Klaviyo Inc (KVYO) 2025 Q3 法說會逐字稿

Please stand by. Good afternoon everyone and welcome to the Klaviyo third-quarter fiscal 2025 earnings conference call. (Operator Instructions) Also, today's call is being recorded.

請稍候。各位下午好，歡迎參加 Klaviyo 2025 財年第三季財報電話會議。（操作員指示）另外，今天的通話將被錄音。

With that, I would like to turn the call over to Andrew Zilli, Vice President of Investor Relations. Please go ahead, sir.

接下來，我將把電話交給投資者關係副總裁安德魯齊利。請繼續，先生。

Good afternoon and thanks for joining Klaviyo's third-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.klaviyo.com. With me on the call today are Andrew Bialecki, Co-Founder and CEO; and Amanda Whalen, CFO.

下午好，感謝各位參加 Klaviyo 2025 年第三季財報電話會議。我們的獲利新聞稿、投資者簡報、提交給美國證券交易委員會的文件以及今天電話會議的錄音回放都可以在我們的投資者關係網站 investors.klaviyo.com 上找到。今天和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. Reconciliations to the most directly comparable GAAP measure 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.

再次提醒，我們今天的評論將包含非GAAP指標。與最直接可比較的 GAAP 指標的調節表可在今天的盈利新聞稿或盈利新聞稿補充資料中找到，這些資料可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，這些陳述受到風險、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.

如果這些風險中的任何一個成為現實，或者我們的假設被證明是錯誤的，則公司的實際表現可能與這些前瞻性聲明有重大差異。這些風險、不確定性和假設，以及可能影響我們財務表現的其他因素的描述，都包含在我們提交給美國證券交易委員會的文件中，包括我們最新的 10-K 表格年度報告和隨後的 10-Q 表格季度報告。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 will now turn it over to Andrew.

接下來，我將把麥克風交給安德魯。

Thanks, Zilli, and thank you all for joining us today. We had an outstanding third quarter, delivering revenue of $311 million, up 32% year over year. These results demonstrate our ability to build products that create more engaging relationships between consumers and businesses, get those products in the hands of businesses around the world, and build a high growth software business at scale.

謝謝Zilli，也謝謝各位今天蒞臨。我們第三季業績非常出色，營收達到 3.11 億美元，年增 32%。這些結果證明了我們有能力打造能夠建立消費者與企業之間更具吸引力關係的產品，將這些產品送到世界各地的企業手中，並大規模地建立高成長的軟體業務。

We're now serving more than 183,000 customers in over 100 countries, including more than 6,000 enterprise and mid-market global brands like TaylorMade, Mattel, Unilever, and Reebok.

我們現在為 100 多個國家的 183,000 多名客戶提供服務，其中包括 TaylorMade、Mattel、Unilever 和 Reebok 等 6,000 多個企業和中型市場全球品牌。

A few highlights from the last quarter. We delivered another quarter of record net adds in our $50,000 plus ARR customer cohort. We grew revenue in EMEA and APAC by 43% in our Klaviyo Service product line, which reached general availability six weeks ago, has the fastest adoption rate of any of our products, including text messaging.

上個季度的一些亮點。在年經常性收入超過 5 萬美元的客戶群中，我們又實現了創紀錄的淨新增客戶數。我們的 Klaviyo Service 產品線在 EMEA 和 APAC 的收入成長了 43%，該產品線於六週前正式推出，是所有產品中普及速度最快的，包括簡訊服務。

We're firing on all cylinders and see a lot of opportunity ahead, especially with the addition of Agentic AI to our products. On this note, I'd like to take a few minutes to explain how AI fits in with the products we're building and how it's helping our customers grow faster.

我們目前正全力以赴，並看到了許多機遇，尤其是在我們的產品中加入智慧人工智慧之後。在此，我想花幾分鐘時間解釋一下人工智慧如何融入我們正在開發的產品，以及它如何幫助我們的客戶更快發展。

The B2C CRM we offer is made up of three vertically integrated components: a highly scalable, fast database restoring everything a business knows about its consumers and making that data available in real time; a set of applications and infrastructure to market, message, and serve consumers across every channel and modality; and an intelligence layer that finds opportunities to market or serve customers better and can automatically create, deliver, and optimize those marketing and service experiences, leveraging the consumer data we have for real-time personalization.

我們提供的 B2C CRM 由三個垂直整合的組件構成：一個高度可擴展、快速的數據庫，能夠恢復企業對其消費者的所有了解，並實時提供這些數據；一套應用程序和基礎設施，用於透過各種渠道和方式向消費者進行營銷、傳遞信息和服務；以及一個智能層，能夠發現更好地進行營銷或服務客戶的機會，並能創建

AI and LLMs have fundamentally changed and leveled up what is possible in real-time personalization, intelligence layer, and made the entire stack more effective at driving results for our customers. And we then share in that accelerating value creation with our customers. The more valuable we make each relationship between a business and an end consumer, the better for that business and the better for us.

人工智慧和 LLM 從根本上改變並提升了即時個人化、智慧層的可能性，並使整個技術堆疊在為客戶帶來成果方面更加有效。然後，我們與客戶共同分享這種加速創造的價值。我們越重視企業與終端消費者之間的每段關係，對企業就越有利，對自己也越有利。

AI is improving this intelligence layer in three ways. First, it's making it faster and easier for our customers to leverage our integrated database and applications because AI can do the work businesses don't have the time or the bandwidth to do. We'll share a few examples of this in a minute.

人工智慧正透過三種方式提升這一智能層。首先，人工智慧可以完成企業沒有時間或資源來完成的工作，因此它能讓我們的客戶更快、更輕鬆地利用我們整合的資料庫和應用程式。我們稍後會分享幾個例子。

Second, AI is making the quality of the marketing and service experiences our customers are creating much better. This is a win-win for both businesses who seek greater engagement in revenue and end consumers who get more relevant marketing and service experiences, thanks to AI integrated into our stack.

其次，人工智慧正在大幅提高我們客戶所創造的行銷和服務體驗的品質。對於尋求提高收入的企業和能夠獲得更相關的行銷和服務體驗的終端消費者來說，這是一個雙贏的局面，這要歸功於整合到我們技術堆疊中的人工智慧。

Third, as a result of AI, we're able to make Klaviyo more available to more businesses on more platforms because they can interact with Klaviyo through natural language and new applications like ChatGPT.

