next era of consumer engagement as the only CRM built for B2C businesses. The future of marketing is more personalized, but companies can only deliver on that if they know who their consumers are and where to best reach them.

第三，Klaviyo 作為唯一專為 B2C 企業打造的 CRM，具有獨特的優勢，可以重新定義下一個消費者參與時代。未來的行銷將更加個人化，但公司只有了解自己的消費者是誰以及如何最好地接觸到他們，才能實現這一目標。

With B2C CRM, we've brought together multichannel marketing automation, customer service, and marketing analytics onto one AI-powered data platform. This allows companies to take action on their data and build long-term loyal consumer relationships across every touch point. B2C CRM positions Klaviyo to address a critical gap in the market, providing consumer brands with a system designed for their unique high-volume, fast-paced needs.

透過 B2C CRM，我們將多通路行銷自動化、客戶服務和行銷分析整合到一個由人工智慧驅動的數據平台上。這使得公司能夠根據其數據採取行動並在每個接觸點建立長期忠誠的消費者關係。B2C CRM 讓 Klaviyo 能夠填補市場中的一個關鍵空白，為消費品牌提供專為滿足其獨特的大容量、快節奏需求而設計的系統。

This is a natural evolution of our journey from a leading marketing automation platform to a comprehensive solution that unifies marketing, service and analytics. The combination of apps and platform reinforces our vision of empowering consumer brands to own their data and deliver seamless consumer journeys from discovery to post purchase.

這是我們從領先的營銷自動化平台到統一行銷、服務和分析的綜合解決方案的自然演變。應用程式和平台的結合強化了我們的願景，即讓消費品牌擁有自己的數據，並提供從發現到購買後的無縫消費者旅程。

Our platform combines advanced AI-driven analytics, expanded marketing tools and a new customer hub to bring service interactions further up the funnel, fostering stronger relationships and higher ROI. While still early, we are already seeing strong traction with marketing analytics and customer hubs. Customers are excited to use data to power even more amazing consumer experiences.

我們的平台結合了先進的人工智慧分析、擴展的行銷工具和新的客戶中心，將服務互動進一步提升，從而促進更強的關係和更高的投資報酬率。雖然還處於早期階段，但我們已經看到行銷分析和客戶中心的強勁成長。客戶很高興能夠利用數據來提供更令人驚嘆的消費者體驗。

One customer who recently adopted Marketing Analytics converted 31% more customers and drove 49% of revenue from repeat purchasers in the first six months of using the product. We also have several hundred customers in our customer hub limited beta from small entrepreneurs to large well-known global brands like C Swift. We've heard from many of our beta customers that this is a no-brainer for them because it instantly up-levels the consumer experience.

一位最近採用 Marketing Analytics 的客戶在使用產品的前六個月內，客戶轉換率提高了 31%，並從回頭客那裡獲得了 49% 的收入。我們的客戶中心有限測試版中還有數百名客戶，從小型企業家到 C Swift 等大型知名全球品牌。我們從許多測試版客戶那裡聽說，這對他們來說是輕而易舉的事，因為它可以立即提升消費者體驗。

We're helping drive more signed-in shoppers, which drives more personalization and less costly service interaction, delivering better outcomes for both consumers and brands. Klaviyo Marketing combines our messaging channels with campaigns, flows, forms, reviews and more. It remains at the core of our platform. And in Q1, our team delivered several new features that leverage data and AI to make it even easier for brands to engage with their consumers across channels.

我們正在幫助吸引更多登入購物者，從而推動更個人化和更低成本的服務互動，為消費者和品牌帶來更好的結果。Klaviyo Marketing 將我們的訊息管道與活動、流程、表格、評論等結合。它仍然是我們平台的核心。在第一季度，我們的團隊推出了幾項利用數據和人工智慧的新功能，使品牌能夠更輕鬆地透過各種管道與消費者互動。

This includes automated campaign follow-up to improve campaign reengagement, brand voice consistency for e-mail AI to automatically capture and apply unique brand guidelines to AI-generated content and several new form features to drive better sign-up rate.

這包括自動化的活動跟進以提高活動重新參與度、電子郵件 AI 的品牌聲音一致性以自動捕獲並將獨特的品牌指南應用於 AI 生成的內容以及幾個新的表單功能以提高註冊率。

We also recently introduced custom objects, which allows brands to define their own data structure with fully customizable properties. For example, a restaurant can create an object to capture reservation occasions, allowing them to store that on the consumer profile and leverage it for future engagement opportunities.

我們最近也推出了自訂對象，讓品牌可以定義具有完全可自訂屬性的自己的資料結構。例如，餐廳可以建立一個物件來捕捉預訂場合，允許他們將其儲存在消費者檔案中並利用它來獲取未來的參與機會。

Currently, in limited availability, this feature is particularly important for larger brands and customers outside of e-commerce. We also launched automated conversations for SMS, which enables our customers to drive more sales with a tailored shopping experience by integrating campaigns and flows into SMS conversations. This enables our customers to collect more information from their consumers and use that information to provide product recommendations, making the interactions more engaging and personalized.

目前，由於可用性有限，此功能對於電子商務以外的大型品牌和客戶尤其重要。我們還推出了簡訊自動對話功能，透過將活動和流程整合到簡訊對話中，我們的客戶能夠以客製化的購物體驗來推動更多銷售。這使我們的客戶能夠從消費者那裡收集更多信息，並利用這些信息提供產品推薦，使互動更具吸引力和個性化。

Our commitment to innovating across our platform remains core to why a diverse set of customers choose Klaviyo. In Q1, we signed new or expansion deals with companies of all sizes, including Quip, Burt's Bees Baby, Mark Fisher, Kendo Beauty and Features. We also power many of the fastest-growing companies in the consumer space.

我們致力於在整個平台上進行創新，這也是許多客戶選擇 Klaviyo 的核心原因。在第一季度，我們與各種規模的公司簽署了新的或擴張的協議，包括 Quip、Burt's Bees Baby、Mark Fisher、Kendo Beauty and Features。我們也為消費領域許多發展最快的公司提供支援。

Bain recently released their 2025 insurgent brands list made up of companies with more than $25 million of annual revenue and growing 10x their category average. Approximately 70% of the companies on the 2025 list are Klaviyo customers.

貝恩公司最近發布了 2025 年新生品牌名單，其中列出了年收入超過 2500 萬美元且增長率為同類品牌平均水平 10 倍的公司。2025 年榜單上約 70% 的公司都是 Klaviyo 的客戶。

Many companies are faced with a common challenge, the complexity brought by multiple point solutions and older legacy systems that don't integrate together and make it extremely difficult to build lasting consumer relationships. This is driving a secular shift as companies are looking to modernize and consolidate their tech stack to enable a faster, more personalized consumer experience.

許多公司都面臨著一個共同的挑戰，即多點解決方案和無法整合在一起的舊遺留系統所帶來的複雜性，使得建立持久的消費者關係變得極其困難。這正在推動長期轉變，因為公司正在尋求實現其技術堆疊的現代化和整合，以實現更快、更個人化的消費者體驗。

Our modern vertically integrated platform positions Klaviyo well as companies of all sizes look to consolidate onto a unified data-powered platform. The more complex use cases that often come with larger brands play to Klaviyo's strength.

我們現代化的垂直整合平台為 Klaviyo 提供了良好的定位，因為各種規模的公司都希望整合到一個統一的資料驅動平台上。大型品牌通常伴隨更複雜的用例，這充分發揮了 Klaviyo 的優勢。

Our platform can handle the scale, security requirements and multi-country needs of many larger customers. And our API-first design offers the flexibility to support a wide range of use cases. Our competitive position against the legacy Marketing Cloud has never been stronger as evidenced by several notable new mid-market and enterprise customer wins.

我們的平台可以處理許多大型客戶的規模、安全要求和多國需求。我們的 API-first 設計提供了靈活性，以支援廣泛的用例。我們相對於傳統行銷雲的競爭地位從未如此強大，這從我們贏得的幾項顯著的新中階市場和企業客戶中可見一斑。

One great example of this is the deal we signed in Q1 with the Hershey Company. The team was seeking a more modern and intuitive marketing platform for e-mail and SMS for their direct-to-consumer commerce platforms. They also wanted marketing analytics for their Hershey's Chocolate World destination and their shophershey.com e-commerce platform and chose Klaviyo as their partner to drive this forward.

一個很好的例子就是我們在第一季與好時公司簽署的協議。該團隊正在為其直接面向消費者的商業平台尋求一個更現代化、更直觀的電子郵件和簡訊行銷平台。他們還希望為他們的 Hershey's Chocolate World 目的地和 shophershey.com 電子商務平台進行行銷分析，並選擇 Klaviyo 作為合作夥伴來推動這一進程。

We also welcomed Falcon, a leading consumer electronics brand to Klaviyo in Q1. The amount of manual development work required by their legacy marketing cloud was slowing down the marketing team's efforts. Falcon chose Klaviyo's marketing platform to help them improve their user experience, unlock more one-to-one personalization options and leverage automation while reducing the time spent by the marketing team operating in the platform.

我們也在第一季歡迎領先的消費性電子品牌 Falcon 加入 Klaviyo。其傳統行銷雲所需的大量手動開發工作減緩了行銷團隊的工作速度。Falcon 選擇了 Klaviyo 的行銷平台來幫助他們改善用戶體驗、解鎖更多一對一個性化選項並利用自動化，同時減少行銷團隊在平台上操作所花費的時間。

And we signed a great new deal with Coriana, a Southern California-based jewelry brand that sells digitally and across retail locations in the United States. They were using a point solution vendor for e-mail, and we're experiencing several pain points like issues with geo-targeting, having to use separate vendor performs and difficulty with reporting and analytics.

我們與 Coriana 簽署了一項重要的新協議，Coriana 是一家總部位於南加州的珠寶品牌，在美國透過數位管道和零售店進行銷售。他們使用點解決方案供應商來處理電子郵件，而我們遇到了一些痛點，例如地理定位問題、必須使用單獨的供應商執行以及報告和分析困難。

They were also going to have to use a stand-alone CDP to properly analyze their data. They came to Klaviyo for e-mail, SMS push and marketing analytics because of the combination of our built-in data platform, our extensive prebuilt integration library and our ability to simplify even their most complex use cases. Internationally, the investments we made in our product and go-to-market are yielding great results.

