Klaviyo Inc (KVYO) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to Klaviyo's second-quarter fiscal 2025 earnings conference call.

午安.歡迎參加 Klaviyo 2025 財政年度第二季財報電話會議。

(Operator Instructions)

（操作員指示）

With that, I would like to turn the call over to Andrew Zilli, Vice President of Investor relations.

接下來，我想將電話轉給投資人關係副總裁 Andrew Zilli。

Good afternoon. Thanks for joining Klaviyo's second-quarter 2025 earnings call.

午安.感謝您參加 Klaviyo 2025 年第二季財報電話會議。

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

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.klaviyo.com 上找到。

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

今天與我一起參加電話會議的還有共同創辦人兼執行長 Andrew Bialecki 和財務長 Amanda Whalen。

As a reminder, our commentary today will include non-GAAP measures. Reconciliation to the most directly comparable GAAP measures can be found in today's earnings press release or earnings release supplemental materials, which can be found on our Investor Relations website.

提醒一下，我們今天的評論將包含非公認會計準則 (non-GAAP) 指標。您可以查看今天的收益新聞稿或收益報告補充資料（可在我們投資者關係網站上找到），以了解與最直接可比較的公認會計準則 (GAAP) 指標的對帳情況。

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

此外，我們今天的部分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，且可能發生變化。如果任何此類風險成為現實，或我們的假設被證明有誤，公司的實際業績可能與這些前瞻性陳述有重大差異。

A description of these risks, uncertainties, 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, in subsequent quarterly reports on Form 10-Q.

這些風險、不確定性、假設和其他可能影響我們財務結果的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 表年度報告和後續的 10-Q 表季度報告。

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

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. Thank you, all, for joining us today.

謝謝，Zilli。感謝大家今天加入我們。

Klaviyo delivered another fantastic quarter, demonstrating our continued momentum and critical value to consumer businesses worldwide as the only CRM built for B2C. In the second quarter, we delivered revenue of $293 million, up 32% year on year. We now empower over 176,000 customers, from individual entrepreneurs to global enterprises, to build smarter digital relationships that drive revenue and grow their business.

Klaviyo 另一個季度表現出色，展現了我們持續的發展勢頭，以及作為唯一專為 B2C 打造的 CRM 平台，對全球消費者企業至關重要的價值。第二季度，我們的營收達 2.93 億美元，年增 32%。目前，我們賦能超過 17.6 萬名客戶，從個人創業家到跨國企業，幫助他們建立更智慧的數位關係，從而推動收入成長並擴大業務。

Our performance this quarter, once again, validated the three defining themes for Klaviyo, which continued to guide our strategy and execution. First, we are a growth company and continue to execute on our strategic priorities to deliver sustainable, efficient long-term growth. We're expanding internationally. We're investing and making progress with our move-up market.

本季的業績再次印證了 Klaviyo 的三大核心主題，這些主題也將繼續指導我們的策略和執行。首先，我們是一家成長型公司，並將繼續執行我們的策略重點，以實現可持續、高效的長期成長。我們正在進行國際擴張。我們正在投資並推進我們的高端市場。

Second, Klaviyo remains well-differentiated with our vertically integrated data-first approach, driven by fully-embedded AI and powered by the Klaviyo Data Platform. The Klaviyo Data Platform's capacity to process billions of events and profiles is fundamental to our real-time capabilities, which drives faster, more intelligent segmentation, and personalization of scale.

其次，Klaviyo 憑藉其垂直整合的數據優先策略，保持了顯著的差異化優勢。該策略由完全嵌入式的人工智慧驅動，並由 Klaviyo 數據平台提供支援。 Klaviyo 資料平台能夠處理數十億個事件和配置文件，這是我們即時能力的基礎，能夠推動更快、更智慧的細分和規模化的個人化。

And third, we're making incredible progress bringing our multi-product B2C CRM vision to life, with early momentum in service and analytics and continued innovation in multi-channel marketing automation.

第三，我們在實現多產品 B2C CRM 願景方面取得了令人難以置信的進展，在服務和分析方面取得了早期發展，並在多通路行銷自動化方面持續創新。

Many companies today are dealing with disconnected systems, often bolt-ons or stitched together [Frankenstads], not designed for fluid consumer interactions. Our platform addresses a critical market gap by providing consumer brands with a single integrated data platform designed for their unique, high-volume, fast-paced needs.

如今，許多公司都在處理彼此脫節的系統，這些系統通常是附加的或拼湊起來的（Frankenstads），並非為流暢的消費者互動而設計。我們的平台為消費品牌提供了一個單一整合的數據平台，以滿足其獨特、高容量、快節奏的需求，從而填補了關鍵的市場空白。

We unify the pre- and post-buying experience across marketing and customer service, driven by insights from analytics, delivering inherent speed, simplicity, and flexibility. In fact, IDC noted that Klaviyo clearly addresses a set of needs often overlooked by other vendors and is bridging the gap between commerce and customer service.

我們以分析洞察為驅動，統一行銷和客戶服務的購前購後體驗，提供與生俱來的速度、簡單性和靈活性。事實上，IDC 指出，Klaviyo 明確滿足了其他供應商經常忽視的一系列需求，並正在彌合商業與客戶服務之間的差距。

Our product and engineering team continues to innovate fast, delivering incredible new features in the second quarter. At Klaviyo - London, in June, we unveiled major enhancements to our marketing platform to tackle one of marketing's most persistent challenges: fragmented customer experiences.

我們的產品和工程團隊持續快速創新，在第二季推出了一系列令人驚嘆的新功能。 6月，在倫敦Klaviyo，我們發布了行銷平台的重大改進，以應對行銷領域最頑固的挑戰之一：碎片化的客戶體驗。

Our focus here is twofold. First, we want to support the channels that matter to our customers and be great at these channels individually. To support real-time conversational journeys through rich interactive messages, we released native support for RCS, which is the future of text messaging, and WhatsApp. And second, we are focused on making our platform even better at supporting multiple-channel Channel Affinity marketing.

我們的重點有兩個。首先，我們希望支持客戶最重視的管道，並在這些管道上精益求精。為了透過豐富的互動式訊息支援即時對話，我們發布了對 RCS（簡訊的未來）和 WhatsApp 的原生支援。其次，我們致力於讓我們的平台更能支援多通路的「通路親和力行銷」。

On that note, we announced our Omnichannel Campaign Builder, a new canvas to plan, launch, and measure complex multi-day campaigns across channels. We now have Omnichannel across all major areas of our marketing platform. With built-in insights and AI-optimized delivery, teams can execute faster, reduce costs, and increase ROI without switching tools or duplicating work.

為此，我們發布了全通路行銷活動建立器，這是一個全新的平台，可用於規劃、發布和衡量跨通路的複雜多日行銷活動。現在，我們的行銷平台所有主要領域都已實現全通路覆蓋。憑藉內建的洞察和 AI 優化的交付方式，團隊無需切換工具或重複工作，即可加快執行速度、降低成本並提高投資回報率。

We also announced Channel Affinity, powered by Klaviyo AI. This intelligent new capability leverages predictive attributes to automatically discern each customer's preferred communication channels in optimal engagement times. But understanding these key predictive signals, Channel Affinity ensures messages are delivered precisely where and when they're most likely to convert.

我們還宣布了由 Klaviyo AI 提供支援的 Channel Affinity 功能。這項智慧新功能利用預測屬性，自動辨識每位顧客在最佳互動時間偏好的溝通管道。透過理解這些關鍵的預測訊號，Channel Affinity 功能可確保訊息精準地傳遞到最有可能促成轉換的時間和地點。

Finally, we launched Multi-Channel Attribution, providing real-time visibility into revenue drivers, beyond last click.

最後，我們推出了多通路歸因，除了上次點擊之外，還提供收入驅動因素的即時可見性。

Now, turning to our service products, the paradigm of customer service is shifting at an unprecedented pace, moving far beyond simple exchanges and returns. In the near future, it's our belief that consumers will expect highly-personalized experiences with every brand they interact with, facilitated by their own personal AI agents.

現在，談到我們的服務產品，客戶服務模式正在以前所未有的速度轉變，遠遠超越了簡單的換貨和退貨。我們相信，在不久的將來，消費者將期待與他們互動的每個品牌都能獲得高度個人化的體驗，並由他們專屬的AI客服提供協助。

We are building the technology that will empower every brand to make this a reality. Just a few weeks ago, we expanded our service offering with the launch of two private betas, one for helpdesk and another for our conversational agents. Our AI-first helpdesk brings customer support into the same platform as marketing, giving service and marketing teams a shared real-time view of every customer, order, interaction, and conversation.

我們正在建立賦能每個品牌的技術，使其能夠實現這一目標。就在幾週前，我們擴展了服務範圍，推出了兩個內測版本，一個用於幫助台，另一個用於我們的對話客服。我們的人工智慧優先幫助台將客戶支援與行銷整合到同一個平台，讓服務和行銷團隊能夠即時共享每個客戶、每個訂單、每個互動和每個對話的視圖。

Our conversational agent leverages the brand's Klaviyo data, catalog, content, shopping behavior, and other integrations to offer tailored product recommendations, facilitate product discovery, surface coupons, and assist with orders. This goes beyond customer service and cost-reduction efforts. Instead, we view this as the consumer's personal assistant, which, today, happens via chat. But, over time, this agent can assist across every touch point a consumer has with a brand: messaging channels, mobile push, emails, voice, and more.

我們的對話代理商利用品牌的 Klaviyo 資料、目錄、內容、購物行為和其他整合功能，提供客製化的產品推薦，促進產品發現，展示優惠券並協助下單。這不僅僅是客戶服務和降低成本。相反，我們將其視為消費者的私人助理，目前這主要透過聊天實現。但隨著時間的推移，該代理商可以在消費者與品牌的每個接觸點提供協助：訊息管道、行動推播、電子郵件、語音等等。

This is not just for traditional customer service issues like returning an item. For example, the agent answers questions like which shirt pairs best with the pants I'm looking at. And it can quickly provide product recommendations directly to the consumer, which ultimately drives more revenue. Our goal is to democratize this technology, making it possible for consumer brands of all sizes and across industries to provide this level of personalized experience to all of their consumers.

這不僅適用於退貨等傳統的客戶服務問題。例如，客服人員可以回答我看的褲子和哪件襯衫最搭之類的問題。它還可以快速地直接向消費者提供產品推薦，最終帶來更多收入。我們的目標是讓這項技術普及化，讓各種規模、不同產業的消費品牌都能為所有消費者提供這種程度的個人化體驗。

These products build upon our multi-product strategy, which we launched earlier this year with Customer Hub. Importantly, we view Customer Hub as much more than just customer service. It's really a jumping off point for the future of personalization and bridges the gap between marketing and service to bring them closer together.

這些產品以我們今年稍早推出的多產品策略—客戶中心—為基礎。重要的是，我們認為客戶中心不僅僅是客戶服務。它是未來個人化的起點，彌合了行銷和服務之間的差距，使它們更加緊密地聯繫在一起。

We're very pleased with the success we've seen, to date. Customers love the ability to unify consumer experiences across marketing and service using the data they have in Klaviyo.