第三，由於人工智慧技術的應用，我們能夠讓更多企業在更多平台上使用 Klaviyo，因為他們可以透過自然語言和 ChatGPT 等新應用程式與 Klaviyo 互動。

Let me give some examples of products we've delivered and real customer use cases for each of these elements. And many of these are a direct result of products and features we've built in the last few months and released at our largest customer and partner event of the year, Klaviyo Boston, back in September.

讓我舉一些我們已經交付的產品的例子，以及每個要素的真實客戶使用案例。其中許多成果都是我們在過去幾個月中開發的產品和功能直接帶來的，這些產品和功能已於 9 月在我們一年中最大的客戶和合作夥伴活動 Klaviyo Boston 上發布。

Let's start with making it faster and easier to do marketing and service. We've reimagined how marketing will happen in the Agentic AI era and launched an entirely new workflow for our customers to do marketing, and we're calling it marketing agents. This agent, which is a team of task specific agents, can augment or do the work our customers don't have the time to do.

讓我們先從讓行銷和服務變得更快更方便開始。我們重新構想了智慧AI時代行銷的運作方式，並為我們的客戶推出了一種全新的行銷工作流程，我們稱之為行銷代理商。這個代理團隊由若干特定任務的代理組成，可以協助或完成客戶沒有時間完成的工作。

Klaviyo customers have access to an always-on research, strategy, creative, execution, and brand safety team powered by AI agents running in the background that will suggest and build complete marketing campaigns for businesses to then review, edit, and run. We're progressively rolling out this new technology and experience to our customers, but we're already seeing customers adopting our recommended campaigns and executing them with minimal or no editing on behalf of our users.

Klaviyo 的客戶可以獲得始終在線的研究、策略、創意、執行和品牌安全團隊的支持，該團隊由在後台運行的 AI 代理提供支持，可以為企業提出建議並構建完整的營銷活動，然後供企業審核、編輯和運行。我們正在逐步向客戶推出這項新技術和新體驗，但我們已經看到客戶採納了我們推薦的行銷活動，並代表我們的用戶執行這些活動，幾乎不需要或完全不需要編輯。

Now let's talk about making the quality of experiences better. We're already seeing the quality of campaigns our agent creates is surpassing what some businesses have time to create on their own. For example, a customer in the health industry using marketing agents cites 41% better open rate and generated 24% higher average revenue for Klaviyo attributed value per campaign compared to campaigns they created on their own. Another customer saw a 50% better open rate compared to campaigns they create on their own and 40% less on KAV per campaign.

現在我們來談談如何提高用戶體驗品質。我們已經看到，我們的代理商所創建的廣告系列的品質已經超過了某些企業自己有時間創建的廣告系列的品質。例如，一位醫療保健行業的客戶表示，使用行銷代理商後，與自行創建的行銷活動相比，Klaviyo 為每個行銷活動帶來的開啟率提高了 41%，平均收入提高了 24%。另一位客戶發現，與他們自己創建的廣告活動相比，開啟率提高了 50%，每次廣告活動的 KAV 成本降低了 40%。

These results show the real revenue impact agents can have, and we're quite early in what agents are capable of. Today, (technical difficulty) agent is like adding a solid marketing intern to your team. We're developing its skills to be at the level of a marketer with over a decade of experience and instant memory of all previous marketing campaigns and results.

這些結果顯示了代理商能夠帶來的實際收入影響，而我們對代理商的能力還處於非常早期的了解階段。如今，（技術難題）代理商就像是為你的團隊增加了一名優秀的行銷實習生。我們正在培養牠的技能，使其達到擁有十多年經驗的行銷人員的水平，並能瞬間記住所有先前的行銷活動和結果。

This is a paradigm shift in how marketing will happen where businesses and teams can lean on agents to augment their work, and we are leading and excited to accelerate. We hear from our customers and partners, well, they love our products, they want to do more with them. And with Agentic AI, we're delivering this.

這是行銷方式的典範轉變，企業和團隊可以依靠代理商來增強他們的工作，我們正在引領這項變革，並很高興能夠加速這項變革。我們從客戶和合作夥伴那裡了解到，他們非常喜歡我們的產品，希望能夠更好地利用這些產品。借助智慧人工智慧，我們正在實現這一點。

Agentic AI is also improving where businesses can connect with consumers. Our investment in building messaging and deliverability infrastructure and applications that support rich experiences across channels and modalities are paying off. Our customer hub and customer agent products, which are both part of our Klaviyo Service product line, which we made generally available last month, now allow businesses to use AI to chat and message with their consumers across the web, email, text messaging, and WhatsApp, and we plan to add more channels next year.

智能體人工智慧也正在改善企業與消費者之間的聯繫方式。我們在建立訊息傳遞和送達基礎設施及應用程式方面的投資正在取得成效，這些基礎設施和應用程式支援跨通路和模式的豐富體驗。我們的客戶中心和客戶代理產品均屬於我們的 Klaviyo 服務產品線，該產品線已於上個月正式推出。現在，這些產品允許企業使用 AI 透過網路、電子郵件、簡訊和 WhatsApp 與消費者進行聊天和訊息傳遞，我們計劃明年增加更多管道。

This expansion of services is resulting in more consumer engagement and incremental sales for the businesses we serve. For example, by surfacing [favorite] products and tailored recommendations with Customer Hub, Thirdlove has driven more than $200,000 in incremental revenue so far this year and enabled over 40,000 self-serve interactions that offloaded work from their support teams. Incredible results for Thirdlove.

服務的擴展帶來了更多的消費者參與和我們服務的企業的額外銷售額。例如，Thirdlove 透過 Customer Hub 展示用戶喜愛的產品和提供個人化推薦，今年迄今已創造了超過 20 萬美元的增量收入，並實現了超過 4 萬次自助服務互動，從而減輕了支援團隊的工作負擔。Thirdlove取得了驚人的成果。

And finally, as a result of AI, we're able to make Klaviyo more available to more businesses on more platforms. The launch of our model context protocol or MTP server allows companies to seamlessly integrate Klaviyo into AI clients and applications. We launched this a few months ago, built on top of our comprehensive and integrated data marketing and service API infrastructure. And we are seeing a lot of engagement from customers who are using it on major AI platforms like ChatGPT and Claude.

最後，由於人工智慧，我們能夠讓更多企業在更多平台上使用 Klaviyo。我們的模型上下文協定或 MTP 伺服器的推出，使企業能夠將 Klaviyo 無縫整合到 AI 用戶端和應用程式中。幾個月前，我們推出了這項服務，它建立在我們全面、一體化的資料行銷和服務 API 基礎設施之上。我們看到很多用戶在 ChatGPT 和 Claude 等主流 AI 平台上使用它，參與度很高。

This is transforming how our customers and partners use Klaviyo. For example, one of our agency partners built a reporting workflow using the Klaviyo MCP server to dramatically reduce the time their account managers needed to prepare for client updates. Instead of spending hours pulling data manually, they now have an AI application using our MCP server that reviews last month's performance, summarizes results and finds campaigns that over or underperform historical trends, diagnoses the probable causes, and suggests next best actions. This saves them hours of manual work for each client relationship and allows them to spend more time leveling up their conversations with clients.