他們還必須使用獨立的 CDP 來正確分析他們的數據。他們選擇 Klaviyo 進行電子郵件、簡訊推送和行銷分析，因為我們擁有內建資料平台、廣泛的預建整合庫，並且能夠簡化最複雜的用例。在國際上，我們在產品和市場方面的投資正在產生巨大的成果。

Over the last several quarters, we added several new languages, expanded our SMS channel to new countries and added more sales reps with local language capabilities, fueling continued international growth in Q1. We saw notable strength in France, Germany and Spain, each of which delivered more than 100% year-on-year growth in new business in the quarter.

在過去的幾個季度中，我們增加了幾種新語言，將我們的簡訊管道擴展到新的國家，並增加了更多具有當地語言能力的銷售代表，推動了第一季國際業務的持續成長。我們看到法國、德國和西班牙表現顯著，這三個國家本季的新業務年增均超過 100%。

In Q1, we signed a new deal with Moose knuckles, a Canadian luxury outerwear brand. They were seeking a solution to better identify and understand their customers and agility in setting up personalized communication. Without a centralized CRM, they lacked a unified view of in-store and online shoppers. Klaviyo stood out for its intuitive segmentation engine, seamless data ingestion from existing systems and AI-powered features built throughout the platform.

第一季度，我們與加拿大奢侈外套品牌 Moose knuckles 簽署了新協議。他們正在尋求一種解決方案，以便更好地識別和了解他們的客戶，並靈活地建立個人化溝通。由於缺乏集中式 CRM，他們缺乏對店內和線上購物者的統一視圖。Klaviyo 因其直覺的分割引擎、從現有系統無縫提取資料以及整個平台構建的 AI 功能而脫穎而出。

We also expanded our relationship with Bahas, a leading home improvement chain in Europe. They were using multiple vendors across their Nordics business without a single source of truth. They are consolidating that region onto Klaviyo, leveraging marketing automation and marketing analytics. We're excited to further our relationship with Bahas in the future. We also started working with new customers like my First Years, a leading UK baby and child brand and expanded with existing customers like Reebok for their European business.

我們也擴大了與歐洲領先的家居裝修連鎖店Bahas的合作關係。他們在北歐業務中使用了多家供應商，但沒有一個可靠的來源。他們正在將該地區整合到 Klaviyo，利用行銷自動化和行銷分析。我們很高興未來能夠進一步發展與 Bahas 的關係。我們也開始與英國領先的嬰兒和兒童品牌 First Years 等新客戶合作，並與 Reebok 等現有客戶合作，拓展其歐洲業務。

We're also continuing our targeted marketing efforts in specific regions, including our Kay Sydney event, which was held today and our K London event in June. Many of these wins were driven by our strong and growing partner ecosystem, which continues to expand our reach and functionality. Our recently announced WooCommerce partnership is already exceeding expectations with new customer adoption across diverse segments in retail, nonretail and international.

我們也將繼續在特定地區進行有針對性的行銷活動，包括今天舉行的 Kay 雪梨活動和 6 月的 K 倫敦活動。許多勝利都源自於我們強大且不斷發展的合作夥伴生態系統，這不斷擴大了我們的覆蓋範圍和功能。我們最近宣布的與 WooCommerce 的合作已經超出了預期，零售、非零售和國際等不同領域的新客戶都採用了我們的合作。

In Q1, we also deepened our relationship with major tech platforms like Meta and TikTok through expanded integrations with Klaviyo. Importantly, they are seeing the value of building on the Klaviyo data platform to help their customers drive growth and build stronger data-informed relationships.

在第一季度，我們也透過擴大與 Klaviyo 的整合，加深了與 Meta 和 TikTok 等主要科技平台的關係。重要的是，他們看到了基於 Klaviyo 數據平台的價值，可以幫助他們的客戶推動成長並建立更強大的數據資訊關係。

And we continue to expand the number of hospitality integrations with the availability of Punch, a loyalty vendor for restaurants. Before I wrap it up and hand it over to Amanda, let me quickly touch on the current macro environment. We've been talking with a lot of customers and have heard some consistent themes. In general, many of our customers are feeling tentative but optimistic.

並且，我們將繼續利用餐廳忠誠度供應商 Punch 來擴大酒店業的整合數量。在我結束演講並交給阿曼達之前，請允許我快速介紹當前的宏觀環境。我們已經與許多客戶進行了交談，並聽到了一些一致的主題。總體而言，我們的許多客戶都感到猶豫但樂觀。

Many of them have already diversified their supply chain over the last year, and several brands with no exposure to China mentioned they are considering going on the offensive, growing inventory for the holiday season, and going after more market share.

其中許多品牌在過去一年中已經實現了供應鏈多元化，一些尚未進入中國市場的品牌表示，他們正在考慮採取攻勢，增加假期季節的庫存，並爭取更多的市場份額。

Klaviyo's importance in both favorable and challenging macroeconomic environments stems from the critical role our platform plays. We help companies retain and engage their existing loyal consumers, and those existing consumers are an important component of every business, regardless of the economic cycle. Customers have also told us that consolidating from multiple point solutions to Klaviyo is a key consideration as it enables a single source of truth to build personalized, loyal relationships.

Klaviyo 在有利和充滿挑戰的宏觀經濟環境中的重要性源於我們的平台所發揮的關鍵作用。我們幫助公司留住並吸引現有的忠實消費者，無論經濟週期如何，這些現有消費者都是每個企業的重要組成部分。客戶也告訴我們，從多點解決方案整合到 Klaviyo 是一個關鍵考慮因素，因為它可以透過單一事實來源建立個人化、忠誠的關係。

Building those loyal relationships is absolutely essential, and Klaviyo enables our customers to do exactly that with exceptional and measurable ROI. We have a massive market opportunity ahead of us, and our data-first B2C CRM platform is a key differentiator that positions Klaviyo to redefine consumer engagement.

建立忠誠的關係絕對至關重要，而 Klaviyo 使我們的客戶能夠以卓越且可衡量的投資回報率做到這一點。我們面臨著巨大的市場機遇，而我們以數據為先的 B2C CRM 平台是 Klaviyo 重新定義消費者參與度的關鍵差異化因素。

As we look ahead, we are focused on continuing to deliver the innovations that our customers and partners are asking for. This includes further integrating AI throughout the Klaviyo platform, adding more marketing channels, and expanding service use cases. We are well-positioned to be the platform for every consumer in the business, from marketing to service to analytics, enabling them to build strong personalized relationships with each of their consumers.

展望未來，我們致力於持續提供客戶和合作夥伴所需的創新。這包括進一步整合整個 Klaviyo 平台的 AI、增加更多行銷管道以及擴展服務用例。我們有能力成為企業中每個消費者的平台，從行銷到服務再到分析，使他們能夠與每個消費者建立強大的個人化關係。

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

現在，我想把發言權交給阿曼達 (Amanda)。

Thanks, Andrew. Klaviyo drove a strong first quarter to kick off 2025 as we continue to deliver efficient growth at scale. Revenue grew 33% year over year to $280 million, and we delivered a non-GAAP operating margin of 11.6%. We are really pleased with these results. Our first quarter results were continued proof of the value we deliver to customers and reflect the successful execution of our growth strategy.

謝謝，安德魯。隨著我們繼續實現規模化高效增長，Klaviyo 在 2025 年第一季取得了強勁表現。營收年增 33% 至 2.8 億美元，非 GAAP 營業利潤率為 11.6%。我們對這些結果非常滿意。我們第一季的業績繼續證明了我們為客戶提供的價值，並反映了我們成長策略的成功執行。

We are adding new customers, growing in the mid-market, expanding with existing customers, and expanding internationally. We ended Q1 with more than 169,000 customers, up 16% year over year. This was better than our expectations, as our customer retention was stronger than anticipated following the pricing updates we announced during the quarter and remained consistent with prior quarters.

我們正在增加新客戶，在中端市場發展，擴大現有客戶，並進行國際擴張。截至第一季度，我們擁有超過 169,000 名客戶，年增 16%。這比我們的預期要好，因為在本季度我們宣布價格更新後，我們的客戶保留率高於預期，並且與前幾季保持一致。

In fact, our customer retention rates coming off the holiday season were consistent with the trends we saw in Q1 last year. Our success in attracting larger customers is evident as we ended the quarter with 3,030 customers with over $50,000 in ARR, up 40% year over year.

事實上，假期季過後我們的客戶保留率與去年第一季的趨勢一致。我們在吸引大客戶方面取得的成功顯而易見，本季末我們擁有 3,030 名客戶，ARR 超過 50,000 美元，較去年同期成長 40%。

And we now have more than 1,000 customers paying us more than $100,000 in ARR. We continue to see a strong trend of new lands in this cohort, demonstrating the payoff from our investments in the mid-market and above. We delivered a Q1 NRR of 108%, in line with last quarter, driven by consistent gross revenue retention, improvement in e-mail expansion, and, to a lesser extent, benefit from the pricing changes.

現在我們有超過 1,000 名客戶向我們支付超過 100,000 美元的 ARR。我們繼續看到這個群體中新土地的強勁趨勢，證明了我們在中端及以上市場的投資獲得了回報。我們第一季的 NRR 為 108%，與上一季持平，這得益於持續的總收入保留、電子郵件擴展的改善，以及在較小程度上受益於價格變化。

While we don't forecast or guide to this number, we are pleased with the consistency we're seeing. We are continuing to drive progress in our cross-sell motion, and we're seeing more of our larger customers land on Klaviyo with multiple products.

雖然我們沒有預測或指導這個數字，但我們對看到的一致性感到滿意。我們正在繼續推動交叉銷售活動的進展，我們看到越來越多的大客戶選擇 Klaviyo 來購買多種產品。

In Q1, our SMS penetration within SMB and mid-market customers increased again. We saw strong adoption of our marketing analytics application, and we are seeing a lot of interest from customers for our new Customer Hub service offering.

在第一季度，我們的簡訊在中小企業和中端市場客戶的滲透率再次上升。我們看到我們的行銷分析應用程式得到了廣泛的採用，並且我們看到客戶對我們新的客戶中心服務產品表現出極大的興趣。

As you heard from Andrew, our investments made towards expanding internationally on both the go-to-market and product fronts are delivering returns as our strong international growth continued in the first quarter. EMEA revenue grew 47% year over year, and total EMEA and APAC revenue grew 42% year over year. Our Q1 revenue overperformance was driven by broad-based strength.

正如安德魯所說，我們在第一季繼續保持強勁的國際成長勢頭，在市場進入和產品方面對國際擴張的投資正在帶來回報。歐洲、中東和非洲地區營收年增 47%，歐洲、中東和非洲地區及亞太地區總營收年增 42%。我們第一季的營收超出預期是由全面實力推動的。

Consistent with our expectations, the pricing updates that went live in February contributed an immaterial amount to first-quarter revenue. We continue to believe that the pricing changes will have a minimal impact on full-year growth rates, and we will only provide further updates if our view changes.