我們對迄今為止的成功感到非常滿意。客戶非常欣賞能夠利用 Klaviyo 的數據來統一行銷和服務的消費者體驗。

The company successfully creates seamless consumer experiences across touch points; it helps build more loyal customer relationships, which also drives more lifetime revenue. In fact, in just five months since we launched Customer Hub, we've generated millions in additional incremental attributable revenue for our customers.

公司成功地在各個觸點上打造了無縫的消費者體驗，這有助於建立更忠誠的客戶關係，從而帶來更高的終身收入。事實上，自推出客戶中心以來的短短五個月內，我們已為客戶創造了數百萬美元的額外增量可歸屬收入。

Finally, the third product category of the B2C CRM, Analytics. Our marketing analytics products, which we launched earlier this year, is also gaining strong momentum. It already has nearly 2,000 customers. This powerful tool ensures that critical efforts like [winback] emails and abandoned card flows are precisely targeted and timed for maximum effectiveness in ROI.

最後，B2C CRM 的第三個產品類別是分析。我們今年稍早推出的行銷分析產品也發展勢頭強勁，目前已擁有近 2,000 名客戶。這款強大的工具可確保諸如[挽回]電子郵件和廢棄信用卡流等關鍵工作得到精準定位和時間安排，從而最大限度地提高投資回報率。

For example, [Tidio], a women's apparel brand, harnessed marketing analytics, RFM segmentation, and catalog insights to fuel post-delivery automations that are driving significant incremental revenue. The combination of marketing analytics and SMS to complement their email strategy resulted in a 100x ROI for Tidio in the past year.

例如，女裝品牌 Tidio 利用行銷分析、RFM 細分和目錄洞察來推動交付後自動化，從而顯著提升收入。 Tidio 將行銷分析與簡訊相結合，以補充其電子郵件策略，在過去一年中實現了 100 倍的投資回報率。

Across all of our products that make up the B2C CRM stack, we're taking an AI-first approach. In addition to the many new AI power solutions across marketing, service, and analytics, we are solidifying Klaviyo's leadership as one of the next-gen technology stacks with new features like our MCP server.

在我們所有構成 B2C CRM 堆疊的產品中，我們都秉持 AI 優先的理念。除了在行銷、服務和分析領域推出眾多全新的 AI 解決方案外，我們還透過 MCP 伺服器等新功能鞏固了 Klaviyo 作為下一代技術堆疊的領先地位。

Brands can now access or integrate Klaviyo data directly into the LLMs they're using. This is more than just a technical achievement. It's an important step in empowering our customers to supercharge workloads and cementing Klaviyo as the indispensable single source of truth for consumer businesses.

品牌現在可以直接存取或整合 Klaviyo 數據到他們正在使用的 LLM 中。這不僅是一項技術成就，更是賦能客戶提升工作負載能力，並鞏固 Klaviyo 作為消費者業務不可或缺的單一資料來源地位的重要一步。

Customers are already using our MCP server for things like planning out their campaign calendar, finding changes that can be made to flows or campaigns to drive better performance on a daily and weekly basis, and other use cases. This is just one way we're empowering our customers to leverage their data for better consumer engagement.

客戶已經在使用我們的 MCP 伺服器來規劃他們的行銷活動日曆、尋找可以對流程或行銷活動進行的更改，從而提升每日和每週的績效，以及其他用例。這只是我們幫助客戶利用其數據來提升消費者參與度的一種方式。

We're also proud to share that Klaviyo has been recognized as a leader in the 2025 IDC MarketScape for AI-Enabled Marketing Platforms, which evaluates and ranks based on current capabilities and future strategy.

我們也很自豪地宣布，Klaviyo 已被公認為 2025 年 IDC MarketScape 人工智慧行銷平台領導者，該報告根據當前能力和未來策略進行評估和排名。

As businesses grapple with fragmented tech stacks, the secular shift towards unified data power platforms that are AI-first like Klaviyo is clear. Legacy technology is a significant pain point for mid-market and enterprise companies. And we continue to see success with our efforts to displace incumbents.

隨著企業努力應對碎片化的技術堆疊，向像 Klaviyo 這樣以 AI 為先的統一數據驅動平台的長期轉變趨勢顯而易見。傳統技術是中階市場和大型企業面臨的一大痛點。我們努力取代現有技術，並且取得了持續的成功。

This quarter, we signed Winston Flowers, a premium floral and gift company. They were facing ongoing issues with their legacy marketing cloud, particularly concerning its usability and agility for their small marketing team. They chose Klaviyo for our ease of use, faster time to market, and strong multi-channel capabilities.

本季度，我們與高端花卉禮品公司 Winston Flowers 簽約。他們之前使用的傳統行銷雲端服務一直面臨問題，尤其是在其小型行銷團隊的可用性和敏捷性方面。他們選擇 Klaviyo 是因為我們易於使用、上市速度更快，並且擁有強大的多通路功能。

We also signed a deal with a premium coffee brand who was finding it difficult to execute even basic marketing functions, like abandoned card flows, despite significant investment in their legacy marketing cloud. They chose Klaviyo because they needed a solution that would deliver immediate results and provide a more intuitive and effective platform for their marketing efforts.

我們也與一家高端咖啡品牌簽訂了協議，儘管他們在傳統行銷雲上投入了大量資金，但仍然發現即使是基本的行銷功能（例如棄卡流量）也難以執行。他們選擇了 Klaviyo，因為他們需要一個能夠立即見效的解決方案，並為他們的行銷工作提供一個更直覺、更有效率的平台。

We're pleased with the success we've seen in the mid-market and enterprise. You've heard about many of the notable large customers who have joined us over the last couple of years. But we know there's more we can do to support the higher end of the market. We are continuing to evolve our product and go-to-market efforts, as a result.

我們對在中端市場和企業級市場的成功感到欣慰。大家應該都聽過，在過去幾年裡，許多知名大客戶加入了我們。但我們知道，在支持高端市場方面，我們可以做得更多。因此，我們將持續改進產品，並增加市場推廣力度。

On the go-to-market side, we're adding additional enterprise experience to our team and increasing strategic partner collaboration, enabling us to drive deeper engagement with complex customers.

在行銷方面，我們正在為團隊增加更多企業經驗，並加強策略夥伴的合作，使我們能夠與複雜的客戶進行更深入的接觸。

On the product side, we continue to add features and functionality to the platform that are important to large enterprises, including custom objects, mobile in-app messaging, Channel Affinity, and more.

在產品方面，我們持續為平台添加對大型企業很重要的特性和功能，包括自訂物件、行動應用程式內訊息傳遞、通路親和力等。

We are also continuing to expand the scalability of our platform to serve the largest consumer brands and the diversity of use cases they have.

我們也將繼續擴大我們平台的可擴展性，以服務最大的消費品牌及其多樣化的用例。

These features are key to winning and supporting mid-market and enterprise customers, going forward. We'll continue our rapid pace of innovation to make our platform the leading solution for their evolving needs.

這些功能對於未來贏得並支援中階市場和企業客戶至關重要。我們將繼續快速創新，使我們的平台成為滿足他們不斷變化的需求的領先解決方案。

We continue to see companies choose Klaviyo to consolidate their marketing tech stack from the fragmented tools they have been dealing with.

我們不斷看到公司選擇 Klaviyo 來整合他們一直在處理的分散工具中的行銷技術堆疊。

In the second quarter, we expanded our relationship with Princess Polly, a leading digital fashion brand with a growing physical presence. Princess Polly has been using Klaviyo email but was one of the largest SMS customers of another vendor. They consolidated SMS with Klaviyo to leverage the power of our omnichannel platform for more effective consumer engagement across channels.

第二季度，我們擴大了與領先的數位時尚品牌 Princess Polly 的合作，該品牌的實體店業務正在不斷增長。 Princess Polly 一直在使用 Klaviyo 的電子郵件服務，同時也是另一家供應商最大的簡訊服務客戶之一。他們將簡訊服務與 Klaviyo 整合，以利用我們全通路平台的強大功能，更有效地實現跨通路的消費者互動。

We also signed a deal with Loop Earplugs, a rapidly growing company that creates stylish, high-quality ear protection. Loop was struggling with a fragmented marketing strategy, relying on multiple vendors that led to a lot of inefficiency. They chose Klaviyo for a comprehensive platform that will enable them to consolidate email and SMS to drive growth and streamline their customer engagement.

我們還與 Loop Earplugs 簽署了協議，這是一家快速發展的公司，致力於打造時尚、高品質的耳塞。 Loop 先前一直苦於分散的行銷策略，依賴多家供應商，導致效率低落。他們選擇了 Klaviyo，因為它是一個全面的平台，能夠整合電子郵件和短信，從而推動成長並簡化客戶互動流程。

International expansion continues to be a significant growth opportunity for Klaviyo. In addition to the WhatsApp launch, we've simplified multilingual email campaigns in Klaviyo and launched our website in German, Spanish, and Italian. These investments are yielding results.

國際擴張仍然是 Klaviyo 的重要成長機會。除了推出 WhatsApp 之外，我們還簡化了 Klaviyo 的多語言電子郵件行銷活動，並推出了德語、西班牙語和義大利語網站。這些投資正在取得成效。

In the second quarter, we grew international revenue over 42% year on year, adding brands like Nothing, a UK -based, fast-growing challenger in the smartphones and audio category. Nothing was grappling with a fragmented CRM strategy with their legacy tool, which made it difficult to drive repeat business and loyalty. They selected Klaviyo to unify their CRM strategy and leverage our powerful automations to boost direct-to-consumer revenue.

第二季度，我們的國際營收年增超過42%，新增了Nothing等品牌。 Nothing是一家總部位於英國、在智慧型手機和音訊領域快速發展的挑戰者。先前，Nothing的CRM策略分散，其傳統工具難以推動回頭客業務和顧客忠誠度。他們選擇了Klaviyo來統一CRM策略，並利用我們強大的自動化技術來提升直接面向消費者的收入。

Our thriving partner ecosystem is a force multiplier, expanding our reach and functionality. We're thrilled to announce two new integrations that further expand Klaviyo's reach into the hospitality and entertainment sectors.

我們蓬勃發展的合作夥伴生態系統如同倍增器，不斷拓展我們的覆蓋範圍和功能。我們非常高興地宣布兩項新的集成，這將進一步拓展 Klaviyo 在酒店和娛樂領域的影響力。

Our partnership with [Geste], a leader in property management, will transform how property owners harness first-party data to boost direct bookings and cultivate lasting guest relationships. Our integration with vivenu, a global leader in event ticketing, will empower entertainment brands to leverage attendee data for unparalleled personalization and engagement at scale, as exemplified by their work with partners like the Grammy Awards.