這將改變我們的客戶和合作夥伴使用 Klaviyo 的方式。例如，我們的一家代理商合作夥伴使用 Klaviyo MCP 伺服器建立了一個報告工作流程，從而大大減少了他們的客戶經理準備客戶更新所需的時間。他們現在無需花費數小時手動提取數據，而是使用我們的 MCP 伺服器的 AI 應用程式來回顧上個月的業績，總結結果，找出業績優於或劣於歷史趨勢的營銷活動，診斷可能的原因，並提出下一步最佳行動建議。這為他們節省了與每位客戶建立關係所需的數小時手動工作，並讓他們有更多時間來提升與客戶的溝通水平。

Another partner's creative team is using our MCP server to review past campaigns and identify creative assets that are high performing and can be reused. They're then creating new campaigns with those assets and mapping specific creative to different consumer segments. This is not only saving an enormous amount of time; it's allowing them to do better marketing with their clients and produce better results.

另一位合作夥伴的創意團隊正在使用我們的 MCP 伺服器來回顧過去的行銷活動，並找出表現優異且可重複使用的創意素材。然後，他們利用這些素材創建新的行銷活動，並將特定的創意與不同的消費群體相匹配。這不僅節省了大量時間，而且還能讓他們更好地為客戶進行行銷，並取得更好的效果。

We're uniquely able to capitalize on these opportunities for a few reasons. First, vertical integration matters, and our bet on an architecture that allows for low latency coupling is paying off. The tight integration of our database and marketing, service, and analytics applications allows for rich personalization by using profile data as context in real time. And engagement in behavioral data from each application is automatically available to other applications.

我們之所以能夠抓住這些機遇，有幾個獨特之處。首先，垂直整合至關重要，我們對低延遲耦合架構的押注正在獲得回報。我們的資料庫與行銷、服務和分析應用程式緊密整合，能夠利用個人資料資料作為即時上下文，實現豐富的個人化。每個應用程式的行為數據都會自動提供給其他應用程式。

For example, product recommendations derived from marketing campaign engagement, service conversations, and browsing behaviors are richer by using all available inputs and instantly available across all of our products. On top of that, our ability to measure and calculate attribution natively creates a closed loop system AI can train on the outcomes of marketing campaigns and service experiences to improve its performance. And lastly, we have an incredible ecosystem of thousands of agencies, developers, and system integrators who are building agents around our products and agents that extend functionality and improve customer results like the example we mentioned a minute ago.

例如，透過利用所有可用輸入，從行銷活動參與度、服務對話和瀏覽行為中獲得的產品推薦更加豐富，並且可以立即在我們的所有產品中使用。此外，我們能夠原生衡量和計算歸因，從而創建一個閉環系統，人工智慧可以利用行銷活動和服務體驗的結果進行訓練，以提高其效能。最後，我們擁有一個由數千家代理商、開發人員和系統整合商組成的強大生態系統，他們圍繞著我們的產品建立代理，並建立擴展功能和改善客戶結果的代理，就像我們剛才提到的例子一樣。

Klaviyo Boston, the anchor event of our worldwide tour for customers and partners, put this on full display with over 1,400 attendees sharing how they're using our products and what they're building on top of them. As a result of all of the above, AI is providing tremendous tailwinds to our mission of bringing businesses and consumers closer together and huge opportunities for our growth.

Klaviyo Boston 是我們面向全球客戶和合作夥伴的巡迴活動的重頭戲，超過 1400 名與會者分享了他們如何使用我們的產品以及他們基於這些產品構建的內容，充分展現了這一點。綜上所述，人工智慧為我們實現拉近企業與消費者距離的使命提供了巨大的助力，也為我們的發展帶來了巨大的機會。

We're rapidly moving towards a world where every business will have access to the technology that can present their products and services in the best possible way, personalized to the individual consumer and available wherever consumers are, and doing this autonomously through AI with human oversight and intervention where the business wants it, not because it's required. This is our vision for the B2C CRM and why we believe defining and delivering the customer experience will be autonomous, and we couldn't be more excited.

我們正迅速邁向這樣一個世界：每個企業都能獲得相應的技術，以最佳方式展示其產品和服務，並根據個人消費者的需求進行個性化定制，無論消費者身在何處都能獲取這些產品和服務。這一切都將透過人工智慧自主完成，並在企業需要時（而非因為必須）進行人工監督和介入。這就是我們對 B2C CRM 的願景，也是我們相信定義和交付客戶體驗將實現自主化的原因，我們對此感到無比興奮。

I'd like to conclude by commenting on a few recent AI developments and why we see them as clear tailwinds for Klaviyo. Businesses win when the friction between a consumer finding them and buying from them is reduced. That's why we're very excited about agentic commerce and various protocols that are being developed, such as the Agentic Commerce Protocol or ACP from OpenAI and the Agent Payments Protocol, AP2 from Google. It drives additional sales in the short run and another consumer relationship businesses can build upon in the long run.

最後，我想談談最近人工智慧領域的一些發展，以及為什麼我們認為這些發展對 Klaviyo 來說是明顯的利多因素。當消費者發現商家和購買商品之間的摩擦減少時，商家就能獲得成功。這就是為什麼我們對代理商務和正在開發的各種協定感到非常興奮，例如 OpenAI 的代理商務協議 (ACP) 和 Google 的代理支付協議 (AP2)。短期內，它可以促進銷售成長；長期來看，它還可以為企業建立新的客戶關係。

One of our core metrics is the number of digital relationships that exist between businesses and consumers. And so any new channels that accelerate discovery bodes very positively for Klaviyo. Also, as brands prepare for the rise of GPT commerce, they need solutions for maintaining direct connection with their customers. Klaviyo protects that connection by unifying first-party data in the Klaviyo Data Platform, which allows brands to maintain visibility and turn engagement on agentic services into meaningful, measurable customer experiences across all channels.