與我們的預期一致，二月實施的價格更新對第一季的營收貢獻並不大。我們仍然相信，價格變化對全年成長率的影響將微乎其微，只有當我們的觀點改變時，我們才會提供進一步的更新。

Moving on, first quarter non-GAAP gross margin was 77%, down approximately three points year over year, primarily due to increased infrastructure costs and the continued growth of our SMS product. A portion of the incremental infrastructure costs supported the expansion of important feature capabilities for larger customers and new verticals, and our ongoing commitment to provide infrastructure to serve businesses of all sizes. Turning to non-GAAP operating expenses.

繼續說，第一季非 GAAP 毛利率為 77%，較去年同期下降約 3 個百分點，主要原因是基礎設施成本增加以及 SMS 產品的持續成長。部分增量基礎設施成本用於支援為更大的客戶和新的垂直行業擴展重要功能，以及我們持續致力於為各種規模的企業提供基礎設施。轉向非公認會計準則營運費用。

As a reminder, in Q1, we began accruing for our employee cash bonus program on a quarterly basis, resulting in an increase in each line item year over year. G&A as a percentage of revenue declined year over year as a result of smaller one-time items compared to last year. R&D as a percentage of revenue also declined due to an increase in capitalized software.

提醒一下，從第一季開始，我們開始按季度累積員工現金獎金計劃，導致每個專案的金額逐年增加。由於一次性項目較去年同期減少，一般及行政費用佔收入的百分比年減。由於資本化軟體的增加，研發佔收入的百分比也有所下降。

Sales and marketing as a percentage of revenue increased year over year as a result of the timing of marketing program spend and incremental investments for B2C CRM. For the first quarter, our non-GAAP operating income was $32 million, representing a non-GAAP operating margin of 11.6%.

由於行銷計劃支出的時機和 B2C CRM 的增量投資，銷售和行銷佔收入的百分比年增。第一季度，我們的非公認會計準則營業收入為 3,200 萬美元，非公認會計準則營業利潤率為 11.6%。

This came in better than our guidance, primarily as a result of the revenue upside we saw in the quarter. We generated free cash flow of $6.6 million during the quarter, which was better than expected due to the higher collections and timing of payments. As a reminder, we paid out our employee cash bonus program in Q1, which impacted free cash flow.

這比我們的預期要好，主要是因為我們在本季看到了營收的成長。本季我們產生了 660 萬美元的自由現金流，由於收款金額增加和付款時間安排到位，這一結果好於預期。提醒一下，我們在第一季支付了員工現金獎金計劃，這影響了自由現金流。

Before turning to guidance, let me briefly discuss the macro environment. While potential tariffs and consumer sentiment are top of mind for our customers and for Klaviyo, thus far, we have not seen a material impact on our business.

在談到指導之前，讓我先簡單討論一下宏觀環境。雖然潛在的關稅和消費者情緒是我們的客戶和 Klaviyo 最關心的問題，但到目前為止，我們還沒有看到對我們的業務產生重大影響。

Klaviyo drives revenue for our customers from their existing consumers, which is typically a highly efficient and profitable growth channel. Should they need to scale back, many customers have told us that retention would be one of the last areas where they would reduce spending.

Klaviyo 透過現有消費者為我們的客戶創造收入，這通常是一種高效且有利可圖的成長管道。許多客戶告訴我們，如果他們需要縮減開支，保留將是他們最後削減開支的領域之一。

Instead, they would be more likely to pull back on new consumer acquisition costs such as ad spending. Klaviyo's position as a high ROI must-have revenue generator for brands of all sizes gives us greater stability through a range of economic cycles.

相反，他們更可能削減廣告支出等新消費者獲取成本。Klaviyo 作為各種規模品牌必備的高投資回報率收入來源，為我們在一系列經濟週期中提供了更大的穩定性。

Our business performed well in Q1 and remains strong. However, we are also paying close attention to the macro environment and the impact it may have on our business. As a result, our guidance reflects a balance between the strength of our business and the uncertainty of the macro environment. We believe this is a prudent approach as it factors in some potential economic risk.

我們業務在第一季表現良好並且保持強勁。然而，我們也密切關注宏觀環境及其可能對我們業務的影響。因此，我們的指引反映了我們業務實力與宏觀環境不確定性之間的平衡。我們認為這是一種謹慎的做法，因為它考慮了一些潛在的經濟風險。

As we look ahead, we remain optimistic about 2025 and beyond. For Q2, we expect revenue of $276 million to $280 million, representing year over year growth of 24% to 26%, driven by continued strength upmarket and internationally.

展望未來，我們對 2025 年及以後依然充滿樂觀。對於第二季度，我們預計營收將達到 2.76 億美元至 2.8 億美元，年增 24% 至 26%，得益於高端市場和國際市場的持續強勁成長。

We expect second quarter non-GAAP operating income of $28.5 million to $31.5 million, representing a non-GAAP operating margin of 10% to 11%. For the full year 2025, we are raising revenue guidance to $1.171 billion to $1.179 billion for year over year growth of 25% to 26%. We expect non-GAAP operating income of $133 million to $139 million, representing a non-GAAP operating margin of 11% to 12%.

我們預計第二季非公認會計準則營業收入為 2,850 萬美元至 3,150 萬美元，非公認會計準則營業利潤率為 10% 至 11%。對於 2025 年全年，我們將營收預期上調至 11.71 億美元至 11.79 億美元，年增 25% 至 26%。我們預期非 GAAP 營業收入為 1.33 億美元至 1.39 億美元，非 GAAP 營業利潤率為 11% 至 12%。

In closing, we are off to a strong start this year, and our growth strategy is bearing fruit as we're delivering balanced top and bottom-line growth efficiently and at scale. Our position in the market continues to strengthen.

最後，我們今年開局強勁，我們的成長策略正在取得成果，因為我們正在高效、大規模地實現平衡的營收和利潤成長。我們的市場地位不斷加強。

We are the only CRM for consumer brands that can power personalized engagement with our marketing automation, customer service, and marketing analytics application built on top of the Klaviyo data platform. This vertically integrated offering is establishing a foundation of sustainable growth for both Klaviyo and our customers.

我們是唯一一家能夠透過基於 Klaviyo 數據平台建立的行銷自動化、客戶服務和行銷分析應用程式實現個人化互動的消費品牌 CRM。這種垂直整合的產品為 Klaviyo 和我們的客戶建立了永續成長的基礎。

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

現在，我將開始問答環節。操作員？

(Operator Instructions) Raimo Lenschow, Barclays.

（操作員指示）巴克萊銀行的 Raimo Lenschow。

Perfect. Congrats from me. A simple question, you addressed it on the call already a little bit. Like if you think about uncertain times, AB and Amanda, what have you seen before like we've just had like 2022, 2023, where it was a little bit more uncertain. Can you compare kind of what you saw there and customer behavior at the moment that you're seeing there? Congrats from me again.

完美的。我向你表示祝賀。一個簡單的問題，您在電話中已經稍微回答過它了。例如，AB 和 Amanda，如果您考慮不確定的時期，您以前見過什麼嗎？例如我們剛經歷的 2022 年、2023 年，那時的情況更不確定。您能否比較一下您在那裡看到的情況和您當時看到的客戶行為？我再次表示祝賀。

Yeah. Thanks for the question, Raimo. So the first thing we'll say is we're very happy about the quarter. Thanks to our customers to Klaviyo for making it all possible. And it's because Klaviyo is mission-critical to the businesses that we work with.

是的。謝謝你的提問，Raimo。因此，我們首先要說的是，我們對本季的表現非常滿意。感謝我們的客戶 Klaviyo 讓這一切成為可能。這是因為 Klaviyo 對我們合作的企業來說至關重要。

We are a revenue engine for these businesses, and we help connect them to their most important asset, which is their customers, their existing customers. So I think when the economic environment is a little more uncertain, as I've talked to customers in the last few weeks, the last few months, they're doubling down on existing consumer relationships.

我們是這些企業的收入引擎，我們幫助他們與他們最重要的資產建立聯繫，也就是他們的客戶，他們現有的客戶。因此我認為，當經濟環境變得更加不確定時，正如我過去幾週、幾個月與客戶交談時所了解到的，他們會加倍重視現有的消費者關係。

They know there's very high ROI from our products. They're leaned into that. And as the economic cycle kind of waxes and wanes, we built Klaviyo to really be an all-weather company and all-weather set of products. So when businesses are growing the number of customers, new customers, we can help with acquisition.

他們知道我們的產品投資報酬率非常高。他們傾向於此。隨著經濟週期的起伏，我們將 Klaviyo 打造為全天候公司和全天候產品系列。因此，當企業增加客戶數量和新客戶數量時，我們可以幫助企業獲取客戶。

And on the flip side, when it's more challenging, I think a lot of businesses turn back to focusing on their existing customers and those relationships that they already have, and Klaviyo is the source of truth for all that. So I think we're happy with where we are. Also, as we've talked to our customers, we mentioned in the opening remarks, our customers are cautious, but they're optimistic because of those relationships they have with their customers and their ability to grow off of that. And we've also talked to a lot of businesses, and they're very resilient.

另一方面，當挑戰變得更具挑戰性時，我認為許多企業會重新專注於現有客戶和現有的關係，而 Klaviyo 是解決所有問題的真相之源。所以我認為我們對現狀很滿意。此外，正如我們與客戶交談時所提到的，我們的客戶很謹慎，但他們也對與客戶的關係以及由此實現成長的能力持樂觀態度。我們也與許多企業進行了交談，他們的韌性非常強。

Our customer base is very diverse. There's a variety of folks with different business models, different supply chains. And I think collectively, I think we've been there to support them, and we think that they've been working through this cautiously, but I think they're optimistic about what's ahead.

我們的客戶群非常多元化。有各種各樣的人，他們有不同的商業模式、不同的供應鏈。我認為，總的來說，我們一直在那裡支持他們，我們認為他們一直在謹慎地處理這個問題，但我認為他們對未來感到樂觀。

And just to add a couple of points to what AB had to say there.

我只是想補充一下 AB 所說的幾點。

First, as we shared, we're really pleased with the ongoing strength and resilience that we've seen, not only in our business, but in our customers as well. We are closely monitoring the key metrics in our business-like customer sales cycle, which remains stable and KAV, which is continuing to grow.