我們與領先的物業管理公司[Geste]的合作將徹底改變業主利用第一方資料來提升直接預訂量並建立持久客戶關係的方式。我們與全球領先的活動票務公司vivenu的整合將使娛樂品牌能夠利用與會者數據，實現無與倫比的個性化和大規模參與，正如他們與格萊美獎等合作夥伴的合作所體現的那樣。

These integrations underscore our commitment to vertical expansion and delivering transformative solutions across industries.

這些整合凸顯了我們對垂直擴張和跨產業提供變革性解決方案的承諾。

Our vision is to empower every consumer-oriented business to standardize on Klaviyo from marketing to service to analytics, enabling them to build strong personalized relationships with each of their consumers.

我們的願景是讓每個以消費者為導向的企業都能在 Klaviyo 上實現從行銷到服務再到分析的標準化，從而讓他們能夠與每位消費者建立牢固的個人化關係。

We are proud of the progress we've made and are driven, every day, by the massive amount of white space that still exists for Klaviyo.

我們為所取得的進步感到自豪，並且每天都受到 Klaviyo 仍然存在的大量空白的推動。

We're excited to welcome our customers, partners, and all consumer businesses to Klaviyo - Boston, the pre-eminent event for consumer businesses focused on growth, taking place in Boston on September 25 and 26. Following the success of Klaviyo - London and Klaviyo - Sydney, Klaviyo - Boston will serve as another opportunity for sharing our strategic vision and showcasing our latest advancements for our growing ecosystems of customers, champions, and partners.

我們熱烈歡迎我們的客戶、合作夥伴和所有消費者企業參加 Klaviyo - 波士頓，這是專注於成長的消費者企業的頂級盛會，將於 9 月 25 日至 26 日在波士頓舉行。繼 Klaviyo - 倫敦和 Klaviyo - 悉尼成功舉辦之後，Klaviyo - 波士頓將為我們分享戰略願景並展示我們為不斷壯大的客戶、擁護者和合作夥伴生態系統所取得的最新進展提供又一次機會。

We will also be hosting our first investor day, live from Klaviyo - Boston, on September 25. Virtual registration is open on our Investor Relations website.

我們也將於 9 月 25 日在波士頓的 Klaviyo 現場舉辦首屆投資者日活動。虛擬註冊已在我們的投資者關係網站上開放。

Before I turn over to Amanda, I'd like to cover a couple of changes in our leadership team.

在交給阿曼達之前，我想先介紹一下我們領導團隊的一些變化。

I want to welcome Archana Rao, our new Chief Information Officer, who joined us in June. Archana brings 25 years of experience helping high-growth tech companies scale and will play a key role in shaping how we use AI internally to drive smarter, faster decisions; and how we scale our systems to help us serve our customers better and deliver more value to the companies that rely on us.

我熱烈歡迎新任資訊長 Archana Rao 的到來，她於今年六月加入我們。 Archana 擁有 25 年幫助高成長科技公司拓展規模的經驗，並將在塑造我們如何在內部運用人工智慧來推動更智慧、更快速的決策，以及如何擴展我們的系統以更好地服務客戶，並為依賴我們的公司創造更多價值方面發揮關鍵作用。

We also announced that our President, Steve Rowland, is retiring. He'll be staying on through the end of the first quarter of next year. Since joining in 2023, Steve has been instrumental in implementing our mid-market and enterprise sales motions, expanding our growth internationally, growing our partner ecosystem, and building an incredibly strong go-to-market organization.

我們還宣布，總裁史蒂夫羅蘭 (Steve Rowland) 即將退休。他將留任至明年第一季末。自 2023 年加入以來，史蒂夫在實施我們中端市場和企業銷售計劃、拓展國際業務、發展合作夥伴生態系統以及打造強大的市場推廣團隊方面發揮了重要作用。

During Steve's tenure, we have driven remarkable growth with our revenue run rate growing from $660 million dollars to more than $1.1 billion today. I'm incredibly grateful for his contribution and leadership at Klaviyo.

在史蒂夫任職期間，我們實現了顯著增長，營收運行率從6.6億美元增長到如今的11億美元以上。我非常感謝他在Klaviyo的貢獻和領導。

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

說完這些，我想把發言權交給阿曼達 (Amanda)。

Thanks, Andrew.

謝謝，安德魯。

Our second-quarter results were very strong, as we are delivering efficient growth at scale. Revenue grew 32% year over year to $293 million. Non-GAAP operating margin was 14%. Free cash flow was $59 million. These results demonstrate another quarter of strong, consistent top- and bottom-line performance.

我們第二季的業績非常強勁，這得益於我們規模化、高效的成長。營收年增32%，達2.93億美元。非公認會計準則下的營業利益率為14%。自由現金流為5900萬美元。這些業績表明，我們又一個季度實現了強勁且持續的營收和淨利潤表現。

Our vertically integrated AI-driven data platform is the only CRM built for consumer businesses. We are expanding the functionality, as we add features across marketing, service, and analytics. Customers are responding well to this vision, which drove strength in the second quarter as we added new customers, expanded with our existing customers, grew internationally, and expanded upmarket.

我們垂直整合的人工智慧驅動資料平台是唯一專為消費者業務打造的 CRM 系統。我們正在擴展其功能，在行銷、服務和分析領域添加新功能。客戶對這一願景反應良好，這推動了我們在第二季度的強勁成長，新增了客戶，拓展了現有客戶，實現了國際化發展，並拓展了高端市場。

We ended Q2 with more than 176,000 customers, up 17% year over year; and up 7,000 from Q1. This strength was driven by momentum and entrepreneur customers, with support from SMB, midmarket, and enterprise, affirming Klaviyo's value in every market.

截至第二季度，我們擁有超過 176,000 名客戶，年增 17%；較第一季增加 7,000 名。這一成長主要得益於勢頭強勁的客戶和企業家客戶，以及來自中小企業、中型市場和大型企業的支持，這充分肯定了 Klaviyo 在各個市場的價值。

We delivered a Q2 NRR of 108%, in line with the last two quarters, driven by consistent gross revenue retention; improvement in email expansion; and, while a smaller contributor, returns from our newer product offerings.

我們第二季的 NRR 為 108%，與前兩個季度持平，這得益於持續的總收入保留；電子郵件擴展的改善；以及儘管貢獻較小，但我們的新產品帶來的回報。

We are advancing our cross-sell motion, as evidenced by more of our larger customers adopting multiple products and the growing SMS penetration in our SMB and mid-market cohorts.

我們正在推動交叉銷售活動，證據是越來越多的大客戶採用多種產品，以及簡訊在我們的中小型企業和中端市場群體中的滲透率不斷提高。

We are also very pleased with the early adoption of our marketing analytics product and the success of our Klaviyo Service Data.

我們也對我們的行銷分析產品的早期採用以及 Klaviyo 服務數據的成功感到非常高興。

Our success in serving larger customers is evident as we ended the quarter with 3,291 customers with over $50,000 in ARR, up 38% year over year. This was a record quarter of net ads into this cohort, as we drove strength in both new customers to Klaviyo landing in this cohort and existing customers who are growing their businesses with Klaviyo.

我們在服務大客戶方面取得的成功顯而易見，本季末，我們擁有3,291位年經常性收入（ARR）超過5萬美元的客戶，年增38%。本季度，該類客戶群的淨廣告投放量創歷史新高，這得益於我們大力推廣Klaviyo，不僅吸引了新客戶加入該類客戶群，也吸引了現有客戶透過Klaviyo拓展業務。

As you heard from Andrew, our investments towards expanding internationally on both the go-to-market and product fronts are delivering returns, as our outstanding international growth continued in the second quarter.

正如安德魯所說，我們在市場進入和產品方面的國際擴張投資正在獲得回報，因為我們在第二季度繼續保持出色的國際成長。

EMEA revenue grew 47% year over year. APAC revenue growth accelerated for the second quarter in a row, as our international expansion strategy is driving strong results. This broad-based strength drove the revenue outperformance in Q2, as we execute on our growth priorities.

歐洲、中東和非洲地區 (EMEA) 營收年增 47%。亞太地區營收連續第二季加速成長，這得益於我們國際擴張策略的強勁表現。由於我們執行成長重點，這種廣泛的成長動力推動了第二季度營收的出色表現。

As we mentioned last quarter, we incorporated some additional prudence in our guidance due to the uncertain macro environment. However, we continue to hear from customers that Klaviyo is more critical than ever to driving their growth. And we did not see an impact from the macro during the quarter. Our results against guidance, therefore, were slightly higher than they would have been in a normal environment.

正如我們上季度所提到的，由於宏觀環境的不確定性，我們在績效指引中加入了額外的審慎性。然而，我們不斷聽到客戶表示，Klaviyo 在推動其成長方面比以往任何時候都更加重要。而且我們在本季並未感受到宏觀環境的影響。因此，我們的業績相對於預期略高於正常環境下的預期。

Moving on, second -quarter non-GAAP gross margin was 76%, down approximately 2 points year over year, primarily due to increased infrastructure costs and the continued growth of our SMS product. We are beginning to see efficiencies from these infrastructure investments. And our non-GAAP gross margin was flat to Q1 due to infrastructure optimizations offset by our growing SMS mix.

第二季非GAAP毛利率為76%，較去年同期下降約2個百分點，主要原因是基礎設施成本增加以及SMS產品持續成長。我們開始看到這些基礎建設投資帶來的效率提升。非GAAP毛利率與第一季持平，這得益於基礎設施最佳化，但SMS產品組合的持續成長抵消了這一影響。

Turning to non-GAAP operating expenses, we saw leverage in R&D and SG&A. Sales and marketing as a percentage of revenue increased year over year as a result of continued investments in sales capacity and timing of marketing program spend.

談到非公認會計準則營運費用，我們發現研發和銷售、行政及行政管理費用（SG&A）方面存在槓桿。由於持續投資於銷售能力和行銷項目支出的時機，銷售和行銷佔收入的百分比年增。

For the second quarter, our non-GAAP operating income was $41 million, representing a non-GAAP operating margin of 14%. This came in better than our guidance, primarily as a result of the revenue upside we saw in the quarter and to a lesser extent, due to operating expense leverage.

第二季度，我們的非公認會計準則營運利潤為4,100萬美元，非公認會計準則營運利潤率為14%。這項業績好於我們的預期，主要得益於本季營收的成長，以及營運費用槓桿率的提升（但程度較小）。

We generated strong free cash flow of $59 million during the quarter due to higher collections and the timing of payments. This result excludes the impact from Andrew's option exercise; and the related share sale for tax payments, which took place during the quarter.

由於收款金額增加以及付款及時性，本季我們實現了5,900萬美元的強勁自由現金流。這一業績不包括安德魯行使選擇權以及本季發生的用於支付稅款的相關股份出售的影響。

Before I turn to guidance, let me quickly touch on our revenue seasonality. As a result of the profile enforcement changes we made in February, we expect our revenue to be less volatile quarter to quarter, as profiles tend to grow consistently throughout the year compared to the seasonal increases that can happen from sending volumes.