我們的核心指標之一是企業與消費者之間存在的數位關係數量。因此，任何能夠加速產品發現的新管道對 Klaviyo 來說都是非常正面的訊號。此外，隨著品牌為迎接 GPT 電商的興起做好準備，他們需要解決方案來維持與客戶的直接聯繫。Klaviyo 透過在 Klaviyo 資料平台中統一第一方資料來保護這種連接，使品牌能夠保持可見性，並將代理服務的參與度轉化為跨所有管道有意義、可衡量的客戶體驗。

We also believe agentic commerce and commerce through natural language interfaces will become more common, and we're excited to integrate those protocols into our messaging infrastructure and marketing and customer agent products. We're offering consumers an alternative to browsing a website or a store, and instead chatting or talking to an AI agent from a brand that can handle queries and transactions on its own across multiple channels.

我們也相信，代理商務和透過自然語言介面進行的商務將會變得更加普遍，我們很高興能將這些協議整合到我們的訊息傳遞基礎設施、行銷和客戶代理產品中。我們為消費者提供了一種替代方案，無需瀏覽網站或商店，而是與品牌的 AI 代理聊天或對話，該代理可以跨多個渠道自行處理查詢和交易。

We're also excited to see more infrastructure built to create agents and agentic workflows where customers can use Klaviyo outside of our own user experience. While we'll provide customers with agents and algorithms within Klaviyo that are excellent at various aspects of marketing, service, and analysis, we're also building Klaviyo is an open platform so other developers and companies can build agents that integrate into ours. We're successful when our customers are successful, and we're excited to expand our already large partner ecosystem to include more AI-first developers and builders.

我們也很高興看到更多基礎設施正在建設中，用於創建代理和代理工作流程，以便客戶可以在我們自己的用戶體驗之外使用 Klaviyo。雖然我們將在 Klaviyo 中為客戶提供在行銷、服務和分析等各個方面都非常優秀的代理和演算法，但我們也將 Klaviyo 建構成一個開放平台，以便其他開發者和公司可以建立與我們平台整合的代理。客戶的成功就是我們的成功，我們很高興能夠擴展我們現有的龐大合作夥伴生態系統，納入更多以人工智慧為先的開發者和建構者。

To our customers and partners, thank you for the trust and support. We're very excited about what we'll build together. And to Klaviyos around the world, thank you for your hard work and dedication to supporting our customers. We're still only 1% done on our mission to empower creators to own their destiny. We're excited to build, invest, and lead in bringing this AI-powered future to businesses of all sizes around the world.

感謝各位客戶及合作夥伴的信任與支持。我們對即將共同創造的成果感到非常興奮。感謝世界各地的 Klaviyos 為支持我們的客戶所付出的辛勤努力和奉獻精神。我們賦能創作者，讓他們掌握自己的命運，而我們的使命目前只完成了 1%。我們很高興能夠參與建構、投資並引領人工智慧驅動的未來，將其帶給世界各地各種規模的企業。

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

接下來，我將把麥克風交給阿曼達。

Thanks, Andrew. Q3 was another outstanding quarter for Klaviyo. Demand is strong across every growth engine. AI is amplifying our impact, and we are driving innovation for our customers as the definitive CRM for B2C businesses.

謝謝你，安德魯。Klaviyo 第三季又是表現出色季度。所有成長引擎的需求都很強勁。人工智慧正在擴大我們的影響力，作為 B2C 企業的權威 CRM，我們正在為客戶推動創新。

Revenue grew 32% year over year to $311 million, reflecting robust demand for new customers and continued multi-credit expansion from our existing ones. International revenue growth accelerated for the sixth straight quarter.

營收年增 32% 至 3.11 億美元，反映出對新客戶的強勁需求以及現有客戶持續擴大多信用額度。國際業務收入連續第六個季度加速成長。

We had record net adds into our $50,000-plus customer cohort. NRR accelerated to 109%, and adoption of our new service product is already outpacing what we saw from SMS at this same stage just six weeks after launch. The results are clear. Our growth engines are delivering and AI is a force multiplier.

我們新增的淨客戶數量（超過 5 萬美元）創下了歷史新高。NRR 加速成長至 109%，而且我們的新服務產品的採用率在推出僅六週後就超過了 SMS 在同一階段的表現。結果很明顯。我們的成長引擎正在發揮作用，而人工智慧更是起到了倍增器的作用。

We're investing for high growth while maintaining strong unit economics. Non-GAAP operating margin this quarter was 14.5%, meaning our Rule of 40 performance was nearly 47%, our highest in four quarters. There are fewer than 10 public software companies who are growing more than 30%, over $1 billion in revenue run rate, and achieving the Rule of 40. We're proud to be among the top performing group.

我們致力於實現高成長，同時保持強勁的單位經濟效益。本季非GAAP營業利潤率為14.5%，這意味著我們的40法則表現接近47%，是四個季度以來的最高水準。目前，成長率超過 30%、年收入超過 10 億美元且達到 40 法則的上市軟體公司不到 10 家。我們很自豪能躋身業績最佳團隊之列。

At our Investor Day, we outlined three engines driving Klaviyo's long-term growth: multi-product expansion, international acceleration, and mid-market and enterprise momentum, all fueled by AI, which creates tailwinds for our business and positions Klaviyo to be the platform of choice for brands everywhere. In Q3, each of these engines delivered meaningful progress, which underscores the power of our model.

在我們的投資者日上，我們概述了推動 Klaviyo 長期成長的三大引擎：多產品擴張、國際化加速以及中端市場和企業市場的發展勢頭，所有這些都由人工智慧驅動，這為我們的業務創造了順風，並使 Klaviyo 成為全球品牌的首選平台。第三季度，這些引擎都取得了顯著進展，這凸顯了我們模型的強大。

Starting with our multi-product platform, the foundation of our growth is our large and growing customer base. In the third quarter, we added 7,000 new customers, bringing us more than 183,000 customers, up 17% year over year. Companies are choosing Klaviyo as their B2C CRM because we help them grow their businesses by unifying their customer data, marketing, service, and analytics applications, and now by bringing Agentic AI into that same connected platform. And as we drive success for our customers, they, in turn, are growing their business with us. NRR rose to 109% in the third quarter, driven by email expansion, strong text messaging cross sell, and momentum from newer products, including marketing analytics.