首先，正如我們所分享的，我們對所看到的持續實力和韌性感到非常高興，不僅在我們的業務中，而且在我們的客戶中也是如此。我們正在密切監控我們業務化的客戶銷售週期中的關鍵指標，該指標保持穩定，而 KAV 則持續成長。

And as we think about Klaviyo over multiple economic cycles, it's important to remember that we index to digital relationships, those profiles and relationships that a brand has with their consumers and not to GMV. So our business tends to experience less volatility both in good times and in bad, and that's illustrated recently by the trends that we're seeing of KAV growth outpacing GMV growth as our customers focus on, as AB said, on those loyal existing customer relationships.

當我們在多個經濟週期中思考 Klaviyo 時，重要的是要記住，我們參考的是數位關係，即品牌與消費者之間的資料和關係，而不是 GMV。因此，無論在好時期或壞時期，我們的業務往往波動較小，最近我們看到的趨勢是 KAV 成長超過 GMV 成長，因為正如 AB 所說，我們的客戶關注的是那些忠誠的現有客戶關係。

And then from our business perspective, we are focused on controlling the things that we can control and leaning into the strengths that have long defined Klaviyo. And this includes, just like A.B. was talking about, staying close to our customers, investing in strategic growth priorities and operating the business prudently, just as we always have.

然後從我們的業務角度來看，我們專注於控制我們能夠控制的事情，並依靠長期以來定義 Klaviyo 的優勢。正如 A.B. 所說的那樣，這包括與客戶保持密切聯繫、投資於策略性成長重點以及謹慎經營業務，就像我們一直以來所做的那樣。

Jackson Ader, KeyBanc Capital Markets.

傑克遜·阿德（Jackson Ader），KeyBanc 資本市場。

First one is, can you just give us a sense for maybe your overall exposure or end customers' exposure to either China or other tariff countries in terms of the goods that they sell on their platform that run through Klaviyo?

首先，您能否向我們介紹一下，就透過 Klaviyo 平台銷售的商品而言，您的整體風險敞口或最終客戶對中國或其他關稅國家的風險敞口？

Sure. Thanks for the question, Jackson. There are many different ways to be exposed to China, especially with a customer base that's as large and diverse as ours. So it's a bit of a complex situation. But as AB mentioned, we've been having many conversations with our customers over the last month.

當然。謝謝你的提問，傑克森。了解中國市場的方式有很多種，尤其是對於像我們這樣龐大且多樣化的客戶群來說。所以情況有點複雜。但正如 AB 所提到的，我們上個月與客戶進行了許多對話。

As you might imagine, our customer base sells many diverse products. And because of that, their supply chains are very diverse as well. We've heard from many of them that they've been already diversifying their supply chain away from China over the last several quarters as tariff potential started to emerge.

正如您可能想像的那樣，我們的客戶群銷售許多不同的產品。正因為如此，他們的供應鏈也非常多樣化。我們從許多公司聽說，隨著關稅潛力開始顯現，他們在過去幾季已經將供應鏈從中國轉移出去。

And then we've also heard from some brands who have no exposure to China, and they're viewing this point in time as an opportunity where they're thinking about doubling down, acquiring increased inventory, and even potentially going on the offensive to win market share. Overall, what they're telling us, as we said earlier, is that they're tentative but they're really optimistic in this dynamic environment.

我們也聽說一些尚未進入中國市場的品牌，他們將這個時間點視為一個機會，他們正在考慮加倍下注，增加庫存，甚至可能採取攻勢來贏得市場份額。總的來說，正如我們之前所說，他們告訴我們，他們雖然還處於試探性階段，但在這個動態環境中他們確實非常樂觀。

And from our business perspective, we're very confident that we drive high ROI for our customers. And we're essential for both their growth and their retention, which makes us an incredibly important partner to them in both good and challenging macro times.

從我們的業務角度來看，我們非常有信心為客戶帶來高投資報酬率。我們對他們的成長和保留都至關重要，這使我們成為他們在順境和逆境中極其重要的合作夥伴。

Okay. Great. That's helpful. And then a quick follow-up. If we think about all the new products that have been launched, whether it's CRM or Customer Hub or certain, what kind of growth or expectation for contribution from those new products are baked into 2025 at this point?

好的。偉大的。這很有幫助。然後進行快速跟進。如果我們考慮已經推出的所有新產品，無論是 CRM 還是客戶中心或某些產品，那麼現在這些新產品在 2025 年會帶來什麼樣的成長或貢獻預期？

Yeah, I can take that. So the first is we haven't baked in a lot of revenue into our guidance and our projections for this year to give ourselves time to tune those products and make sure we've really got them right for customers before we scale them out.

是的，我可以接受。因此，首先，我們還沒有將大量的收入納入今年的指導和預測中，以便有時間調整這些產品，並確保在擴大規模之前，我們能夠真正為客戶提供合適的產品。

But I'll tell you, since the launch in February, we broadened out Klaviyo's vision from just marketing and e-mail and SMS to well beyond that to say, hey, what are all the aspects of the customer experience that Klaviyo can help with? And we believe the core three apps for the consumer, the B2C CRM stack are marketing, service and analytics.

但我要告訴你，自二月推出以來，我們已將 Klaviyo 的視野從單純的營銷、電子郵件和短信拓展到更深層次，比如說，Klaviyo 可以在哪些方面為客戶體驗提供幫助？我們認為，面向消費者的三大核心應用程序，即 B2C CRM 堆疊，是行銷、服務和分析。

I can tell you that like we launched the first product within the within our service portfolio, customer hub, and that's been in a beta for the last few months. We've got hundreds of businesses using it. It's a way to extend onto your website, the customer experience, allow people to log in, get help with past orders, get recommendations, get service, right, get questions answered. And the feedback there has been really strong.

我可以告訴你，我們在服務組合中推出了第一款產品，即客戶中心，並且該產品在過去幾個月一直處於測試階段。我們有數百家企業在使用它。這是一種擴展到您的網站、客戶體驗的方式，讓人們可以登入、獲得過去訂單的幫助、獲得建議、獲得服務、獲得問題的解答。那裡的回饋非常強烈。

And I think most importantly, just like our marketing products, we're able to tie back actual attributed revenue, additional sales that customers are seeing from those consumers, those website visitors that are taking advantage of this new functionality. And that's the tune of I've talked to a couple of brands where it's generating these are small and medium-sized businesses that are generating incremental tens of thousands of dollars in sales. So they can see the ROI from these new products.

我認為最重要的是，就像我們的行銷產品一樣，我們能夠將實際歸因收入、客戶從那些消費者、利用這項新功能的網站訪客那裡看到的額外銷售額連結起來。這就是我與一些品牌交談過的內容，這些品牌都是中小型企業，它們正在創造數萬美元的增量銷售額。因此他們可以看到這些新產品的投資報酬率。

And what we're excited about is marketing and service, we think about those as the proactive and reactive sides of the customer experience. We're excited to bring those together and show that service can be more than just answering questions, but can actually drive a better engagement so much that it leads to additional sales. So we're off to a good start there.

令我們興奮的是行銷和服務，我們認為它們是客戶體驗的主動和被動方面。我們很高興將這些結合在一起，並表明服務不僅僅是回答問題，而且實際上可以推動更好的參與，從而帶來額外的銷售。因此，我們的開局很好。

We're working on pricing and packaging for that, but critically, the feedback has been really strong. And then on the analytics side, we launched a marketing analytics product, SKU in February. And that was based on talking to customers and realizing that the analytics that Klaviyo was providing as part of our -- formerly our CDP product, it's actually applicable to a lot more businesses that we're excited to use some of our RFM analysis, some of our funnel analysis, to help them figure out which customers were at what stage of the life cycle and connect that directly back into marketing.

我們正在為此制定價格和包裝，但至關重要的是，反饋非常強烈。然後在分析方面，我們在二月推出了一款行銷分析產品 SKU。這是基於與客戶的交談，並意識到 Klaviyo 作為我們以前 CDP 產品的一部分提供的分析實際上適用於更多的企業，我們很高興使用我們的一些 RFM 分析、一些漏斗分析來幫助他們弄清楚哪些客戶處於生命週期的哪個階段，並將其直接連接到行銷中。

And again, to drive incremental revenue, right? And that makes the overall ROI of Klaviyo, their investment in Klaviyo higher. We realized that wasn't just something for larger enterprise brands, but actually, our entrepreneurs, our smaller SMBs, our SMBs also benefit from that. So we're very happy with the progress we've made in the sales we've seen for that product in Q1, and we expect that, that's going to be a revenue driver as well. So we didn't bake a lot of revenue expectation into the year from those new products, but we're excited about the potential they're going to have in 2026 and future years.

再次強調，這是為了增加收入，對嗎？這使得 Klaviyo 的整體投資報酬率（即他們對 Klaviyo 的投資）更高。我們意識到這不僅適用於大型企業品牌，實際上，我們的企業家、我們的小型企業、我們的中小企業也能從中受益。因此，我們對該產品在第一季的銷售進度感到非常滿意，我們預計這也將成為收入驅動力。因此，我們對這些新產品今年的收入沒有抱有太大的期望，但我們對它們在 2026 年及未來幾年的潛力感到興奮。

And one thing we're particularly excited about with marketing analytics is just as AB said, the power of the results that it drives for our customers. One of my favorite stories from the quarter was Karakara, a growing D2C brand, long-time Klaviyo e-mail customer. They recently consolidated their tech stack onto Klaviyo, adding SMS and marketing analytics because they wanted to get new insight into which messaging was resonating with which customers.

正如 AB 所說，我們對行銷分析特別興奮的一點是它為我們的客戶帶來的成果的力量。本季我最喜歡的故事之一是 Karakara，一個不斷發展的 D2C 品牌，也是 Klaviyo 電子郵件的長期客戶。他們最近將其技術堆疊整合到 Klaviyo 上，並添加了簡訊和行銷分析，因為他們希望獲得新的見解，了解哪些訊息能引起哪些客戶的共鳴。

And by using this really data-driven multichannel approach, they were able to achieve 170x ROI in just three months and over 48% of their Klaviyo revenue came from repeat purchaser segments who they identified using that RFM modeling in marketing analytics.

透過使用這種真正數據驅動的多通路方法，他們能夠在短短三個月內實現 170 倍的投資回報率，並且超過 48% 的 Klaviyo 收入來自他們使用行銷分析中的 RFM 模型識別的重複購買者群體。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Amanda, just on Jackson's earlier question, is there a way to think about the relative sizing of those two cohorts that you mentioned, the cautiously optimistic diversifying cohort versus the intensive cohort. And as you looked at the second half of the year, you mentioned taking into account macroeconomic risk. Maybe just a little bit on your forecasting approach there. When we calculate the math, it feels like the second half revenue guide is about the same as it was before. So just a little bit on how you thought about that.