在介紹業績指引之前，我想先簡單談談我們收入的季節性。由於我們在二月對個人資料執行機制進行了調整，我們預計收入的季度波動會較小，因為與發送量可能出現的季節性增長相比，個人資料數量在全年通常保持穩定增長。

As a result, we expect that our fourth-quarter revenue will experience less of a quarter-over-quarter spike in growth than it has in prior years. Additionally, with the strength in Q2, we are reducing the amount of incremental prudence incorporated into our guidance for Q3 and the full year -- so not removing it completely as the environment remains dynamic.

因此，我們預計第四季營收的環比增幅將低於往年。此外，鑑於第二季的強勁表現，我們將減少第三季及全年業績指引中包含的漸進式審慎調整幅度——鑑於市場環境仍在變化，我們不會完全取消這些調整。

Turning now to guidance, for Q3, we expect revenue of $297 million to $301 million, representing year-over-year growth of 26% to 28%, driven by continued strength across the business. We expect third-quarter non-GAAP operating income of $32.5 million to $35.5 million, representing a non-GAAP operating margin of 11% to 12%.

現在談談業績指引。我們預計第三季營收將達到2.97億美元至3.01億美元，年增26%至28%，這得益於公司整體業務的持續強勁成長。我們預計第三季非公認會計準則（Non-GAAP）營業利潤將達3,250萬美元至3,550萬美元，非公認會計準則營業利潤率將達到11%至12%。

As a result of our strong first-half performance and robust customer demand signals, we are raising our full-year guidance by $24 million at the midpoint, from $1.195 billion to $1.203 billion for year-over-year growth of 27% to 28%. We expect non-GAAP operating income of $144 million to $150 million, representing a non-GAAP operating margin of 12%.

鑑於我們上半年強勁的業績表現和強勁的客戶需求訊號，我們將全年業績預期中位數上調了2400萬美元，從11.95億美元增至12.03億美元，年增27%至28%。我們預期非公認會計準則下的營業利潤為1.44億美元至1.5億美元，非公認會計準則下的營業利益率為12%。

This guidance reflects our confidence in the resilience of our business and the value that we provide to our customers, who continue to rely on our platform to drive results even in uncertain times. In dynamic environments, our business is more relevant than ever.

此指引反映了我們對業務韌性以及我們為客戶提供的價值的信心。即使在充滿不確定性的時期，客戶仍將依靠我們的平台來推動績效成長。在瞬息萬變的環境中，我們的業務比以往任何時候都更具相關性。

In closing, our performance in the first half of the year reinforces that we are executing well on our growth strategies. We are delivering on our goal of achieving sustainable, efficient, long-term growth through adding new customers, expanding with existing customers, international expansion, and moving up markets.

最後，我們上半年的業績再次印證了我們成長策略的良好執行。我們正在透過增加新客戶、拓展現有客戶、國際擴張和高端市場，實現可持續、高效、長期成長的目標。

Our single unified platform for marketing, service, and analytics positions us well to deliver unmatched value to our customers and establishes a solid foundation for continued innovation and growth in the future.

我們擁有統一的行銷、服務和分析平台，這使我們能夠為客戶提供無與倫比的價值，並為未來的持續創新和成長奠定堅實的基礎。

I look forward to discussing more about our business at our upcoming investor day in September. With that I'll open up the call for Q&A. Operator

我期待在九月即將舉行的投資者日上進一步討論我們的業務。屆時，我將開始電話問答環節。接線生

(Operator Instructions)

（操作員指示）

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi. Good afternoon. Congratulations on the quarter.

大家好。午安.恭喜本季業績。

Andrew and Amanda, I wanted to ask you a little bit about your progress in the mid-market in particular. Amanda, I remember it was a handful of quarters ago where you talked about seeing the pipeline be really good and stepping up the level of investment to go after that opportunity. And now if I look at unit economics and to a tax standpoint, you're seeing really nice improvement on LTV attacks.

安德魯和阿曼達，我想問一下你們在中端市場的進展。阿曼達，我記得幾個季度前，你們談到看到管道非常好，並加大了投資力度以抓住這個機會。現在，如果我從單位經濟效益和稅收角度來看，你們的LTV（長期價值）攻擊取得了非常顯著的改善。

So question for the both of you is give us the quality of overlay of what you're seeing in the mid-market in particular and if there's anything else you can add to quantitatively on what you're seeing with sales productivity and how you're thinking about the scale of investment in the mid-market in particular, that would be great as well.

所以，我想問你們兩位一個問題：請告訴我們，特別是在中端市場，你們所看到的覆蓋品質如何？如果你們能從數量上補充一些關於銷售效率的信息，以及你們對中端市場投資規模的看法，那就太好了。

Yes. Thank you, Gabriela. Happy to take those. So just qualitatively, why are customers turning to Klaviyo in the enterprise? We see that the Klaviyo data platform plus this consolidation story of taking not just all the channels of marketing, but now marketing and service together is really resonating.

是的，謝謝 Gabriela。很高興回答這些問題。那麼，從定性角度來看，為什麼企業客戶會選擇 Klaviyo？我們看到，Klaviyo 數據平台以及它不僅涵蓋所有行銷管道，而且將行銷和服務整合在一起，這確實引起了共鳴。

And then as we talked about, I think there's this trend of all of the -- the entire CRM stack is about to go autonomous. And every enterprise is looking at, hey, who is their partner that they're going to work with over the next 5, 10 years on making the customer experience really an autonomous auto optimizing thing. So I think that story is really resonating. The fact that we have the data platform at the core and the only one to do that, that's what's setting us apart.

正如我們之前提到的，我認為現在有一種趨勢——整個 CRM 體系即將走向自主化。每個企業都在思考，在未來 5 到 10 年裡，誰是他們的合作夥伴，將與誰攜手，讓客戶體驗真正自主、自動優化。所以我認為這個故事非常能引起共鳴。我們擁有核心數據平台，而且是唯一做到這一點的公司，這正是我們與眾不同之處。

Now, on the unit economics, yes, we've been investing in building out our mid-market enterprise, demand gen and sales motions, and we continue to refine those. I think we still have work to do, as we always do, but we're very excited about the trend in the unit economics most especially.

說到單位經濟效益，是的，我們一直在投資打造中端市場企業、需求產生和銷售動能，我們將繼續完善這些功能。我認為我們仍然有很多工作要做，就像我們一直以來所做的那樣，但我們對單位經濟效益的趨勢尤其感到興奮。

Yes. And just a couple of examples to bring that quantitatively to life. You saw the growth in the 50,000 cohort, 14% year-over-year growth this quarter and average revenue per customer. And we're continuing to see strong growth in the average revenue that we generate from our top 10 customers. So all of them are really demonstrating that progress.

是的。我舉幾個例子來量化說明這一點。您看到了5萬名客戶的成長，本季年增14%，每位客戶的平均收入也實現了成長。而且，我們從前十大客戶獲得的平均收入也持續強勁成長。所以，所有這些客戶都真正展現了這種進步。

And one of the examples that I really appreciated this quarter in the mid-market was Majority, who is a prominent jewelry brand, they chose us because of our robust integrations, our ease of use and the reliability of the platform, especially after last year, they had some issues with their prior provider and heading into Black Friday Cyber Monday, they wanted to know they had a brand who can scale with them and support their business. And Klaviyo is that partner.

本季度，我非常欣賞的中端市場案例之一是Majority，這是一個著名的珠寶品牌。他們選擇我們，是因為我們強大的整合能力、易用性和平台的可靠性。尤其是在去年，他們與之前的供應商出現了一些問題，而即將迎來「黑色星期五」和「網路星期一」時，他們希望找到一個能夠與他們一起擴展業務並支持其業務的品牌。而Klaviyo就是他們這樣的合作夥伴。

Terry Tillman, Truist.

特里·蒂爾曼（Terry Tillman），Truist。

Congrats on the results. My question relates to the service beta products. And I know that they're not actually generally available, I believe, but you're talking about releasing or putting into access help desk and the conversation agents. I'm just curious, if you take a step back, and I think investors care about this is how do you size this opportunity to run your service suite versus some of the other products, whether it's mobile, e-mail or marketing analytics?

恭喜你所取得的成果。我的問題是關於服務測試版產品的。我知道這些產品實際上還沒有普遍上市，但你指的是發布或投入使用訪問幫助台和對話代理。我只是好奇，如果你退一步來看，我認為投資者關心的是，你如何評估這個營運服務套件的機會，而不是其他一些產品，無論是行動、電子郵件還是行銷分析？

And the second part of this is would it be a similar playbook where maybe it starts with traction more downmarket? Or would this be more potentially actionable across all customer segments?

第二部分是，這是否會是一個類似的策略，可能先從低端市場開始？還是說，這更有可能適用於所有客戶群？

Yes. Great. Sorry. So happy to talk about what we're doing in service. And I'll start with that I think as -- what we traditionally thought of as customer service, as it gets more automated, more autonomous, our belief is every business is going to offer up to every one of their consumers their own personal AI, their own agents, their own concierge that's there across all modalities.

是的，太好了。抱歉。很高興能談談我們在服務領域所做的工作。首先，我認為——我們傳統上認為的客戶服務，隨著它變得更加自動化、更加自主，我們相信每個企業都會為每位消費者提供自己的個人化人工智慧、他們自己的代理商、他們自己的禮賓服務，這些服務涵蓋所有模式。

So we're starting with web and chat. We think it will be voice. We think it will be on mobile app. It will be everywhere. Any time you have a question, whether it's something we traditionally think of about as customer service or something proactive, you need some advice.

所以我們從網頁和聊天開始。我們認為它會是語音，也會在行動應用上。它會無所不在。無論何時你有問題，無論是我們傳統上認為的客戶服務，還是主動服務，你都需要一些建議。

We already are seeing in our beta questions people are writing in and asking about things like, hey, I'm shopping and I'm wondering whether this outfit will work with this event that I have to go to. And that's not what we traditionally think of it as a customer service request. It's more -- it's almost the land between service and marketing. So this conversational piece, I think, is going to be critical.

我們已經在測試版中看到，人們寫信詢問諸如「嘿，我正在購物，我想知道這套衣服是否適合我要去的這個活動」之類的問題。這並非我們傳統上認為的客戶服務請求。它更像是介於服務和行銷之間的環節。所以我認為，這種對話環節至關重要。

And to the question on, hey, how big is this market, I look at the marketing application, the marketing automation category this conversational category, I think, is an equal size.

至於這個市場有多大，我看一下行銷應用、行銷自動化類別和對話類別，我認為它們的規模是相等的。

Now, we're early into this. We're doing a great job of building out the product and working with customers to refine it and planning to launch it soon. But I think it's going to be a major accelerant. And we look at for a lot of businesses, I don't know why you wouldn't want marketing and then the conversations you have with customers all be driven off the same data set. So I think this is -- I mean, this is where the market is going, and it's going to get a lot more automated.