從我們的多產品平台開始，我們成長的基礎是我們龐大且不斷成長的客戶群。第三季度，我們新增了 7,000 名客戶，客戶總數超過 183,000 名，較去年同期成長 17%。企業選擇 Klaviyo 作為其 B2C CRM，是因為我們透過統一客戶資料、行銷、服務和分析應用程式來幫助他們發展業務，現在又將 Agentic AI 引入到同一個互聯平台中。當我們幫助客戶取得成功時，他們反過來也與我們一起發展壯大了他們的業務。第三季淨收入成長率 (NRR) 達到 109%，這主要得益於電子郵件業務的拓展、簡訊交叉銷售的強勁成長以及包括行銷分析在內的新產品的發展勢頭。

At Klaviyo Boston in September, we accelerated innovation across the platform. In addition to the marketing and customer agents Andrew talked about, we enhanced Klaviyo Marketing with new omnichannel capabilities and new channels including WhatsApp. We also released to general availability our new product line, Klaviyo Service, with Customer Hub, Customer Agent, and Helpdesk.

9 月在 Klaviyo Boston，我們加速了整個平台的創新。除了 Andrew 提到的行銷和客戶代理之外，我們還透過新的全通路功能和包括 WhatsApp 在內的新管道增強了 Klaviyo Marketing。我們也正式發布了我們的新產品線 Klaviyo Service，其中包括客戶中心、客戶代理和幫助台。

Our product velocity is accelerating, thanks in part to internal AI efforts, and we're now deploying product updates 270 times a day and have over 50 AI models in production that are predicting customer behavior, surfacing insights, and marketing analytics, and helping personalize experiences across Klaviyo Marketing and Klaviyo Service.

由於內部人工智慧的努力，我們的產品迭代速度正在加快，我們現在每天部署 270 次產品更新，並且有 50 多個人工智慧模型投入生產，這些模型可以預測客戶行為、揭示洞察和行銷分析，並幫助個性化 Klaviyo Marketing 和 Klaviyo Service 的體驗。

Our new Klaviyo Service products are off to a fast start, increasing penetration faster than SMS did at the same point in its launch. Adoption is strong across all sizes of customers, from entrepreneurs all the way up to the mid-market and enterprise. In fact, last week, one of our customers, a large fashion business, signed a seven-figure renewal with us that included adding Customer Agent and Customer Hub across six of their portfolio brands.

我們的全新 Klaviyo 服務產品開局迅猛，其滲透率成長速度比簡訊服務在同期推出時更快。從創業家到中型市場和大型企業，各種規模的客戶群都對該產品青睞有加。事實上，上週，我們的一位客戶，一家大型時尚企業，與我們簽署了一份價值七位數的續約合同，其中包括在其六個旗下品牌中增加客戶代理和客戶中心。

We view Klaviyo's service as a long-term revenue engine with the potential to rival and exceed our marketing products as it scales. These launches further expand our multi-product platform, making Klaviyo even more powerful for our customers. We consistently hear from customers about the importance of having one unified platform for engagement, And that's driving continued growth across the entire platform, including text messaging, WhatsApp, and marketing analytics as well.

我們認為 Klaviyo 的服務是一個長期的收入引擎，隨著規模的擴大，它有可能與我們的行銷產品相媲美，甚至超越我們。這些新品發布進一步擴展了我們的多產品平台，使 Klaviyo 對我們的客戶更加強大。我們不斷聽到客戶回饋，擁有統一的互動平台非常重要，這也推動了整個平台的持續成長，包括簡訊、WhatsApp 和行銷分析等功能。

Because our pricing model scales with the value we deliver, not with seats, our success grows directly alongside our customers. We price on a per profile, message, and resolution basis, which lines up perfectly with the outcome-oriented business models AI is enabling.

因為我們的定價模式是以我們提供的價值而不是座位數來衡量的，所以我們的成功與我們的客戶一起成長。我們按用戶資料、訊息和解決方案收費，這與人工智慧正在推動的以結果為導向的商業模式完美契合。

Today, more than half of our ARR comes from multi-product customers, which is clear proof that customers want to have everything running off of one platform. This deepens our relationships with customers, improves retention, and drives long-term growth.

如今，我們超過一半的年度經常性收入來自多產品客戶，這清楚地證明客戶希望所有功能都在一個平台上運作。這有助於加深我們與客戶的關係，提高客戶留存率，並推動長期成長。

Turning now to international, growth continues to accelerate. Revenue outside the Americas grew 43% year over year, our sixth consecutive quarter of faster international growth, with a EMEA up 48% and gaining momentum from Q2. In Q3, we added four new languages to the platform, expanded text messaging coverage to 22 countries, and introduced WhatsApp, which was a highly anticipated channel for our global customers.

現在來看國際市場，成長動能仍在加速。美洲以外的營收年增 43%，這是我們連續第六個季度國際業務成長加速，其中 EMEA 地區成長 48%，並從第二季開始保持成長勢頭。第三季度，我們為平台新增了四種語言，將簡訊服務覆蓋範圍擴大到 22 個國家，並推出了 WhatsApp，這是我們全球客戶翹首以盼的管道。

EMEA and APAC now represent more than 35% of total revenue, reflecting the strength of our international strategy. Our focused investments abroad are doing exactly what we intended. They're driving strong growth and expanding Klaviyo's global opportunity.

歐洲、中東和非洲地區以及亞太地區目前佔總收入的 35% 以上，這反映了我們國際戰略的實力。我們在海外的重點投資正達到我們預期的效果。它們正在推動強勁成長，並擴大 Klaviyo 的全球機會。

Momentum in the midmarket and enterprise continues to build. We now serve 3,563 customers with over $50,000 in ARR. That's up 36% year over year, including a record 272 net adds this quarter. This was driven by a record number of new lands directly into the cohort.

中階市場和企業市場的成長動能持續增強。我們現在為 3,563 位客戶提供服務，年度經常性收入超過 5 萬美元。與去年同期相比成長了 36%，其中包括本季創紀錄的 272 個淨新增就業機會。這是由於創紀錄數量的新土地直接劃入該群體所致。

We're proud to welcome and expand with iconic mid-market and enterprise brands such as Bissell, Rhone, Boux, and Proper Hotels, brands that trust Klaviyo to deepen customer relationships and drive growth.

我們很榮幸能夠與 Bissell、Rhone、Boux 和 Proper Hotels 等標誌性的中階市場和企業品牌合作，並擴大合作範圍。這些品牌信賴 Klaviyo，以加深客戶關係並推動成長。

Another global brand that exemplifies the power of what we're building is MESHKI, an Australian-founded women's fashion brand now selling in over 190 countries. MESHKI has embraced Klaviyo as its system of action, recently adding marketing analytics to power their omnichannel marketing. With Klaviyo, they're personalizing every touch point, from product recommendations and campaigns to customer journeys and interactions, all powered by their own first-party data.