阿曼達，就傑克森之前提出的問題，有沒有辦法思考您提到的這兩個群體的相對規模，即謹慎樂觀的多元化群體與密集型群體。當您展望下半年時，您提到要考慮宏觀經濟風險。也許只是稍微談談您的預測方法。當我們計算數學時，感覺下半年的收入指南與之前大致相同。那麼，請稍微談談您對此的看法。

Yes. Great question. So as we said, there's an incredible amount of diversity across our customer base. And so therefore, not sizing the specifics. But as you think about the revenue guidance and the outlook that we've built in, we raised the revenue guidance on the back of strong Q1 performance as well as robust customer demand signals that we're seeing.

是的。好問題。正如我們所說，我們的客戶群具有極大的多樣性。因此，不考慮具體尺寸。但是，當您考慮我們已經建立的收入預測和前景時，我們根據強勁的第一季業績以及我們看到的強勁的客戶需求訊號提高了收入預測。

And these conversations that we're having with our customers indicate that they are very clearly focused on retention and growth with their loyal consumers as well as focused on efficiency, which is exactly where our platform helps them to deliver value.

我們與客戶進行的這些對話表明，他們非常注重忠實消費者的保留和成長，同時也注重效率，而這正是我們的平台幫助他們實現價值的地方。

As we looked at the back half of the year, we undertook extensive scenario planning and a deep analysis of our business just given the macro backdrop, and that includes looking closely at trends in operational metrics like customer KAV trends, looking at sales cycle length, all of which have remained consistent through the end of April.

回顧下半年，我們在宏觀背景下對業務進行了廣泛的情境規劃和深入分析，其中包括密切關注客戶 KAV 趨勢等營運指標趨勢、關注銷售週期長度，所有這些趨勢在 4 月底都保持一致。

Overall, we've got a lot of confidence in the trajectory of the business. And while it remains healthy, we're mindful of the current macro environment. And so we built a healthy dose of prudence into the guidance for the back half of the year that gives us flexibility to adjust for unforeseen risks throughout the year.

整體而言，我們對業務發展軌跡充滿信心。儘管它仍然保持健康，但我們仍關注當前的宏觀環境。因此，我們在下半年的指導中加入了適度的審慎，使我們能夠靈活地調整全年的不可預見的風險。

So as we look forward, we will continue to monitor the macro environment, and we will remain agile in responding to any changes that we see out there. We are going to plan to continue to invest behind our growth strategy because we've seen great returns from those investments thus far. And we're confident that our platform's value proposition, combined with disciplined approach to execution positions us really well for continued success.

因此，展望未來，我們將繼續關注宏觀環境，並靈活應對所看到的任何變化。我們計劃繼續投資我們的成長策略，因為到目前為止我們已經看到了這些投資的巨大回報。我們相信，我們平台的價值主張，加上嚴謹的執行方法，將使我們獲得持續的成功。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Amanda, maybe just to stay on the same theme of the prudent guidance in light of the uncertainty out there. When you look at things like SMS attach, international traction, messaging volume, are there any particular areas you feel like would be most sensitive or have been accounted for, for greater sensitivity in light of what we're seeing out there?

阿曼達，鑑於外面的不確定性，也許只是為了繼續保持審慎指導這個主題。當您查看簡訊附件、國際牽引力、訊息量等內容時，您是否覺得有哪些特定領域是最敏感的，或者已經考慮到哪些領域，根據我們所看到的情況，這些領域具有更高的敏感性？

Yes, it's a great question. In this type of environment where you're seeing lots of uncertainty, we looked at multiple different scenarios, what might happen under multiple different views of the economy, how customers might respond. If anyone has a crystal ball out there, it's fairly challenging to see, but we wanted to make sure that we are prepared for a variety of different scenarios.

是的，這是一個很好的問題。在這種充滿不確定性的環境中，我們研究了多種不同的情景，在多種不同的經濟觀點下可能發生的情況，以及客戶可能會如何反應。如果有人手裡有水晶球，那麼要看清楚它是相當困難的，但我們希望確保我們為各種不同的情況做好準備。

And so as we've mentioned before, what we've seen in the past in our business is that because we index to digital relationships as opposed to GMV, we tend to have less volatility, both on the upside and the downside. And that gives us some confidence in what we expect to see in the back half of the year.

正如我們之前提到的，我們過去在業務中看到的情況是，由於我們關注的是數位關係而不是 GMV，因此我們的波動性較小，無論是上行還是下行。這讓我們對下半年的預期表現充滿信心。

And maybe I'll add one other thing. As Amanda talked about the ROI of our products. even with SMS, where there's a slightly higher cost basis to our customers, we're able to show the ROI of SMS campaigns, obviously, as well as e-mail campaigns, all of this marketing directly in Klaviyo. And as long as that ROI continues to be very positive, even if there's a little bit of variance to that, it's so good that we find as I talk to businesses, they're not constraining budgets so long as they're seeing that performance.

也許我還會補充一點。正如阿曼達談到我們產品的投資回報率時所說，即使對於客戶來說，短信的成本基礎會稍微高一些，我們也能夠直接在 Klaviyo 中展示短信營銷活動和電子郵件營銷活動的投資回報率。只要投資回報率繼續保持非常積極的水平，即使存在一點點差異，這也是很好的，正如我在與企業交談時發現的那樣，只要他們看到這樣的表現，他們就不會限制預算。

And that's one of the things that gives us confidence about Klaviyo going forward. As said, because you're not marketing to customers you don't know and have to acquire, there customers you already know and are getting to come back. And that obviously helps the ROI.

這也是我們對 Klaviyo 未來發展充滿信心的原因之一。正如所說，因為您不是在向不了解且必須獲得的客戶進行行銷，而是向您已經了解且會回頭的客戶進行行銷。這顯然有助於提高投資報酬率。

It also means that sort of the budget of the marketing you can deploy is already somewhat known. It's already in your Klaviyo account. And I think that also gives us some confidence.

這也意味著您可以部署的行銷預算在某種程度上已經為人所知。它已經在您的 Klaviyo 帳戶中了。我認為這也給了我們一些信心。

Brent Bracelinm, Piper Sandler.

布倫特·布雷斯林，派珀·桑德勒。

I wanted to go back to the new service and analytics products. AB, what's the sweet spot relative to size of customer that is responding most favorably to the new products?

我想回到新的服務和分析產品。AB，相對於對新產品反應最積極的顧客規模而言，最佳點是什麼？

And then Amanda, could you maybe frame the potential ARPU uplift as you see some early customers consolidate the tech stacks? Is it a 10%, maybe 20%, more than 20% uplift to ARPU? Just love to hear those two things. Any color there would be helpful.

然後阿曼達，當您看到一些早期客戶整合技術堆疊時，您能否描述一下潛在的 ARPU 提升？這是否會使 ARPU 值提升 10%、20% 或 20% 以上？很高興聽到這兩件事。任何顏色都會有幫助。

Yeah. So I'll touch on each of the two new product categories.

是的。因此我將分別談及這兩個新的產品類別。

Let's take analytics first. As we mentioned, we actually think that has wide applicability. I mean there's maybe some subset of our smallest entrepreneurs are just starting out. They don't have enough data mass to use our marketing analytics product. But for the vast majority of Klaviyo customers, we actually think it's a great. It's an easy add-on. It's an easy attach product. So we think that will apply to the vast majority of our customers.

我們先來分析一下。正如我們所提到的，我們實際上認為它具有廣泛的適用性。我的意思是，我們的一些最小的企業家可能才剛剛起步。他們沒有足夠的數據量來使用我們的行銷分析產品。但對於絕大多數 Klaviyo 客戶來說，我們實際上認為這是一件很棒的事。這是一個簡單的附加元件。這是一種易於安裝的產品。因此我們認為這將適用於我們的絕大多數客戶。

And then for service, it's interesting. Customer Hub, we actually think is applicable to all businesses. It's a way to extend the personalization and use the data that's already in your Klaviyo data platform, a way to use that now extend it onto your website. So that also applies to all market segments.

至於服務，這很有趣。客戶中心，我們實際上認為它適用於所有企業。這是一種擴展個人化並使用 Klaviyo 資料平台中已有資料的方法，一種將其擴展到您的網站的方法。這也適用於所有細分市場。

We've designed it's interesting, we started service really focused on, okay, let's work with SMBs and make sure the product market fit is really good there. I think based on, as Amanda talked about, some of the opportunities that we're seeing in the mid-market and enterprise, that's making us think harder about how we can make sure that our service products scale to the enterprise more quickly.

我們設計的很有趣，我們開始真正專注於服務，好吧，讓我們與中小企業合作，確保產品市場契合度非常好。我認為，正如阿曼達所說的，基於我們在中端市場和企業中看到的一些機會，這讓我們更加努力地思考如何確保我們的服務產品更快擴展到企業。

We think there's a moment right now with service where obviously there's a big focus on automation and how to do more with that using AI and obviously, using the Klaviyo data that backs that and combining that with AI is very powerful. So we're really thinking about how we can bring that to a larger swath of our customers faster than just our SMBs.

我們認為，目前服務領域顯然非常注重自動化以及如何利用人工智慧做更多的事情，顯然，使用支援自動化的 Klaviyo 數據並將其與人工智慧相結合非常有效。因此，我們確實在思考如何能夠更快地將其推廣給更廣泛的客戶，而不僅僅是中小型企業。

And the last thing I'll say is like the story of, hey, all of the entire consumer experience, you want one brain, one Klaviyo data platform, one data platform that undergirds all that. You want all of the applications that interface with your end consumers, our customers' customers. You want all that driven from one comprehensive platform.

我要說的最後一件事是，嘿，整個消費者體驗，你需要一個大腦，一個 Klaviyo 資料平台，一個支撐這一切的資料平台。您需要所有與您的最終消費者（即我們客戶的客戶）互動的應用程式。您希望所有這些都由一個綜合平台驅動。

That resonates a ton with SMBs and actually more than we expected. It resonates a lot with enterprise. So we're very much leaning into that opportunity. And yes, I'll let Amanda talk a little bit about some of the ARPU uplift that we're thinking about.

這引起了中小型企業的強烈共鳴，實際上超出了我們的預期。它與企業產生了很大的共鳴。所以我們非常重視這個機會。是的，我會讓阿曼達稍微談談我們正在考慮的一些 ARPU 提升。

Yeah. In terms of the ARPU uplift, service, as AB mentioned, is early days. We are still in beta. So more to come on service and service pricing, both as we approach GA later this year and also as we continue to build out the suite of offerings related to service.