現在，我們才剛起步。我們正在出色地建立產品，並與客戶合作完善產品，並計劃很快推出。但我認為這將是一個重要的加速器。我們觀察了很多企業，我不知道為什麼他們不希望行銷以及與客戶的對話都基於同一個資料集。所以我認為這就是市場的發展方向，而且它將變得更加自動化。

Because of that, we obviously -- when Klaviyo was starting out, we focused more on SMBs and in recent years have started to shift our focus or more of our focus upmarket as well. I think there's a moment right now where for service, for conversations, whether you're an SMB or an enterprise, you're looking and saying, who's going to provide that personal agent, that personal concierge to every single one of my customers, and we want to be that.

正因如此，Klaviyo 剛起步時，我們更專注於中小企業，近年來也開始將重心轉向高端市場。我認為現在正值一個關鍵時刻，無論是中小企業還是大型企業，在提供服務和對話時，你都在思考，誰能為我的每一位客戶提供專屬的代理和專屬的禮賓服務？而我們，就想成為這樣的人。

So we're already working with some larger businesses on using and adopting our conversational agent and our other products, the customer hub and help desk. So I think here, we're not going to wait nearly as long to bring that into the mid-market enterprise because we're already seeing a lot of interest.

我們已經與一些大型企業合作，使用並採用我們的對話代理商以及其他產品，例如客戶中心和幫助台。所以我認為，我們不會等待太久就將這些產品引入中型企業市場，因為我們已經看到了許多客戶的興趣。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

AB, talking about the moment you're in right now and I was hoping maybe you could help quantify the opportunity. You have a good base of 50,000 customer cohort mostly using marketing today. What does that cohort look like when they layer in service, when they layer in marketing, when they layer in the AI-first help desk, when they layer in this AI-first conversational agent? Any sort of sense of what the revenue capture or kind of cross-sell could look like as you think about the full bundle?

AB，談談您目前所處的階段，希望您能幫忙量化一下這個機會。您目前擁有5萬名客戶，他們大多在使用行銷服務。當他們加入服務、行銷、AI優先的客服中心以及AI優先的對話客服時，這個客戶群會是什麼樣子？您能想像，從整體方案來看，收入來源或交叉銷售會是什麼樣子嗎？

Yes, sure. I'll start -- begin with like where I answered the last question. We think the opportunity in service and all the products we're building there is large. And it's sort of equivalent size, pretty much something that is potentially larger than marketing because it's not just responding to customer service request. It also has an element of helping customers in generating incremental LTV.

是的，當然。我先從我回答上一個問題的地方開始。我們認為，服務和我們正在開發的所有產品都蘊藏著巨大的機會。而且規模相當，甚至可能比行銷更大，因為它不僅僅是回應客戶服務請求。它還包含幫助客戶創造增量生命週期價值（LTV）的元素。

So the way will be just like every business is going to have to buy the entire CRM stack. They're going to want all those products to work together on one data platform. We have marketing all of the various marketing channels, then service and conversation and then analytics.

所以，最終方案就像每家企業都必須購買整套 CRM 系統一樣。他們希望所有這些產品能夠在一個數據平台上協同工作。我們的行銷涵蓋了所有不同的行銷管道，然後是服務和對話，最後是分析。

And then, they expect all of that software to become more automated. We're really obsessed with this idea of what does the autonomous CRM look like.

然後，他們期望所有這些軟體都能變得更加自動化。我們非常著迷於自主型 CRM 究竟是什麼樣子。

I think that's going to start with B2B businesses with consumer where every experience is already at scale. You need more automation, more personalization, more optimization there. And I think if we can deliver better LTV to our customers, if they engage their consumers better, those consumers are spending more, then that gives us the ability to share in that upside.

我認為這將從面向消費者的B2B業務開始，因為這些業務的各項體驗都已達到規模化。你需要更多自動化、更多個人化、更多優化。我認為，如果我們能夠為客戶提供更高的生命週期價值 (LTV)，如果他們能夠更好地與消費者互動，這些消費者就會增加支出，那麼我們就有能力分享這種成長。

So we're not putting numbers on it yet, but I'd say like compared to some of the products that we launched around marketing that fit in that marketing category, service is a real expansion. And I think we're going to find that with AI and its ability to do more and generate better results automatically, that's a further revenue per customer expansion as well.

因此，我們目前還沒有具體數字，但我想說，與我們圍繞行銷推出的一些屬於該行銷類別的產品相比，這項服務確實是一個擴展。而且我認為，隨著人工智慧及其自動執行更多操作和產生更好結果的能力的提升，我們將會發現，這也將進一步提升單位客戶收入。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Congrats on a nice quarter. So AB, look, you've always had this interface for brands for marketing and service and analytics use cases. But if I understand right, it now sounds like you also have more of a consumer-facing interface, right, with these personalized conversational AI commerce agents. You kind of talked about your long-term vision and why that's important.

恭喜您本季取得佳績。 AB，您看，您一直以來都有以品牌為導向的介面，用於行銷、服務和分析用例。如果我理解正確的話，現在聽起來您似乎也擁有了更多面向消費者的介面，例如這些個人化的對話式人工智慧商務代理。您剛才談到了您的長期願景以及它的重要性。

But does it create any conflict with e-commerce partners that I suspect maybe trying to do something similar on their own? Like how -- do those agents work together? Like help me understand how all the pieces kind of fit together?

但這是否會與我懷疑自己可能也想做類似事情的電商夥伴產生衝突？比如，這些代理商是如何合作的？能幫我理解所有部分是如何組合在一起的嗎？

Sure. No, I don't think it creates any real competition. In fact, we're collaborating with a lot of the platforms and partners that we have to help develop this technology and then help put it to work. So frankly, we're in a rush right now where we feel like every single one of our customers ought to be delivering to their customers their own personal agent. And right now, that doesn't really exist.

當然。不，我不認為這會造成任何真正的競爭。事實上，我們正​​在與許多平台和合作夥伴合作，共同開發這項技術，並將其投入使用。坦白說，我們現在很著急，覺得我們的每位客戶都應該為他們的客戶配備專屬的私人助理。但目前，這還不存在。

If you go to the major e-commerce players, then like, yes, that technology is there. But for everybody else, it hasn't really been adopted yet. And when I talk to our customers about what's slowing them down, a lot of it is technically challenging. We're not sure what to do. We're not sure how to train these models, how to put them to work.

如果你去大型電商平台，你會發現，確實有這項技術。但對其他電商平台來說，這項技術還沒有真正被採用。當我和客戶討論是什麼拖慢了他們的速度時，我發現很多問題都與技術有關。我們不確定該怎麼辦。我們不確定如何訓練這些模型，如何讓它們發揮作用。

And so actually, in that case, I think we've got a great team working on that. We're working with customers, and I actually think our partners are an accelerant there. We've actually worked with a lot of our agency partners on what -- how they can build up and see the practices and services around helping take conversational to all of our consumer businesses.

所以實際上，我認為我們有一個很棒的團隊在做這件事。我們與客戶合作，我認為我們的合作夥伴在這方面起到了促進作用。我們實際上已經與許多代理商合作夥伴合作，探討如何讓他們建立並了解有助於將對話式行銷推廣到我們所有消費者業務的實踐和服務。

So I look at our partners, the other -- and the platforms we work with, we all have the same shared mission, which is help our mutual customers be more successful, own their destiny. And I'm excited to work on it with them.

所以，我關注我們的合作夥伴，關注其他——以及我們合作的平台，我們都有一個共同的使命，那就是幫助我們共同的客戶取得更大的成功，掌握自己的命運。我很高興能與他們攜手共進。

Jackson Ader, KeyBanc Capital Markets.

傑克遜·阿德（Jackson Ader），KeyBanc 資本市場。

Amanda, can we talk about the push and pull on gross margin? When -- I guess, with the launch of service and agents and kind of the new products that have a little bit more software gross margin, when should that be able to kind of outweigh some of the SMS headwinds?

阿曼達，我們可以談談毛利率的推拉因素嗎？我想，隨著服務和代理商的推出，以及軟體毛利率略高的新產品的推出，什麼時候才能抵消簡訊業務帶來的一些不利因素？

And then, is there any impact from the smoothing of your revenue through the season? Would there be any kind of seasonal impact or a similar smoothing on gross margin?

那麼，季度營收平滑化會有什麼影響嗎？會不會對毛利率產生任何季節性影響或類似的平滑效應？

Yes. Great question. Thanks so much, Jackson. In thinking about gross margin, I would probably think about three key drivers there. One is what's happening with growth in SMS, and we've spoken about that over time.

是的。問得好。非常感謝，傑克森。說到毛利率，我可能會考慮三個關鍵驅動因素。其一是簡訊業務的成長情況，我們之前也討論過這個問題。

The second is the investments that we've been making in infrastructure and the leverage that we're getting from those. And then the third is new products.

第二是我們在基礎設施方面的投資，以及我們從中獲得的槓桿作用。第三是新產品。

Now, new products, we are really excited about them, but I would not, at this point, build in meaningful revenue into this year's outlook for it, at least not to the extent that it would meaningfully shift gross margin.

現在，我們對新產品感到非常興奮，但目前我不會將有意義的收入納入今年的展望中，至少不會達到對毛利率產生重大影響的程度。

Now, over time, it is exactly what you spoke about, which is we see some positive gross margin impact coming from those products, particularly marketing analytics, which leverages largely the same infrastructure as our existing e-mail plus data product.

現在，隨著時間的推移，正如您所說的，我們看到這些產品對毛利率產生了一些積極的影響，特別是行銷分析，它利用與我們現有的電子郵件和數據產品基本相同的基礎設施。

And then, service, which is early days, and we're still working through the pricing, but again, have a positive view on the margins there.

然後，服務還處於早期階段，我們仍在研究定價，但再次對利潤率持正面看法。

In terms of the infrastructure investments, which is a big benefit, we talked about in Q1 some of the investments that we had made and that we expected to get leverage for them over time as we continue to grow and scale with our customers.

就基礎設施投資而言，這是一個很大的好處，我們在第一季談到了我們所做的一些投資，隨著我們與客戶一起不斷發展和擴大，我們預計這些投資將隨著時間的推移而獲得槓桿作用。

Sure enough, if you look at our gross margin in Q2, it was flat quarter over quarter. And what was going on within there, as we talked about in the prepared remarks, was the fact that we were getting leverage from those infrastructure investments, which offset some of the headwinds from SMS.

果然，如果你看一下我們第二季的毛利率，你會發現它環比持平。正如我們在準備好的演講稿中所提到的，這其中的原因在於，我們從這些基礎設施投資中獲得了槓桿，抵消了SMS帶來的一些不利因素。

So again, feeling good about where we're looking in terms of gross margin based on those trade-offs across the 2. Regarding the seasonality, I would not anticipate too much of a change because while e-mail revenue does tend to -- will be less seasonal with the profile enforcement and the fact that those grow more steadily.

因此，再次，基於這兩者之間的權衡，我們對毛利率感到滿意。至於季節性，我預計不會有太大的變化，因為雖然電子郵件收入確實傾向於 - 隨著配置文件的執行和更穩定的增長，其季節性會降低。

SMS is still a subscription that is based on spending volume. And we tend to see a higher portion of SMS in Q4, and that tends to be the biggest driver there.