另一個體現我們所打造的品牌力量的全球品牌是 MESHKI，這是一個創立於澳洲的女性時尚品牌，目前已銷往 190 多個國家。MESHKI 已採用 Klaviyo 作為其行動系統，最近還添加了行銷分析功能，以支援其全通路行銷。借助 Klaviyo，他們能夠個性化每一個接觸點，從產品推薦和行銷活動到客戶旅程和互動，所有這些都由他們自己的第一方數據提供支援。

MESHKI also relies on Klaviyo as a central source of truth. As they scale their US presence, the team used Klaviyo to guide where to invest in infrastructure, shipping, and local distribution, transforming customer data into operational decisions. It's a great example of what Klaviyo's B2C CRM is built to do: help brands grow faster and turn every interaction into long-term loyalty at global scale.

MESHKI 也以 Klaviyo 為真理的中心來源。隨著他們在美國的業務不斷擴大，該團隊利用 Klaviyo 來指導基礎設施、運輸和本地分銷方面的投資方向，將客戶資料轉化為營運決策。這正是 Klaviyo 的 B2C CRM 的一個很好的例子，它旨在幫助品牌更快地發展，並將每一次互動轉化為全球範圍內的長期忠誠度。

Turning to the P&L, non-GAAP gross margin was steady at 76% in line with Q2, as benefits from scaling infrastructure balanced out the continued growth of text messaging. Importantly, non-GAAP gross profit growth accelerated, underscoring how we drive operating leverage as we scale.

從損益表來看，非GAAP毛利率穩定在76%，與第二季持平，基礎設施規模化帶來的好處抵銷了簡訊業務的持續成長。重要的是，非GAAP毛利成長加速，凸顯了我們在擴大規模的同時如何推動營運槓桿作用。

Non-GAAP operating expenses also saw broad-based leverage this quarter, improving 170 basis points year over year as a percentage of revenue, reflecting the power in our operating model and our ability to deliver strong growth while investing to capture an even larger AI-driven opportunity.

本季非GAAP營運費用也普遍成長，年減170個基點，佔營收的百分比有所改善，這反映了我們營運模式的優勢，以及我們在投資以抓住更大的AI驅動機會的同時實現強勁成長的能力。

Non-GAAP operating income for the quarter was $45 million with a 14.5% margin, up slightly year over year. This performance exceeded our guidance, driven by strong top-line outperformance and disciplined execution. We generated $47 million in free cash flow for a 15% free cash flow margin, which was also up year over year.

本季非GAAP營業收入為4,500萬美元，利潤率為14.5%，較上年同期略有成長。這項業績超出了我們的預期，主要得益於強勁的營收成長和嚴謹的執行。我們創造了 4,700 萬美元的自由現金流，自由現金流利潤率為 15%，較去年同期成長。

Turning now to guidance, we are entering the peak holiday season from a position of strength, supported by robust customer demand. For the fourth quarter, we are increasing our revenue expectations to $331 million to $335 million, representing 23% to 24% year-over-year growth. We expect fourth quarter non-GAAP operating income of $43.5 million to $46.5 million, representing a non-GAAP operating margin of 135 to 14%.

現在談談業績展望，我們正處於強勁的市場地位，在強勁的客戶需求支撐下，進入假日旺季。對於第四季度，我們將營收預期上調至 3.31 億美元至 3.35 億美元，年增 23% 至 24%。我們預期第四季非GAAP營業收入為4,350萬美元至4,650萬美元，非GAAP營業利益率為135%至14%。

As a reminder, we implemented profile enforcement earlier this year, which reduces seasonality in our Q4 and Q1 revenue, making quarter-on-quarter growth steadier over the course of the year. We do expect our fourth quarter non-GAAP gross margin to experience typical seasonal impact from increased text messaging volumes.

提醒一下，我們今年稍早實施了用戶畫像強制執行措施，這降低了我們第四季度和第一季收入的季節性波動，使季度環比增長在全年更加穩定。我們預計第四季非GAAP毛利率將受到簡訊量增加帶來的典型季節性影響。

Based on our strong third quarter and our momentum heading into Q4, we are raising revenue guidance for the full year by $18 million at the midpoint to $1.215 billion to $1.219 billion for year-over-year growth of 30%. We expect non-GAAP operating income of $161.8 million to $164.8 million, representing a non-GAAP operating margin of 13% to 14%.

基於我們強勁的第三季業績以及進入第四季的良好勢頭，我們將全年營收預期中位數上調 1,800 萬美元至 12.15 億美元至 12.19 億美元，年成長 30%。我們預期非GAAP營業收入為1.618億美元至1.648億美元，非GAAP營業利益率為13%至14%。

This will be another year of delivering results above the Rule of 40. Rule of 40 is an important metric for us because it represents our commitment to strong growth with good unit economics. We will continue to invest, be the definitive CRM for B2C businesses. And we strive to deliver Rule of 40 as we do so.

今年又將是業績超越「40法則」的一年。40 法則對我們來說是一個重要的指標，因為它代表了我們致力於在維持良好單位經濟效益的前提下實現強勁成長的承諾。我們將繼續投資，成為B2C企業首選的CRM系統。我們努力在執行過程中貫徹「40法則」。

Looking ahead to 2026, we're confident in our growth trajectory and in the results we are seeing from our AI-powered growth engines. Based on that progress, we expect to deliver at least 21% to 22% revenue growth next year.

展望 2026 年，我們對自身的成長軌跡以及人工智慧驅動的成長引擎所取得的成果充滿信心。基於目前的進展，我們預計明年營收成長至少可達 21% 至 22%。

Our core marketing products continue to deliver a strong foundation for growth. We expect to drive further adoption and expansion, particularly in mid-market enterprise and international, and we're seeing meaningful early traction from our new AI-powered products.

我們的核心行銷產品持續為成長奠定堅實基礎。我們期望進一步推動採用和擴展，尤其是在中型企業和國際市場，我們已經看到我們新的 AI 驅動產品取得了顯著的早期進展。

Our 2026 outlook currently assumes limited near-term revenue from these launches. That said, given the pace of adoption, the upside ahead of us is significant and creates clear long-term runway as these products scale. From a profitability standpoint, we expect to increase our 2026 non-GAAP operating margin by at least 1 percentage point from our updated 2025 guidance.

我們目前對 2026 年的展望是假設這些產品發布帶來的短期收入有限。也就是說，鑑於目前的普及速度，未來的發展空間龐大，隨著這些產品的規模化，將創造出清晰的長期發展前景。從獲利能力的角度來看，我們預計 2026 年的非 GAAP 營業利潤率將比我們更新後的 2025 年預期至少提高 1 個百分點。

To close, Q3 demonstrated Klaviyo's strengths, high growth, strong unit economics, and continued progress across our three growth engines: multi-product expansion, international growth, and mid-market and enterprise momentum. AI is accelerating our business. It is unlocking new possibilities for customers to use Klaviyo to connect with their consumers in smarter, more personalized ways. It amplifies our growth and it strengthens our foundation for sustained leadership.