是的。就 ARPU 提升而言，如 AB 所提到的，服務還處於早期階段。我們仍處於測試階段。因此，隨著我們在今年稍後推出 GA 以及繼續建立與服務相關的產品套件，我們將在服務和服務定價方面提供更多內容。

Marketing analytics has a nice ARPU uplift associated with it. It's a portion of e-mail. So it's not necessarily the same ARPU uplift that you would see from a product like SMS. But also one of the wonderful things about both marketing analytics and service is that they are leveraging the same underlying data the same consumer relationships, in other words, largely the same cost structure associated with our e-mail and data platform.

行銷分析與 ARPU 的良好提升相關。這是電子郵件的一部分。因此，它不一定能帶來與 SMS 等產品相同的 ARPU 提升。但行銷分析和服務的奇妙之處還在於，它們利用相同的基礎數據、相同的消費者關係，換句話說，與我們的電子郵件和數據平台相關的成本結構大致相同。

They don't necessarily come with the same per message sending cost that a product like SMS does. And therefore, they also come with a nice gross margin profile that's more akin to what we see in our e-mail plus data product.

它們不一定像 SMS 之類的產品那樣收取相同的每個訊息發送成本。因此，它們也具有良好的毛利率狀況，更類似於我們在電子郵件加資料產品中看到的狀況。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect. And maybe I'll stick to the same theme. In terms of the new solutions, obviously, a pretty exciting kind of add-on to the core platform here. But when you're thinking about the service solution, maybe, I'm curious, for customers, does it necessitate the replacement of some sort of an incumbent solution? Maybe I'm thinking of like a Zendesk that might be in there?

完美的。也許我會堅持同一主題。就新解決方案而言，顯然，這是核心平台的一個非常令人興奮的附加元件。但是當您考慮服務解決方案時，也許，我很好奇，對於客戶來說，是否需要替換某種現有的解決方案？也許我正在考慮 Zendesk 可能在那裡？

Or given where you're positioned, can it sit alongside for now? Like how are you thinking about those dynamics? And then similarly, on the go-to-market side, should we expect this to be a little bit more of a higher touch go-to-market motion? Or can you sell these solutions through the low-touch self-serve type of approach as well?

或者考慮到您的位置，它現在可以並列嗎？您如何看待這些動態？同樣地，在進入市場方面，我們是否應該期待這是一個更高層次的進入市場舉措？或者您也可以透過低接觸自助服務的方式來銷售這些解決方案嗎？

Yeah. Great. Happy to comment on both. So when talking about service, like let's break it into a couple of different products, piece of functionality that we're building into our case service product group. So the Customer Hub that we've released, we actually just think is novel and new.

是的。偉大的。很高興對兩者發表評論。因此，當談論服務時，讓我們將其分解為幾個不同的產品，我們將這些功能建置到我們的案例服務產品組中。因此，我們發布的客戶中心實際上只是認為是新穎的。

It's a new experience embedded on a business' website. It makes it easy for consumers to log in to see past purchases, past orders, and then get recommendations. So there's a marketing element to it as well as then ask questions, right, get help. And interestingly, that help could be more service, hey, I have questions about the thing I bought.

這是嵌入在企業網站上的全新體驗。它使消費者可以輕鬆登入查看過去的購買記錄、過去的訂單，然後獲得推薦。因此，這其中既有行銷元素，也有提出問題、獲得幫助的元素。有趣的是，這種幫助可以提供更多的服務，嘿，我對我買的東西有疑問。

It can also just be more of a marketing, sales use case of, hey, I'm curious what size should I buy of this thing that I'm interested in. That we think is totally novel, and that can sit alongside existing service products. The second thing that we're really focused on is this idea of, hey, automating more of those conversations, let's say, right? I think that, as you look at that as a product category, it's obviously been around for a few years, but it's really leveled up because of AI native solutions.

它也可以只是一種行銷、銷售用例，嘿，我很好奇我應該買什麼尺寸的我感興趣的東西。我們認為這是全新的，並且可以與現有的服務產品並駕齊驅。我們真正關注的第二件事是這個想法，嘿，讓更多的對話自動化，對吧？我認為，當你將其視為一個產品類別時，它顯然已經存在了幾年，但由於人工智慧原生解決方案，它確實得到了提升。

And this is where I think with Klaviyo, we're happy if you want to plug into our Customer Hub, if you want to use something you already have adopted our Customer Hub first, that's great. But we think we have the ability because of our ability to build really usable products, really scalable products as well as the fact that we have the source of truth about your customer, and giving that context to our service, kind of AI chat agents that that's going to make our product really compelling.

這就是我認為使用 Klaviyo 的原因，如果您想連接我們的客戶中心，我們很高興，如果您想使用您已經首先採用我們的客戶中心的東西，那就太好了。但我們認為我們有能力打造真正可用的產品、真正可擴展的產品，而且我們掌握著關於客戶的真實資訊來源，並將這種背景資訊提供給我們的服務，就像人工智慧聊天代理一樣，這將使我們的產品真正引人注目。

So in that case, I think there may be a little bit of like running side by side, baking things off. But I think the (audible), Hey, look, if you can consolidate all this together so that there's one consumer experience that stitches that spans marketing, service, helps me know who my customers are with your analytics product, that sounds great.

因此，在這種情況下，我認為可能會有一點像並肩奔跑、烘烤東西一樣。但我認為（聽得見），嘿，看，如果你能將所有這些整合在一起，以便有一個涵蓋行銷、服務的消費者體驗，幫助我透過你的分析產品了解我的客戶是誰，這聽起來很棒。

And so, I think our customers are looking for this unified set of applications. The second thing around like, hey, is this going to be higher touch or not? For service, I think for our SMB customers, again, we take a lot of pride in the quality of the products we build and how adoptable they are without needing to necessarily talk to somebody on the Klaviyo end.

因此，我認為我們的客戶正在尋找這套統一的應用程式。第二件事是，嘿，這是否會有更高的觸感？對於服務，我認為對於我們的 SMB 客戶，我們再次對我們製造的產品的品質以及它們的可採用性感到非常自豪，而不必與 Klaviyo 端的某人交談。

So I expect a lot of SMBs were designing workflows and patalving such that they can adopt these all on their own. One of the great parts about our Customer Hub project is it's literally after you kind of review the design of it, since it's embedded on your website, it's one click to turn on. It's so fast. It doesn't require any engineering, any coding. It's just easy to turn on right away.

因此，我預計許多中小企業正在設計工作流程和策略，以便他們可以自行採用這些。我們的客戶中心專案最棒的一點是，在您審查完它的設計之後，由於它嵌入在您的網站中，因此只需單擊即可打開。太快了。它不需要任何工程、任何編碼。可以立即輕鬆開啟。

And I think our service agent will be similar. Now we expect, similar with marketing, there will be customers that have more questions that have more complex implementations, data feeds they want to pull in. And we're excited to do that. We obviously, we know how to do that with marketing and all the marketing channels we support, and we'll provide the exact same great experience for those more mid-market enterprise customers or for folks that need it.

我認為我們的服務代理也會類似。現在我們預計，與行銷類似，客戶會有更多的問題，需要更複雜的實現方式和更複雜的資料來源。我們很高興能這麼做。顯然，我們知道如何透過行銷和我們支援的所有行銷管道來做到這一點，並且我們將為那些更多的中型企業客戶或需要它的人們提供完全相同的出色體驗。

Terrell Tillman, Truist.

特雷爾·蒂爾曼，Truist。

So, congrats on the international traction. It's a single question, but multiparter. What are you seeing in terms of the international traction in terms of when you're signing new customers, are they kind of similar personas as how your business has been in the US, and/or are they buying kind of multiple products at one time? And the second part of this is, where are you in, actually, kind of field sales reps or kind of outbound investments versus harvesting those investments?

所以，恭喜你獲得國際關注。這是一個單一問題，但包含多個部分。當您簽約新客戶時，您在國際吸引力方面看到了什麼？他們的個性是否與您在美國的業務相似，以及/或他們是否一次購買多種產品？第二部分是，實際上，您是作為現場銷售代表還是對外投資，還是收穫這些投資？

Yeah, happy to take this one. Yeah, Charles, I think that's spot on. Like I think what we found as we've expanded into internationally and especially in Europe, very proud of over 40% growth year-on-year in Europe. Europe is now over 34%, or international now 34% of our total business.

是的，很高興接受這個。是的，查爾斯，我認為你說得很對。我認為，隨著我們向國際市場尤其是歐洲市場的擴張，我們發現歐洲市場的年成長率超過 40%，對此我們感到非常自豪。歐洲現在占我們總業務的 34% 以上，國際業務現在占我們總業務的 34%。

Yeah, what we're finding is as we've expanded added language capabilities, we've added SMS, we've added support and Klaviyos that speak people's native tongue, lag. That's made a lot easier to enter some of those large European markets, France, Germany, Spain, all of which we talked about growing at over 100% year on year.

是的，我們發現，隨著我們擴展了附加語言功能，添加了短信，添加了支持，並且使用人們母語的 Klaviyos 也出現了滯後。這使得進入一些大型歐洲市場變得容易得多，例如法國、德國、西班牙，這些市場的年增長率都超過 100%。

The persona is pretty similar. It started out largely as SMBs. And so we're very excited about that progress. And actually, we think that if you look at if you kind of compare it to our growth, say, in the US, where we also started with SMBs and then growing into mid-market and now enterprise, I think we have the opportunity to do the exact same thing in Europe, but just on a faster timeline.

人物性格非常相似。它最初主要以中小型企業為主。因此，我們對這一進展感到非常興奮。實際上，我們認為，如果你將其與我們在美國的成長情況進行比較，我們也是從中小型企業開始，然後發展到中型市場，現在是大型企業，我認為我們有機會在歐洲做同樣的事情，但時間會更快。

So we've started this year, we made some decisions to make some investments in local sales teams, and starting to test that. We also launched just last week, the full Klaviyo website and experience in German and Spanish, and Italian, in addition to France, which we launched last year, French.

因此，我們從今年開始做出一些決定，對當地銷售團隊進行一些投資，並開始進行測試。就在上週，我們還推出了完整的 Klaviyo 網站，提供德語、西班牙語和義大利語版本，此外，我們去年還推出了法語版本。

So we think that, that is going to lay the groundwork for more growth there. And I think we'll continue to see that in SMB, and I actually think we'll see that even sort of a faster acceleration into the mid-market than maybe if you look at like Klaviyo's overall growth, where we were same time period here in the US.