簡訊仍然是一種基於消費金額的訂閱服務。我們預期第四季簡訊業務的佔比會更高，這往往是第四季最大的驅動力。

Derrick Wood, TD Cowen.

德里克伍德 (Derrick Wood)，TD 考恩。

Congrats on a great quarter. Amanda, you had a nice seasonal rebound in both net new total customers and net new 50,000-plus customers. Just hoping you could double-click on this.

恭喜您度過了一個美好的季度。 Amanda，您的淨新增客戶總數和新增超過5萬名客戶的淨新增客戶數量都出現了不錯的季度反彈。希望您能點擊一下這個連結。

Are you seeing more seasonality on the new customer side? Or did you see some sequential improvement? Or was there -- the change in pricing somehow factored? Just what would you chalk up to the sequential numbers being so strong and what that kind of means for seasonality looking into the second half on the customer side?

您是否發現新客戶方面季節性因素更加明顯？還是說環比有改善？又或者價格變動是否也在其中起了一定作用？您認為環比數據如此強勁的原因是什麼？這對於下半年客戶方面的季節性因素意味著什麼？

Yes. Sure thing. Great question, Derrick. And on the net new adds overall, similar to what we've spoken about in the past, the primary driver of that was in our entrepreneur segment because they tend to be the highest number of customers. So we did see also strengthened ads across SMB and mid-market and enterprise.

是的，當然。問得好，Derrick。整體而言，就新增網路流量而言，與我們之前討論的情況類似，主要驅動力來自我們的企業家群體，因為他們往往是最多的客戶。因此，我們也看到中小企業、中型市場和大型企業的廣告投放有所增強。

So really, it is further evidence that the value proposition is just resonating across customer sizes. And specifically in terms of what's driving that growth in entrepreneur, I would point less to seasonality and more to the changes that we have been making driven by both our marketing and our product teams, thinking about how do we get increasingly dialed in on how we attract those entrepreneur customers in a really efficient manner and then also how we bring them through the product usage curve, graduating them from free customers to highly engaged paying customers who are making great use of the platform.

所以，這進一步證明了我們的價值主張在各個規模的客戶群中都引起了共鳴。具體到是什麼推動了企業家用戶的成長，我認為與其說是季節性因素，不如說是我們行銷和產品團隊共同推動的變革，思考如何才能真正高效地吸引這些企業家用戶，以及如何引導他們完成產品使用曲線的演變，讓他們從免費用戶轉變為高度投入、充分利用平台的付費用戶。

So a couple of things that we did in Q2 that helped to drive that. One, we put in an earlier payment step into the process for new customers just to reduce friction in the free-to-paid conversion process, and that helps to improve that conversion rate. And we've redesigned our Klaviyo log-in page, which is one of our highest traffic pages by testing out various marketing messages and improving product to feature discovery.

我們在第二季度做了一些事情來推動這一進程。首先，我們為新客戶增加了更早的付款步驟，以減少免費到付費轉換過程中的摩擦，這有助於提高轉換率。此外，我們還重新設計了 Klaviyo 登入頁面，這是我們流量最高的頁面之一，我們透過測試各種行銷訊息並改進了產品功能發現。

And as a result of that log-in page change, the new design has been really, really positive. So really proud of the great work that the team has done to drive the strength in those overall new ads. On the 50,000 side -- as we've spoken about before, 50,000 adds are a mix for us of new customers who land directly into that cohort and customers who expand into that cohort.

登入頁面的改進帶來了新的設計，效果非常積極。團隊為提升新廣告的整體表現所做的出色工作，我感到非常自豪。至於新增5萬名用戶－如我們先前所提到的，5萬名用戶既包括直接進入該群組的新用戶，也包括拓展到該群組的用戶。

And what we saw this quarter was a record number of net new adds across both of those. The new lands was near our record highs, and the expansion was a record high number there.

本季度，我們看到這兩個地區的淨新增產能都創下了歷史新高。新增土地數量接近歷史最高水平，擴張數量也創下了歷史新高。

So as we long or have talked about the fact that customers expand their usage with us is something we're really proud of because it shows that as their businesses grow, we can grow with them.

因此，正如我們長期以來所談論的那樣，客戶擴大對我們的使用範圍是我們真正感到自豪的事情，因為這表明隨著他們的業務成長，我們可以與他們共同成長。

And a great example in that 50,000 cohort this quarter of expansion was a household electronics company we work with, who started with Klaviyo a few years ago with just e-mail. They've been growing their profile steadily ever since. And then in Q2, they added marketing analytics. And the combination of the organic growth of their business and the addition of the new product moved them up into that 50,000 cohort.

本季擴張的5萬用戶群中，一個很好的例子是我們合作的一家家電公司。幾年前，他們開始使用Klaviyo，當時只有電子郵件服務。從那時起，他們的知名度一直在穩步提升。然後，在第二季度，他們增加了行銷分析功能。業務的有機成長和新產品的推出，使他們的用戶群規模達到了5萬。

So we love it when our customers are successful, and they expand their business with us.

因此，當我們的客戶取得成功並與我們一起拓展業務時，我們會感到非常高興。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great. As customers are standardizing on Klaviyo and you go with more of this 1 brain, 1 Klaviyo data platform, how does the go-to-market motion need to evolve? Is it almost the same buyer? Or do you need to target kind of more decision -- senior decision-makers? It'd be great just to get some of your perspective on how the go-to-market motion evolves just as the product portfolio expands? Is there anything tactical we should watch out for that can better unlock the opportunity and just overall where you are in the journey?

太好了。隨著客戶逐漸在 Klaviyo 上實現標準化，而您也更多地使用“一個大腦，一個 Klaviyo 數據平台”，市場進入策略需要如何演變？是幾乎相同的買家嗎？還是需要瞄準更多決策者──高階決策者？能否請您談談，隨著產品組合的擴展，市場進入策略如何演變？有什麼策略我們需要注意，以便更好地把握機會，並了解您目前在產品旅程中的整體情況？

Yes. That's a great question. Thanks, Elizabeth. So I look at the portfolio expansion of product -- the expansion of the product portfolio as really opening up more doors, more ways to work with the businesses that we're -- want to partner with and especially in the enterprise. So to give you an example, with marketing, we've traditionally gone through the CMO and the marketing organization.

是的，這個問題問得很好。謝謝，伊麗莎白。我認為產品組合的擴展——產品組合的擴展——實際上為我們想要合作的企業，尤其是企業，開闢了更多的合作管道和途徑。舉個例子，在行銷方面，我們傳統上是透過首席行銷長（CMO）和行銷部門來運作的。

Now with the expanded portfolio of CRM, we're finding a lot of those conversations are getting up-level. More increasingly, we're starting to talk to Chief Digital Officers, CIOs, heads of technology.

如今，隨著 CRM 產品組合的擴展，我們發現許多這樣的對話正在提升到更高層次。我們開始越來越多地與首席數位長、資訊長和技術主管進行溝通。

Why? Because they see the shared data platform, the brain, as you said, and they say, hey, look, we actually use this in a lot of ways. And the fact that we're bringing multiple applications to the table across analytics and now the different service products we're going to offer, it starts to become more of a company-wide conversation.

為什麼？因為他們看到了共享數據平台，就像你說的大腦一樣，他們會說，嘿，看，我們實際上在很多方面都在使用它。而且，我們正在將多種應用程式引入分析領域，現在我們將提供不同的服務產品，這開始成為一場全公司範圍的對話。

Now in a lot of the cases, we still think about it was great to be -- we'd start in one area, and often that's still marketing. But we definitely anticipate over time that we're finding more customers who want to buy the entire Klaviyo stack at once. So we see a bit of that trend.

現在很多情況下，我們仍然覺得從某個領域開始很棒——而且通常這仍然只是行銷。但我們確實預計，隨著時間的推移，會有更多客戶想要一次性購買整個 Klaviyo 產品組合。所以我們看到了這種趨勢。

And I think with what we're doing with conversational and our conversational agents, we're actually to open up a whole new angle for us. That's such a new market, didn't exist a few years ago.

我認為，我們在對話技術和對話代理方面的努力，實際上為我們開闢了一個全新的視角。這是一個全新的市場，幾年前還不存在。

And we find -- we have such great respect -- we earn the trust of our customers. And so when we say, hey, we've got something for you to help you deepen your relationship with customers that goes way beyond just customer service, a lot of those folks say, okay, well, let me introduce you to our team because you know what, we're actually trying to explore this category and understand who we should be going with looking forward.

我們發現——我們非常尊重——我們贏得了客戶的信任。所以，當我們說，嘿，我們有一些產品可以幫助您加深與客戶的關係，而不僅僅是客戶服務時，很多人會說，好吧，讓我把您介紹給我們的團隊，因為您知道嗎，我們實際上正在嘗試探索這個領域，並了解未來應該與誰合作。

So our current mental model is like now it's not just through marketing, we might be going -- in some cases, it may be lower cost down. In other cases, we may be going through other parts of the organization that own the customer experience. It's given us now multiple vectors, multiple ways of conversation.

所以，我們目前的思維模式是，現在不僅僅是透過行銷，我們可能會——在某些情況下，降低成本。在其他情況下，我們可能會透過組織中負責客戶體驗的其他部門。這為我們提供了多種載體，多種對話方式。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

It's -- on the international strength, really strong numbers with the 42% year-over-year. And I think, Amanda, you called out accelerating growth in APAC. If you could just remind us, I know you guys have been rolling out languages at a really brisk pace. And where are we in terms of that language rollout? Are there major geos that still need to be rolled out?

就國際實力而言，年增42%，非常強勁。 Amanda，您之前提到過亞太地區正在加速成長。您能否提醒我們一下，我知道你們一直在快速推出各種語言。那麼，語言推廣方面，我們現在進展如何？是否還有主要的地區需要推廣？

And then AB, I'd just be curious to hear from you. I'm sure mostly SMBs and entrepreneurs early on, but would love to get a sense from you of what kind of flavor of customer that could be? And if there's an opportunity for, say, multinational companies that now see an opportunity within the Klaviyo platform to do things multilingual and globally for you to really make a move upmarket via that path?

然後，AB，我很想聽聽您的意見。我確信早期的客戶大多是中小企業和創業者，但我想了解這些客戶可能是什麼樣的類型？如果說，跨國公司現在看到了 Klaviyo 平台在多語言和全球化方面的機會，您是否可以透過這種方式真正進入高端市場？

Sure. Thanks so much, Rob. Great to hear from you. Yes, we're very pleased with the results that we're seeing in international overall 42% year-over-year growth outside of North America this quarter. And in particular, I would like to call out strength in three countries, Norway, Germany and Spain.

當然。非常感謝，Rob。很高興收到你的來信。是的，我們對本季北美以外地區國際業務年增42%的業績感到非常滿意。我特別要強調的是挪威、德國和西班牙三個國家的強勁成長。

Each of those countries, the new ARR that we landed in, in the quarter grew over 90% year-over-year. And we have rolled out new languages, and we will continue to roll out some new languages later this year. So look for more announcements coming there. In addition, an important part of what we've been doing in international is improving the product experience for international customers as well as rounding out the end-to-end customer journey across all of our go-to-market interactions with customers.