總而言之，第三季展現了 Klaviyo 的優勢、高成長、強勁的單位經濟效益，以及我們在三大成長引擎（多產品擴張、國際成長以及中階市場和企業發展勢頭）方面取得的持續進展。人工智慧正在加速我們的業務發展。它為客戶開啟了新的可能性，使他們能夠以更聰明、更個人化的方式使用 Klaviyo 與消費者建立聯繫。它促進了我們的發展，也鞏固了我們持續領先地位的基礎。

We believe this is just the beginning. With our unique combination of first party data, relentless product velocity, and Agentic AI as a force multiplier, Klaviyo is positioned to be the definitive winner in the next era of consumer engagement.

我們相信這只是個開始。憑藉我們獨特的第一方數據、持續的產品迭代速度以及作為倍增器的智慧人工智慧，Klaviyo 有望成為下一時代消費者互動領域的最終贏家。

With that, we'll open up the call for questions. Operator?

接下來，我們將開始接受提問。操作員？

(Operator Instructions) Derrick Wood, TD Cowen.

（操作說明）德里克·伍德，TD Cowen。

Great, thanks. Thanks for taking my questions. AB, this is for you. I guess at your conference, Accenture talked about fatigue in the legacy martech market and there's a lot of desire to change out legacy tech and leverage new AI tech. You talked about seeing a robust re-platforming cycle over the next two to three years.

太好了，謝謝。謝謝您回答我的問題。AB，這是給你的。我猜在你們的會議上，埃森哲談到了傳統行銷科技市場的疲軟，以及人們非常渴望更換傳統技術並利用新的人工智慧技術。您曾提到未來兩到三年內將會出現強勁的平台重構週期。

I know your new products in AI and CRM are still early. But now that you do have these agents in market, are your conversations or pipelines evolving more around re-platforming and AI adoption? And I mean, do you see 2026 as a step function in these type of engagements, or how do you view this cycle playing out?

我知道你們在人工智慧和客戶關係管理方面的新產品還處於早期階段。但現在你們已經擁有了這些代理商，你們的對話或管道是否更多地圍繞著平台重構和人工智慧的應用而展開？我的意思是，您認為 2026 年是這類合作的轉捩點嗎？還是您認為這個週期會如何發展？

Yeah, sure, thanks for the question. So in the mid-market enterprise segments, we're obviously seeing some really good numbers. We added the most $50,000-plus customers in this past quarter. And I think there's really there's two things going on that are forcing these conversations. So yes, I do see there's a real acceleration there and for two reasons.

好的，謝謝你的提問。因此，在中型企業市場，我們顯然看到了一些非常好的數據。上個季度，我們新增了最多單筆消費超過 5 萬美元的客戶。我認為，真正促使人們進行這些對話的，是兩件事。所以，是的，我確實看到那裡出現了真正的加速成長，原因有二。

The first is a traditional reason, which is what we're doing by combining the underlying data infrastructure with then the marketing service analysis, application stack and infrastructure, and handling things like deliverability on the messaging side, creative design; then on the service side, providing that real-time (inaudible) conversations with consumers wherever they are.

第一個原因是傳統的，也就是我們將底層資料基礎設施與行銷服務分析、應用程式堆疊和基礎設施結合，並在訊息傳遞方面處理諸如送達率、創意設計等問題；然後在服務方面，無論消費者身在何處，都能提供與他們進行即時（無聲）對話。

I think what's happening on top of that is then when you layer in agents -- and really, here we mean, agents and agentic work flows -- we're finding a lot of larger enterprise saying, look, there's opportunities I can't get to. I can't do this data analysis. There's creative and design that I wish could get checked by agents so we can do more of it. Can you help me find more opportunities to execute against those?

我認為在此基礎上發生的是，當你加入代理商時——實際上，我們指的是代理商和代理商工作流程——我們發現很多大型企業都在說，你看，有些機會我無法獲得。我不會做這種數據分析。有些創意和設計作品我希望能夠得到經紀人的審核，這樣我們就可以進行更多相關工作。你能幫我找到更多針對這些目標的執行機會嗎？

Then obviously, on the customer service side, I think a lot of people look at customer services not just a, hey, when customers have issues, how do I help them, but also how can I proactively give them guidance and look at that as a growth engine. So there was this traditional reason of like, look, my software doesn't really talk to each other very well. And now you layer on what LLMs give us in terms of a better logic engine, a better -- a smarter way to use the tech that we built.

顯然，在客戶服務方面，我認為很多人看待客戶服務不僅僅是“嘿，當客戶遇到問題時，我該如何幫助他們”，而是“我該如何主動為他們提供指導”，並將其視為增長引擎。所以，一直以來都有一個傳統的理由，那就是，你看，我的軟體之間無法很好地相互溝通。現在，LLM 為我們提供了更好的邏輯引擎，一種更好、更聰明的方式來使用我們開發的技術。

I think this is the future of how CRM is going to work for consumer companies. It's going to be agentic at its core, which means that instead of the operators of that software having to decide, make every decision, drive the software all on its own, it's going to be done in part by agents, and I think increasingly some of the work they can't get to or don't want to do is going to get handed off. And the fact that Klaviyo provides this like closed loop where, hey, it's not just that we store the data; hey, it's not just that we help you find the ideas and execute them; it's then we can then tell you what's working so you can use machine learning and AI to improve, to optimize over time.

我認為這就是消費者企業客戶關係管理（CRM）的未來發展方向。它的核心將是智能體，這意味著軟體的操作人員不必自己做決定、做出每一個決定、獨自驅動軟體，而是部分由智能體完成。我認為，他們無法完成或不想完成的一些工作將會越來越多地被移交給智能體。Klaviyo 提供了一個閉環，它不僅僅是儲存資料；不僅僅是幫助你找到想法並執行它們；而是我們還可以告訴你哪些有效，以便你可以使用機器學習和人工智慧來改進和優化。

That's where this is all going. But I have those conversations, with our enterprise customers today, and then folks that we're talking to that on our pipeline, and they're very excited about this future. And I think we're in the driver's seat to go deliver for them.