因此我們認為，這將為那裡的進一步成長奠定基礎。我認為我們會繼續在 SMB 中看到這種情況，實際上我認為我們會看到它進入中端市場的速度甚至比 Klaviyo 的整體成長速度更快，而我們在同一時期在美國也看到了這種情況。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

I appreciate it. I had two. AB, for you. I was wondering if you could give us or frame for us a little bit where we are with the Meta and TikTok integrations on the platform. They both seem like potentially meaningful opportunities, particularly as you continue to fill out the product portfolio at the low to mid-range.

我很感激。我有兩個。AB，為你。我想知道您是否可以向我們介紹一下我們在平台上使用 Meta 和 TikTok 整合的情況。它們看起來都是潛在的有意義的機會，特別是當您繼續填補中低檔產品組合時。

And then, Amanda, just a follow-up for you. You had mentioned how you saw better-than-expected retention off of the price increases in the wake of the price increases, clearly very encouraging. I was wondering if you could just comment relative to kind of why you thought that was?

然後，阿曼達，我還要跟進一下你的狀況。您曾提到，在價格上漲之後，您看到價格上漲帶來的留存效果好於預期，這顯然非常令人鼓舞。我想知道您是否可以評論一下您認為為什麼會這樣？

And what sort of confidence that gives you guys relative to appetite, not just for additional price increases down the road, but receptivity of additional products from Klaviyo and additional value from Klaviyo?

那麼，對於胃口，你們有什麼樣的信心呢？不僅是對未來價格的進一步上漲，而且對 Klaviyo 的附加產品和附加價值的接受度？

So on Meta and TikTok, if you think about Klaviyo marketing, obviously, our primary focus has been on the direct channels between a business and its end customers, consumers. So e-mail, SMS, things where the business has kind of complete control and direct connection. We're obviously putting a lot of product and engineering investment towards continuing to build out other channels there. We've launched for mobile applications, also owned and operated by a business.

因此，在 Meta 和 TikTok 上，如果您考慮 Klaviyo 行銷，顯然，我們的主要關注點是企業與其最終客戶、消費者之間的直接管道。因此，電子郵件、簡訊等都是企業可以完全控制和直接連結的東西。我們顯然投入了大量的產品和工程投資來繼續在那裡建立其他管道。我們已經推出了行動應用程序，也是由企業擁有和經營的。

But now in the last 12 months, we've taken a look at, hey, what are other places, digital places on the Internet that businesses and consumers are meeting. And obviously, a big part of that is social platforms, Meta, and TikTok. So, a couple of things that we're doing there. What we've launched in the last few months is better, tighter integrations into the ad networks and some of the shopping capabilities of those platforms.

但在過去的 12 個月裡，我們已經研究過，企業和消費者在網路上還有哪些地方、數位場所可以見面。顯然，其中很大一部分是社交平台、Meta 和 TikTok。所以，我們在那裡做了一些事情。我們在過去幾個月中推出了更好、更緊密的廣告網路整合以及這些平台的一些購物功能。

So, for example, with Meta, on Instagram shops, you can now take some of the reviews and the content that you're collecting from customers, and you can use that not just as social proof in e-mail, in SMS on your website, you can actually also use that inside of Instagram. So it's deepening the connection between Playiyo and these platforms.

舉例來說，使用 Meta，在 Instagram 商店中，您現在可以獲得從客戶那裡收集的一些評論和內容，並且您不僅可以將其用作電子郵件、網站上的短信中的社交證明，還可以在 Instagram 內部使用它。因此，它加深了 Playiyo 與這些平台之間的連結。

And so that's the way you can look at our reviews, product, functionality, and leveraging those assets beyond just e-mail, SMS, mobile. And for TikTok, that's one where we're excited for every social network, they often have a variety of different ad units. And one of the things that we're excited about is a lot of those advertising networks have a way to not just drive click-through traffic, but actually collect some information about who that end consumer is.

這樣您就可以查看我們的評論、產品、功能，並利用電子郵件、簡訊、行動裝置以外的資產。對於 TikTok，我們對每個社交網路都感到興奮，他們通常擁有各種不同的廣告單元。令我們興奮的事情之一是，許多廣告網路不僅可以推動點擊流量，而且實際上還可以收集有關最終消費者的資訊。

So for TikTok, they have lead ad units that allow somebody, rather than just acquiring clicks for traffic, you can actually also acquire some of these names, phone numbers, e-mail address. And obviously, that inside of Klaviyo is very powerful. It basically gives them a way to collect more subscribers directly from those other platforms. So we're going to continue to invest in these social networks, other major Internet applications.

因此，對於 TikTok，他們擁有領先的廣告單元，允許某人不僅獲取點擊流量，還可以獲得其中一些姓名、電話號碼和電子郵件地址。顯然，Klaviyo 的內部功能非常強大。它基本上為他們提供了一種直接從其他平台收集更多訂閱者的方法。因此，我們將繼續投資這些社交網路和其他主要的網路應用程式。

We're doing obviously some work with WhatsApp, building a tighter integration there. So I think, our primary focus is still on these kind of owned and operated channels like e-mail, SMS, mobile, but I think we're going to try to round out our entire marketing portfolio with some of these other channels that we know are important for brands and consumers.

我們顯然正在與 WhatsApp 合作，建立更緊密的整合。因此，我認為，我們的主要關注點仍然是電子郵件、簡訊、行動裝置等自有和經營的管道，但我認為我們將嘗試透過一些我們知道對品牌和消費者重要的其他管道來完善我們的整個行銷組合。

And to your question on pricing, thank you so much. We were very pleased by the higher-than-expected retention rates that we saw following the February pricing changes because it validates the important role that we play as a must-have revenue-driving platform for brands who are serious about their growth and serious about their retention. And the key difference that we saw from pilot into GA was that our team took and applied the learnings from the pilot to get out ahead of and mitigate the churn risks as we moved into GA.

關於您關於定價的問題，非常感謝您。我們對二月份價格調整後高於預期的留存率感到非常高興，因為它證明了我們作為認真對待增長和留存的品牌必備的收入驅動平台所發揮的重要作用。我們看到，從試點到正式發布的關鍵區別在於，我們的團隊吸取並運用了試點過程中的經驗教訓，以便在進入正式發佈時領先並降低客戶流失風險。

We went out and very proactively communicated with customers about the tools and the resources that we had put in place to help them clean up their active profiles, which allows them to more effectively target the right customers and drive high ROI from those highly engaged profiles who remain. And the consistent retention in Q1 shows the stickiness of the platform and the value that customers get from having all of their data on Klaviyo's vertically integrated platform, where they can easily take action and build lasting customer relationships.

我們積極主動地與客戶溝通我們所提供的工具和資源，幫助他們清理活躍的資料，使他們能夠更有效地鎖定合適的客戶，並從留下的高度參與的資料中獲得高投資回報率。第一季的持續留存顯示了該平台的黏性以及客戶將所有資料放在 Klaviyo 垂直整合平台上所獲得的價值，在該平台上他們可以輕鬆採取行動並建立持久的客戶關係。

And in fact, in some cases, we have already seen customers who left Klaviyo earlier in the year because of profile enforcement coming back to us because of the value and the ease of use of our platform. And to your question on new products and how this fits in, as we think about pricing going forward, as we mentioned last quarter, these changes that we made in February are very important because they anchor the pricing and the value of the consumer profile and the power of the data that it contains.

事實上，在某些情況下，我們已經看到一些客戶在今年早些時候因為個人資料強制執行而離開了 Klaviyo，但由於我們平台的價值和易用性而回到了我們身邊。至於您關於新產品及其如何融入的問題，當我們考慮未來的定價時，正如我們上個季度提到的那樣，我們在二月份所做的這些改變非常重要，因為它們決定了定價和消費者資料的價值以及它所包含的數據的力量。

There also, if you recall, were some parts of it that reduced pricing friction for our customers, so that Klaviyo can be as easy to buy as we are easy to use. But it's that anchoring on consumer profiles that's really important as we think going forward, because consumer profiles are also the driver of pricing for, for instance, our new marketing analytics. So having this change, while it provides very little minimal, as we said, uplift to revenue, it's very important strategically because it provides that foundation for growth in the future.

如果你還記得的話，其中的一些部分還可以減少我們客戶的定價摩擦，以便 Klaviyo 可以像我們一樣易於購買和易於使用。但在我們考慮未來發展時，錨定消費者資料確實非常重要，因為消費者資料也是我們新行銷分析等定價的驅動因素。因此，儘管這種變化對收入的貢獻很小，但正如我們所說，它具有重要的戰略意義，因為它為未來的成長奠定了基礎。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

The commentary on existing customers and Klaviyo being the last thing that they're willing to cut is really encouraging. And I was hoping you just could provide additional color on what you're seeing on more of the new customer top-of-funnel demand side. So could you just talk to what you saw from the gross ads? Is WooCommerce starting to become a bigger contributor to customer acquisition? And just lastly, how top of funnel has trended kind of thus far into Q2?

關於現有客戶和 Klaviyo 是他們最不願意放棄的東西的評論確實令人鼓舞。我希望您能提供更多關於新客戶漏斗頂端需求的資訊。那麼你能談談你從這些粗俗的廣告中看到了什麼嗎？WooCommerce 是否開始成為客戶獲取的更大貢獻者？最後，到目前為止，第二季度的漏斗頂部趨勢如何？

Yeah. Okay. So what we're seeing on the demand side is on the top of the funnel side. So as Amanda mentioned, look, the fact that we have such great retention, which I think then translates into word of mouth from customers, I mean, that's a key part of how we thought about driving demand. So I'll give you a quick rundown is what we're seeing, a little bit by a different type of customer.

是的。好的。因此，我們在需求側看到的是漏斗的頂部。正如阿曼達所提到的，看，事實上我們有如此高的保留率，我認為這會轉化為客戶的口碑，我的意思是，這是我們考慮推動需求的關鍵部分。因此，我將向您簡要介紹我們所看到的情況，稍微涉及不同類型的客戶。

I mentioned for our smallest customers, for just starting out entrepreneurs, as we call them, we're actually seeing quite a bit of strength in that cohort. We think that's a testament to, again, businesses loving Klaviyo.

我提到，對於我們最小的客戶，對於剛起步的企業家（我們這樣稱呼他們），我們實際上看到這個群體具有相當大的實力。我們認為這再次證明了企業對 Klaviyo 的熱愛。

When they spin up a new venture, they're either using Klaviyo, because they've used it in the past life or referring it to friends. And that's been something we've really been investing in, and we're very excited to see that kind of continued growth in that smaller SMB segment.