本季度，我們進入的每個國家的新增年度經常性收入 (ARR) 年比成長均超過 90%。我們已經推出了新的語言版本，並將在今年稍後繼續推出一些新的語言版本。敬請期待更多公告。此外，我們在國際市場的重要工作之一是提升國際客戶的產品體驗，並完善我們與客戶所有市場互動的端到端客戶旅程。

So some examples of how that came to life in Q2, the release of WhatsApp, which was really important for our international customers where WhatsApp is much more prevalent as a mobile texting option.

這裡舉幾個例子來說明這項功能在第二季度是如何實現的，WhatsApp 的發布對我們的國際客戶來說非常重要，因為 WhatsApp 作為一種行動簡訊選項更為普遍。

Simplifying multilingual e-mail campaigns. Many of our customers in Europe operate across multiple countries and multiple languages. And so we made it easier than ever for them to leverage their content across multiple languages.

簡化多語言電子郵件行銷活動。我們許多歐洲客戶的業務橫跨多個國家，使用多種語言。因此，我們致力於幫助他們更輕鬆地利用多種語言的內容。

And then on the go-to-market side, we are rounding out the product offering in languages by supplementing it with things like the launch of new websites. So we rolled out German, Spanish and Italian website and hosted our big marquee customer events internationally this quarter, both K London and K Sydney.

在市場推廣方面，我們正在透過推出新網站等方式來完善產品語言版本。本季度，我們推出了德語、西班牙語和義大利語網站，並在倫敦和雪梨舉辦了大型國際客戶活動。

So looking ahead, what you should expect is we're going to continue to invest in that local language selling capability, continue to invest in growing our Dublin office and building out the partner network because as we build on those, it helps drive better -- even better returns and results from the language investments that we've made.

因此，展望未來，您應該期待的是，我們將繼續投資於當地語言銷售能力，繼續投資於擴大我們的都柏林辦事處並建立合作夥伴網絡，因為隨著我們在此基礎上的發展，它有助於推動我們所做的語言投資獲得更好的回報和結果。

That's great. I'll add a little bit of color on the question around like, hey, is international unlocking new enterprise opportunities. And the answer is absolutely yes. I talked to a couple of customers in Europe and Asia where we're already working with them, their business in the US. And we started to have opportunities to say, hey, we've actually got a larger business outside the US.

太好了。我想稍微解釋一下這個問題，例如，國際化是否能釋放新的企業機會？答案是肯定的。我和幾位歐洲和亞洲的客戶進行了交流，我們已經與他們合作，他們在美國有業務。我們開始有機會說，嘿，我們實際上在美國以外有更大的業務。

Can you help? And we mentioned some of the accelerants, some of the investments that we're making in the enterprise. There's a lot of stuff we're doing there, to mention, WhatsApp support in multiple languages. We're also doing a lot with data residency and data locality, spinning up new data centers outside of the US to help address those needs.

你能幫忙嗎？我們提到了一些加速器，以及我們在企業領域進行的一些投資。我們在這方面做了很多工作，例如 WhatsApp 的多語言支援。我們也在資料駐留和資料在地化方面做了很多工作，在美國以外建立新的資料中心來滿足這些需求。

So I actually think that the enterprise growth we're seeing, it's not just within the US. I think we're going to see that it's also around the world and international as well.

所以我認為，我們所看到的企業成長不僅發生在美國國內。我認為，我們也將看到這種成長遍布全球，甚至國際範圍。

Brett Huff, Stephens.

布雷特·哈夫，史蒂芬斯。

Congrats on the nice results. Early on when we picked you all up, we thought that international was going to be kind of the big Kahuna growth opportunity here in the near term. How do we define that?

恭喜你們取得如此好的成績。我們最初選擇你們的時候，就認為國際市場在短期內會成為我們最大的成長機會。我們該如何定義這個機會呢？

But it seems like now international kind of is accompanied by the AI conversational interaction, the service beta and then continuing upmarket growth. How do we -- should we think about reshuffling how assiduously you're going after each of those? Or maybe can you rank them and kind of give us pros and cons and how you're approaching those?

但現在看來，國際化似乎伴隨著人工智慧對話互動、服務測試以及持續的高端市場成長。我們是否應該重新思考你們對每個目標的投入程度？或者，您能否對它們進行排名，並分享各自的優缺點，以及您是如何應對這些挑戰的？

Yes, sure. There's one takeaway here is that we are -- very much believe that the future of CRM, and it's going to be led by consumer businesses, is going to be AI-driven, going to be AI-first. Our belief is every company in the enterprise and the SMB in the next few years, they're going to adopt a CRM stack that is AI native from the start.

是的，當然。這裡要說的是，我們非常相信CRM的未來，它將由消費業務引領，並由人工智慧驅動，以人工智慧為先。我們相信，未來幾年，所有大型企業和中小企業都將從一開始就採用基於人工智慧的CRM堆疊。

And this means not our data platform and some of the predictive analytics we do on top of that, but finding ways to make marketing more autonomous, self-optimizing, big customer service, something where everybody gets their own agent. This, I think, is a massive opportunity that's right there.

這意味著，我們不僅要打造數據平台和在此基礎上進行的一些預測分析，還要找到讓行銷更加自主、自我優化、提供更優質的客戶服務的方法，讓每個人都擁有自己的專屬客服。我認為這是一個巨大的機會。

And it's all market segments. We've seen it in F&B. We see it in enterprise. It's global. It's not just here in the States.

這涉及所有細分市場。我們在餐飲業也看到了這一點。在企業中也看到了這一點。它是全球性的，而不僅僅是在美國。

It's around the world. That is the number 1 opportunity that we see. And that's why I'm very excited about the work that we're doing with our service products, the work we continue to do with our marketing platform, expanding channels, maybe building on top of that the autonomy layer. So that's definitely number one. And then after that, I think we look at enterprise a great area of growth.

它遍布全球。這是我們看到的首要機會。正因如此，我對我們正在進行的服務產品工作、我們持續推進的行銷平台、通路拓展，以及可能在此基礎上建構的自主層感到非常興奮。所以，這絕對是我們的首要目標。之後，我認為企業業務將是一個巨大的成長領域。

You mentioned that's also global. And international, I mean, we still have a lot of runway there as well. So in a little bit of the stack rank, but I'm very proud of what our team has done.

你提到這也是全球性的。我的意思是，我們在國際上仍然有很多發展空間。所以，雖然排名有點低，但我對我們團隊的成就感到非常自豪。

On the product side, we really set the table for really be able to deliver this B2C CRM and one that is truly AI-first and can automate a lot of way, a lot of the work, personalization that and last-mile personalization to consumers.

在產品方面，我們確實為真正能夠提供這種 B2C CRM 做好了準備，這種 CRM 是真正的 AI 優先，可以自動化很多工作、個性化以及為消費者提供最後一英里的個人化。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

AB, you've added a lot of AI enhancements to core products this year, including things like automated campaign follow-up, automation and conversations in SMS. How would you assess the adoption and utilization by different customer cohorts, the size of those customers? And how is that correlating with message volume growth today?

AB，今年你們在核心產品中增加了許多人工智慧增強功能，包括自動行銷活動跟進、簡訊自動化和對話功能。您如何評估不同客戶群的採用和使用情況？這些客戶的規模如何？這與目前簡訊量的成長有何關聯？

Yes. That's a good question. So the AI features that we've rolled out so far, we track for each of them that adoption rate. And I think what we're finding is our more advanced users, which tend to maybe skew a little bit more towards the enterprise and SMB, tend to be faster adopters. It's actually something we're working on.

是的，這是個好問題。我們目前推出的AI功能，都會追蹤每個功能的採用率。我發現，更進階的用戶，尤其是企業和中小企業用戶，往往能更快地採用這些功能。這實際上是我們正在努力的方向。

We find that a lot of the AI features we're building. So imagine things we rolled out like channel affinity. A lot of questions I get from customers are, how should I go about using this? When is it appropriate? We actually think that's something we can automate, too.

我們發現，我們正在建立許多人工智慧功能。例如我們推出的通路親和力功能。很多客戶問我，我該如何使用它？什麼時候適合？實際上，我們認為這也是可以自動化的。

So rather than just giving people tools actually telling them exactly when to do it, to use it, recommending it so that they can just accept those recommendations and automatically embed it in their marketing. So that's what's happening on the adoption side.

所以，與其只是提供工具，不如直接告訴人們何時使用、何時操作，而是推薦相關工具，讓他們接受這些建議，並自動嵌入行銷。這就是在應用方面正在發生的事情。

And then what was the second part of the question?

那麼問題的第二部分是什麼呢？

The message -- that growth

資訊——成長

Yes. I think it's still early for that. But I think what we're finding is the quality of the messages that folks are sending has increased quite a bit. We have a lot of stories from customers that are now, for instance, using the channel affinity feature that we rolled out. And it's helping them prioritize e-mail versus SMS versus other channels.

是的。我覺得現在下結論還太早。但我認為我們發現，人們發送的訊息品質已經大幅提升。例如，我們收到了許多客戶的回饋，他們現在正在使用我們推出的管道關聯功能。這項功能可幫助他們確定電子郵件、簡訊和其他管道的優先順序。

And it's leading to better consumer interaction. And that's why the key thing for us is it's actually how much lifetime value as we often talk about attributed revenue back to Klaviyo, how is that growing, that's ultimately the metric that our customers care the most about. So that's the metric that we measure as well.

這會帶來更好的消費者互動。因此，對我們來說，關鍵在於我們經常談論的歸因於 Klaviyo 的終身價值是多少，它增長如何，這才是我們客戶最關心的指標。所以，這也是我們衡量的指標。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

This is [Phil], on for Siti. I just wanted to ask for all these new products like help desk, conversational agents, the customer hub, how would you stack rank them in terms of revenue potential over the medium term? And then on the MCP server, what's the early feedback been? And any initial thoughts on how you'd price this?

我是[Phil]，代表Siti發言。我想問一下，所有這些新產品，像是幫助台、對話代理、客戶中心，您覺得它們的中期收入潛力如何？還有，MCP伺服器的早期回饋如何？您對它們的定價有什麼初步想法嗎？

Yes, terrific. So out of the three, I think it's early, so I'll give you some rough thinking on this. We're very bullish on this idea of every business being able to offer their consumers a personal AI, a personal agent. And that's going to be driven, we think, primarily by our conversational agent technology. So I expect that there's going to be an enormous amount of value there.

是的，太棒了。所以在這三個方面，我認為現在還為時過早，所以我會給你一些粗略的思考。我們非常看好每個企業都能為消費者提供個人化人工智慧、個人化代理的想法。我們認為，這將主要由我們的對話代理技術推動。所以我預計這將帶來巨大的價值。

We're also very excited about what we're doing with Customer Hub. But the customer hub actually has the conversational agent embedded in it. So sometimes you can think of those two working together. So we see that as additional revenue opportunity. And then the help desk piece, frankly, we talked to customers that have said, look, when we think about the customer experience and customer service.

我們對客戶中心的開發也非常興奮。客戶中心實際上嵌入了對話代理。所以有時你可以認為這兩者是協同工作的。因此，我們認為這是一個額外的收入機會。至於服務台部分，坦白說，我們和一些客戶交流過，他們說，你看，當我們考慮客戶體驗和客戶服務時。

We know that, hey, there's still going to be moments where our conversational agent needs -- it's been too challenging a question for it as it exists today. And so that's what our help desk helps solve for. But the thing I'm most excited about, I think consumers are most excited about, our customers are most excited about is the idea of extending customer service beyond just questions about where are my products, where are my orders, very tactical thing and into more forward-looking use cases, things that feel more like marketing, that feel more value-add to the end customer.

我們知道，嘿，我們的對話代理仍然會有一些需求——就目前的情況而言，這個問題對它來說太有挑戰性了。這就是我們的服務台能夠幫助解決的問題。但最讓我興奮的，我認為消費者最興奮的，我們的客戶最興奮的，是將客戶服務擴展到不僅僅是詢問我的產品在哪裡、我的訂單在哪裡等非常有策略性的問題，而是擴展到更具前瞻性的用例，這些用例更像是營銷，對最終客戶來說更有價值。

And then MCP, on that, that actually -- we're not intending to price and package that right now. What's really cool about that as I talk to customers, they're using that with the LLMs, their personal LLMs.

關於MCP，實際上——我們目前不打算定價和打包。我和客戶交流時發現，他們正在使用MCP來攻讀LLM學位，也就是他們自己的LLM學位，這真的很酷。

And we're finding it's just another way for people to ask questions about the data inside Klaviyo. And it's actually -- it's been really interesting. We're learning a lot about the patterns or the kind of questions that people want to ask.

我們發現這只是人們針對 Klaviyo 內部數據提出問題的另一種方式。這真的很有趣。我們了解了很多關於人們想要問的模式或問題類型。

And that's -- we're using some of that feedback loop in terms of how we build kind of agentic technology inside Klaviyo. So for example, we're seeing people use this to, hey, analyze my recent campaigns.

我們正在利用一些回饋循環，例如在 Klaviyo 內部建立代理技術。例如，我們看到有人用它來分析我最近的行銷活動。

Tell me which performed best and why. We love that get accessible to our customers. It's also giving us great examples of things that we can build for analytics products or into our recommendations. And this will help power the recommendations that will ultimately make things like marketing more autonomous or help improve automatically those conversations that our conversational agent is having with customers.

告訴我哪個表現最好，以及原因。我們很高興客戶能夠輕鬆存取這些功能。它也為我們提供了很好的例子，讓我們可以將其建置到分析產品或推薦系統中。這將有助於增強推薦功能，最終使行銷等工作更加自主，或幫助我們的對話代理商自動改進與客戶的對話。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

AB, maybe for you. You started off, I think, in your prepared remarks, you mentioned that you guys are seeing some pretty good traction in terms of incumbent displacements. And obviously, we can -- it seems like we can see that in the net new customers.

AB，也許對你來說是這樣。我想，在你準備好的發言中，你一開始就提到，你們在現有運營商的替代方面看到了相當不錯的進展。顯然，我們可以——似乎我們可以從淨新增客戶數量中看到這一點。

And I imagine some of those are also landing in the 50,000-plus cohort. But I'm curious as you look out at the market, where are we in the incumbent kind of replacement cycle? Where are the legacy players? Like how much opportunity is there still on that front?

我想其中有些人也進入了5萬多人的群體。但我很好奇，當你觀察市場時，我們處於現有企業替換週期的哪個階段？老牌企業又在哪裡？在這方面還有多少機會？

And when you look at that opportunity, is that mostly larger enterprises? Or do you still see a lot of room to go and the kind of longer tail of entrepreneurs and SMBs?

您認為這些機會主要集中在大型企業嗎？還是說，您認為還有很大的發展空間，而且創業者和中小企業的「長尾效應」更強？

Yes. So if I could -- so I see a lot of room in both areas. And I'll kind of say there's a little bit of a difference in the opportunity. So amongst our entrepreneur and SMB customers, we still think that there's always a ton of businesses starting up in the retail and commerce category. But we see even bigger opportunities outside of commerce.

是的。如果可以的話——我認為這兩個領域都有很大的發展空間。而且我想說的是，機會略有不同。在我們的企業家和中小企業客戶中，我們仍然認為，零售和商業領域總有大量企業正在起步。但我們在商業領域之外看到了更大的機會。

That's why some of the partnerships and integrations that we shipped this quarter around (inaudible) eVenue, I think those are -- they open up new markets for us. So we see a lot of opportunity even outside of pure retail or pure e-commerce. And then in enterprise, we've made a lot of progress in the last couple of quarters. But the more we look at it, we're just getting into really that enterprise segment. We see a lot of opportunity there.

這就是為什麼我們本季圍繞著eVenue達成的一些合作和整合，我認為它們為我們開闢了新的市場。因此，即使在純零售或純電商領域之外，我們也看到了許多機會。在企業領域，我們在過去幾季取得了很大進展。但我們越深入研究，就越發現我們真正進入了企業領域。我們看到那裡有很多機會。

And the things I mentioned and Amanda talked about investments that we're making, both on the sales and marketing and product engineering side. So things like we talked about custom object, allowing for bespoke or more custom enterprise data models, allowing that data to be insightful it really matters. The work that we're doing to better support mobile applications and mobile experiences and rounding out the true all of your marketing channels in one place. So really good about the progress we're making there. As we do that, what we're finding is that customers say, okay, great, you're meeting my requirements.

我和Amanda談到了我們在銷售、行銷和產品工程方面的投資。我們談到了自訂對象，允許定製或更多自訂企業資料模型，使資料更具洞察力，這真的很重要。我們正在努力更好地支援行動應用程式和行動體驗，並將所有行銷管道真正整合到一處。我們在這方面取得的進展非常令人欣慰。隨著我們這樣做，我們發現客戶會說，好的，太好了，你們滿足了我的要求。

Obviously, you've got the Klaviyo data platform. You have everything you're doing around AI and then obviously, the ease of use on, everyday usability that comes with Klaviyo. That is turning into more social proof points that's helping drive our growth in the enterprise segment.

顯然，你們擁有 Klaviyo 數據平台。你們圍繞著人工智慧開展了各種工作，而 Klaviyo 的易用性和日常可用性也顯而易見。這些正在轉化為更多的社會認可點，有助於推動我們在企業領域的成長。

And an example recently of a customer who came to us from one of these legacy providers was a customer of ours who's in the food space, and with their legacy technology, what they were finding was that it was really cumbersome and whenever they wanted to execute on even just very basic marketing tasks, they needed developer support in order for the marketers to put their ideas into action.

最近有一個例子，一位來自傳統供應商的客戶是我們的食品行業客戶，他們發現使用傳統技術非常麻煩，即使只是執行非常基本的營銷任務，他們也需要開發人員的支持，以便營銷人員能夠將他們的想法付諸實踐。

And the other thing that they were dealing with was the -- they had a totally separate data warehouse and maintaining the data integrations was a big burden on them. So they came over to Klaviyo. They actually replaced four different products and moved to Klaviyo not only for email but also for our CDP, the advanced Klaviyo data platform. And as a result, two things happened. One is they saved over 50 developer hours per month. Because the Klaviyo system is just so much easier and self-enabled to use, and two, more importantly, it empowered their marketers.

他們面臨的另一個問題是——他們有一個完全獨立的資料倉儲，維護資料整合對他們來說負擔很重。所以他們選擇了 Klaviyo。他們實際上替換了四種不同的產品，不僅將電子郵件業務遷移到 Klaviyo，還遷移到了我們的 CDP（高級 Klaviyo 資料平台）。結果帶來了兩件好事。首先，他們每月節省了超過 50 個開發小時。因為 Klaviyo 系統非常易於使用且易於自主操作；其次，更重要的是，它增強了行銷人員的能力。

So now they can move faster and generate more revenue. And that's what we hear consistently from customers is that they want to reduce their reliance on development teams and increase their ability to move with speed and engage their customers.

所以現在他們可以更快行動，創造更多收入。我們不斷聽到客戶說，他們希望減少對開發團隊的依賴，提高快速行動和吸引客戶的能力。

Scott Berg, Needham & Company.

伯格（Scott Berg），Needham & Company。

This is Rob Morelli, on for Scott Berg. Congrats on the quarter.

我是羅布·莫雷利，接替斯科特·伯格。恭喜本季取得佳績。

Excited to see the addition of support for new category and WhatsApp. I know it's still like the early days, but can you touch on customer feedback and interest so far? Is it just doing more a market?

很高興看到新增了對新類別和 WhatsApp 的支援。我知道現在還處於初期階段，您能談談目前為止的客戶回饋和興趣嗎？它只是在擴大市場嗎？

Or is it relatively broad-based? And then additionally, apologies if this was touched on earlier, but any insight you can provide on the potential impact to gross margins with the increased adoption of these channels?

還是說影響範圍比較廣？另外，如果之前提到過這個問題，請見諒。您能否談談這些管道的普及對毛利率的潛在影響？

Yes. That's great. I'm happy to cover that. So with RCS, we think about this SMS 2.0, the future of text messaging and WhatsApp. WhatsApp is about the offering of a whole new communication channel that's especially popular outside of the US.

是的，太好了。我很樂意介紹一下。 RCS，我們指的是簡訊2.0，簡訊和WhatsApp的未來。 WhatsApp旨在提供一個全新的溝通管道，尤其在美國以外地區很受歡迎。

But for both it's really -- it's allowing for a lot more enrichment of the end experience that a brand can deliver to a customer. So we're very excited about both. We're seeing adoption amongst SMBs and our larger market and enterprise customers. Everybody is interested in that.

但對於兩者而言，這確實能夠極大地豐富品牌為客戶提供的最終體驗。因此，我們對兩者都感到非常興奮。我們看到中小企業、更大的市場以及企業客戶都在採用這項技術。每個人都對此很感興趣。

And so I'm very, very happy about the work that we've done to support those channels and some of the new media type experiences offer.

因此，我對我們為支援這些管道和一些新媒體類型體驗所做的工作感到非常高興。

And then, in terms of the gross margin impact, it's still early but I think the growth part of profile is going to end up looking somewhat similar to what we see for SMS. For RCS, I think it was almost like -- will eventually be like a direct replacement for SMS to most like this.

至於毛利率的影響，現在還為時過早，但我認為其成長最終會與簡訊的情況類似。對於RCS，我認為它幾乎最終會成為短信的直接替代品。

We think of WhatsApp as a messaging channel that's comparable to SMS but it's more of the default in certain markets.

我們認為 WhatsApp 是一種與 SMS 相當的訊息傳遞管道，但在某些市場中它更像是預設管道。

There are no further questions at this time. This concludes today's conference call. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。您可以掛斷電話了。