當他們開展新業務時，他們要么使用 Klaviyo（因為他們過去曾使用過它），要么將它推薦給朋友。這正是我們一直在投資的領域，我們很高興看到中小企業領域持續成長。

In our core SMB segment, we continue to see that those customers are growing with us. Interestingly there, like I think we're seeing increasing demand, both internationally, we knew about that, also a little bit more outside of pure retail. other use cases, travel, hospitality, restaurants, et cetera. So that in that core kind of SMB segment, still seeing very good growth there.

在我們的核心 SMB 領域，我們繼續看到這些客戶與我們一起成長。有趣的是，我認為我們看到了不斷增長的需求，無論是在國際上，我們都知道這一點，在純零售業之外也有一點需求。其他用例包括旅遊、酒店、餐廳等等。因此，在核心的 SMB 領域，我們仍然看到非常好的成長。

And then we mentioned in the mid-market and enterprise, Ma already talked about measuring deal cycles. We're not seeing any real lengthening there. We're very excited about some of the milestones we've hit, having over 1,000 customers now at $100,000 in ARR. We think there's a lot of opportunity there. And I mentioned how sharing our product vision of this B2C CRM and building it all AI-first from the ground up, attached to our Klaviyo data platform.

然後我們提到，在中端市場和企業中，馬雲已經談到了衡量交易週期。我們沒有看到任何真正的延長。我們對所取得的一些里程碑感到非常興奮，目前我們擁有超過 1,000 名客戶，ARR 達到 100,000 美元。我們認為那裡有很多機會。我提到如何分享我們對這個 B2C CRM 的產品願景，以及如何從頭開始建立 AI-first 的它，並將其附加到我們的 Klaviyo 資料平台上。

So all of these applications work together, that has gotten a lot of folks' attention in that mid-market and enterprise segment. And so I think a lot of folks are excited for us to deliver on that, and we do see some good leading indicators in terms of pipeline growth and then obviously, customer additions.

因此，所有這些應用程式協同工作，引起了中端市場和企業領域許多人的注意。因此，我認為很多人都為我們實現這一目標感到興奮，而且我們確實看到了通路成長和客戶增加方面的一些良好領先指標。

And we're clearly early in Q2, so we're not going to specifically disclose metrics related to April. But I will say that we look at all of our key operational metrics and indicators on a daily basis. And through the end of April, those remained consistent. And we took those trends that we're seeing in the business into account when we were building our outlook, and we have really strong confidence in the Q2 guide.

而且我們顯然正處於第二季度初期，因此我們不會具體披露與四月份相關的指標。但我要說的是，我們每天都會查看所有關鍵營運指標和指標。截至四月底，這些情況一直保持一致。我們在製定展望時考慮到了業務中看到的這些趨勢，我們對第二季指南非常有信心。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

On the nice quarter. AB, I was hoping you could talk a little bit about how you're thinking about sequencing or prioritizing investment dollars these days. I feel like from the time of the IPO, you've been very explicit. It's kind of new customer acquisition or new logo adds first, then upmarket, then international.

在美好的季度。AB，我希望您能稍微談談您最近如何考慮對投資資金進行排序或優先排序。我覺得從首次公開發行（IPO）開始，你就已經非常明確了。它首先是一種新客戶獲取或新標誌添加，然後是高端市場，然後是國際市場。

Now, the surface area has greatly expanded with all the new product introductions. Just talk about kind of prioritization of investments these days and where you're focused.

現在，隨著所有新產品的推出，其表面積已大大擴展。只需談論最近的投資優先順序以及您的重點。

Sure. Well, in general, we're going to be a very ambitious company. And for us, that means aiming at the biggest opportunities. Where is the place we can drive the most value for customers and not restrict ourselves to just the markets or the products we have today? So let me touch on a couple of things there that I think we're very excited about.

當然。嗯，總的來說，我們將成為一家非常有野心的公司。對我們來說，這意味著瞄準最大的機會。在哪裡我們可以為客戶創造最大價值，而不僅限於我們現有的市場或產品？因此，讓我來談談一些我認為讓我們非常興奮的事情。

The first is what we're doing around machine learning and artificial intelligence. I've talked in the past about like the fact that we can help businesses use their data to do better personalization and do that automatically. We actually, increasingly over the last few months, think that the opportunity is even larger than we previously thought.

首先是我們圍繞機器學習和人工智慧所做的工作。我過去曾談到，我們可以幫助企業利用他們的數據實現更好的個人化，並自動做到這一點。事實上，在過去的幾個月裡，我們越來越認為機會比我們之前想像的還要大。

I think there's an opportunity to use some of the technology that's come out, the improvements in some of the large language models, to actually help businesses automate more of the content creation, even without personalization and the amount of leveling up that does. We think that a lot of the businesses that work with Klaviyo give them very powerful tools, but they're actually rate-limited by how fast they can dream up and create content.

我認為有機會利用一些已經問世的技術、一些大型語言模型的改進，實際上幫助企業實現更多內容創建的自動化，即使沒有個人化和升級。我們認為，許多與 Klaviyo 合作的企業為他們提供了非常強大的工具，但他們構思和創建內容的速度實際上受到限制。

A lot of those barriers are going away. So that technological lead, plus the fact that we have all of this data to provide as context into that content creation process and that we can measure the results and iterate and help businesses improve, we think there's a massive opportunity there. We think that's both an opportunity to strengthen our product market fit with existing customers, but we also think there are large monetization opportunities because there's incremental value we can provide to businesses. So we're putting a lot of focus on that.

許多障礙正在消失。因此，憑藉技術領先優勢，加上我們擁有所有這些數據，可以為內容創建過程提供背景信息，而且我們可以衡量結果、進行迭代並幫助企業改進，我們認為這其中蘊藏著巨大的機遇。我們認為這既是加強我們的產品市場與現有客戶的契合度的機會，而且我們也認為存在巨大的貨幣化機會，因為我們可以為企業提供增量價值。所以我們非常重視這一點。

We already talked about the mid-market, and now moving into the enterprise. We think that there are a lot of businesses there, some of which still aren't aware of Klaviyo, that when they find out that Klaviyo exists and that we've built sort of marketing and now other applications with this data-first, AI-first point of view, they're eager to level up. The technologies, the marketing technology from 10 years, 15 years ago, are not state-of-the-art anymore. They're looking for best-in-breed.

我們已經討論了中端市場，現在要進入企業市場。我們認為那裡有很多企業，其中一些仍然不知道 Klaviyo，當他們發現 Klaviyo 的存在，並且我們已經以數據優先、人工智能優先的觀點構建了某種營銷和其他應用程序時，他們渴望升級。10 年前、15 年前的科技、行銷科技已經不再是最先進的了。他們正在尋找最佳品種。

And we think that we can fill that and do a great job there. So we're putting a lot of effort there.

我們認為我們可以填補這個空缺，並且做得很好。所以我們在那裡投入了很多精力。

And then finally, obviously, the B2C CRM, this expansion of new marketing channels, as well as these other applications of service and analytics. I think service is a very interesting use case. We think about marketing as kind of how do you help customers and consumers, remind them what's top of mind in a very personal way. We think the other side of that is like when people need help, how are we doing that in a way that answers your question more quickly? We think that's a huge market and very important.

最後，顯然還有 B2C CRM、新行銷管道的擴展，以及其他服務和分析應用。我認為服務是一個非常有趣的用例。我們認為行銷就是如何幫助客戶和消費者，以非常個人化的方式提醒他們最關心的事情。我們認為另一方面是，當人們需要幫助時，我們該如何做才能更快回答你的問題？我們認為這是一個巨大的市場，而且非常重要。

So all three of those, we think, match our criteria of, hey, the market is very large. When we talk to customers, there's a lot of willingness to try. They want to level up what they're doing. They know AI is its new age. And I think we have teams that are very committed, working really hard to build great products and great experiences for all those opportunities.

因此，我們認為這三個都符合我們的標準，嘿，市場非常大。當我們與客戶交談時，他們表現出很大的嘗試意願。他們想要提升自己所做的事情的水平。他們知道人工智慧代表著新時代。我認為我們擁有非常敬業的團隊，他們非常努力地為所有這些機會創造出色的產品和出色的體驗。

Brett Huff, Stephens.

布雷特·哈夫，史蒂芬斯。

Congrats on a nice quarter. Digging in a little bit on international, which we've been excited about. How did international perform relative to your expectations vis-à-vis what's built in the guidance?

恭喜本季取得良好業績。深入研究國際市場，我們對此感到非常興奮。相對於指引所述的內容，國際表現如何？

And the thrust of the question is trying to understand, as we look at the raised guidance, which is great, how much of that is being buoyed by international, because that seems like it's a net new market you all are going after, right? It's just it's new stuff that maybe has less to do with macro.

問題的重點是試圖理解，當我們看上調的指導方針時，這很好，其中有多少是受到國際市場的推動，因為這似乎是你們都在追求的一個新市場，對嗎？它只是一些新東西，可能與宏觀關係不大。

Yeah. Great question. Thanks so much, Brett. So the international trends that we're seeing are, as you said, incredibly strong. We made investments last year in launching new languages and expanding SMS to multiple markets, and we're seeing those paid off this year.

是的。好問題。非常感謝，布雷特。因此，正如您所說，我們看到的國際趨勢非常強勁。去年，我們在推出新語言和將簡訊服務拓展到多個市場方面進行了投資，今年我們看到了這些投資的回報。

The fact that I think we're particularly proud of is France, Germany, and Spain, each growing their new business in the quarter by over 100% year over year, which was 4 to 10x faster than those markets were growing last year. So it certainly is an important accelerator, and it's an accelerator that we continue to invest behind, making investments like AB spoke about earlier of last year, we launched the product in new languages.

我認為我們特別引以為傲的是法國、德國和西班牙，這些國家本季的新業務年增超過 100%，比去年這些市場的成長速度快 4 到 10 倍。所以它肯定是一個重要的加速器，而且我們會繼續對它進行投資，就像 AB 去年早些時候談到的那樣，我們推出了新語言的產品。

This year, we're launching an important part of the customer journey by making local websites in German, Spanish, and Italian. So built into the guidance is an assumption that we're going to continue to see results from those strong investments that we've made. And then also that we will start to see some benefit that comes through later in the year from some of the investments that we're making now in go-to-market and localization of that customer journey, which really helps to build upon the investments that we started last year.

今年，我們將透過製作德語、西班牙語和義大利語的本地網站來啟動客戶旅程的重要部分。因此，指導中包含一個假設，即我們將繼續看到我們所做的大量投資所帶來的成果。而且，我們也將在今年稍後開始看到一些收益，這些收益來自於我們現在在市場進入和客戶旅程在地化方面進行的一些投資，這確實有助於鞏固我們去年開始的投資。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。