這就是事情的最終走向。但我今天會和我們的企業客戶進行這些對話，也會和我們正在洽談的潛在客戶進行對話，他們對這個未來感到非常興奮。我認為我們現在掌握著主動權，可以為他們帶來成果。

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

Hi, good evening, and thanks for taking my questions. So I wanted to stick on the AI theme, and I know that you guys have talked about the Shopify relationship. But I was wondering if you could dig deeper into how the large platforms like OpenAI, working more closely with Shopify and giving them access to maybe millions of consumers and how that ultimately benefits Klaviyo as you think about how those could potentially become -- empower the merchants that you're helping and become more profiles, especially given how embedded you are in the Shopify ecosystem. How are you thinking about that in particular?

您好，晚上好，感謝您回答我的問題。所以我想繼續圍繞著人工智慧這個主題展開，我知道你們也討論過與 Shopify 的關係。但我很想知道，您能否深入探討像 OpenAI 這樣的大型平台如何與 Shopify 更緊密地合作，並讓他們接觸到數百萬消費者，以及這最終如何使 Klaviyo 受益，因為您認為這可能會如何——賦能您正在幫助的商家，並使其獲得更多關注，尤其是在您如此深入地融入 Shopify 生態系統的情況下。你對這個問題具體是怎麼想的？

Yeah, for sure. So let's talk -- let me touch on a little bit on the AI ecosystem. In Klaviyo, since we started, has been very partner oriented. We've looked at the ecosystem and how do we plug in, how do we work together to build a better experience for the businesses that we serve, ultimately drive better outcomes for them. Let me touch on a couple of things.

是的，當然。那我們來聊聊吧——讓我簡單介紹一下人工智慧生態系統。自 Klaviyo 成立以來，我們一直非常注重與合作夥伴的合作。我們已經研究了生態系統，以及我們如何融入其中，如何共同努力為我們服務的企業打造更好的體驗，最終為他們帶來更好的成果。讓我簡單提幾件事。

First, let's talk about as it relates to commerce and acquiring and building more consumer relationships. Obviously, that's a big part of our business model is we want more businesses connected to more consumers. We think that's an asset that's very important to the businesses we serve, and obviously, that's one of our core monetization axis.

首先，讓我們談談它與商業、獲取和建立更多消費者關係之間的關係。顯然，我們商業模式的重要組成部分是希望更多的企業與更多的消費者建立聯繫。我們認為這對我們服務的企業來說是一項非常重要的資產，而且顯然，這也是我們核心獲利模式之一。

So we look at things like the ability to do commerce through products like ChatGPT is great. It's a way for more consumers to find more businesses. It's a more streamlined experience. And ultimately, like we said in the prepared remarks, it results in this like medium- and long-term growth over for them because they now have another connection to another consumer.

所以我們認為，像 ChatGPT 這樣的產品能夠進行商業活動是非常棒的。這是讓更多消費者找到更多商家的一種方式。體驗更加流暢。最終，正如我們在準備好的演講稿中所說，這將為他們帶來中長期成長，因為他們現在與另一位消費者建立了聯繫。

In fact, we're so excited about the idea of like commerce through conversations through chat. It's something we're also working to embed inside of our customer agent. We look at the future. We think that every business is going to have its own customer agent, its own digital, like the best -- most knowledgeable person about all your products who has all the answers in real time 24 by 7.

事實上，我們對透過聊天進行對話這種類似商業活動的想法感到非常興奮。這也是我們正在努力將其嵌入到我們的客戶代理程式中的功能。我們展望未來。我們認為每個企業都會有自己的客戶代理，自己的數位客服，就像最優秀、最了解您所有產品的人一樣，可以全天候 24 小時即時解答您的所有問題。

We want to build that technology. And obviously, once we answer a question like, for instance, (inaudible) to be built in, we want to let consumers then buy directly from that experience. I think in the future, you'll see these agents, rather than browse a website, you could just chat with an agent provided by a business, and then it could help you consummate that transaction.

我們想開發這項技術。顯然，一旦我們回答了諸如（聽不清楚）之類的問題，我們希望讓消費者能夠直接從這種體驗中購買。我認為在未來，你會看到這些代理人，你不用瀏覽網站，只需與商家提供的代理人聊天，他們就能幫助你完成交易。

And the last thing I'll say is when we think about the platforms that are out there, both in terms of end users like each of us using chat interfaces, we look at that as another way to interact with Klaviyo. We're very excited about that. In fact, we've already seen and we talked a little about in some of the remarks upfront, our customers, partners using some of these AI clients to interact with Klaviyo. It might be -- to date, it's been largely to do data analysis. But in the very near future, we think that's going to be actually designing marketing campaigns and getting going on that.

最後我想說的是，當我們思考現有的平台時，無論是像我們每個人這樣的最終用戶使用聊天介面，我們都將其視為與 Klaviyo 互動的另一種方式。我們對此感到非常興奮。事實上，我們已經看到，並且在前面的一些發言中也稍微談到了，我們的客戶和合作夥伴正在使用這些人工智慧客戶端與 Klaviyo 進行互動。或許如此——到目前為止，它主要用於數據分析。但我們認為，在不久的將來，我們將真正開始設計行銷活動並付諸實現。

And one of the things I talked to a lot of our customers about, they feel rate limited mostly by their time and how quickly they can scaffold and build and do marketing and service and analysis inside of Klaviyo. We think these new chat [interfaces] are a great way to speed up that loop, allow them to use more of Klaviyo. We benefit when businesses have more connections and also when they're doing more marketing, delivering more experiences to customers. That's why we're going to build into those.

我和許多客戶談過，他們感到速度主要受限於他們的時間，以及他們在 Klaviyo 內部搭建框架、進行行銷、服務和分析的速度。我們認為這些新的聊天[介面]是加快這個循環、讓他們更多地使用Klaviyo的好方法。企業擁有更多人脈，進行更多行銷活動，提供客戶更多體驗，我們就能從中受益。這就是為什麼我們要把這些功能融入其中的原因。

And finally, I think it's early, but a lot of the platforms are now building out these agent builder-type experiences. And we look at that, that's great. That's another way we imagine, there's going to be workflows in the very near term where folks are building Klaviyo campaigns, optimizing them through some of these workflows and agents that they're building both inside of Klaviyo but also outside of Klaviyo. And again, that's great. We think if businesses are able to do more marketing, build more customer experiences, understand who their customers are better, wherever they do that, that's valuable to them and that's valuable to us.

最後，我認為現在還為時過早，但許多平台都在建立這類代理建構器類型的體驗。我們看了之後覺得，很棒。這是我們設想的另一種方式，在不久的將來，將會出現這樣的工作流程：人們正在建立 Klaviyo 活動，並透過他們在 Klaviyo 內部以及 Klaviyo 外部建立的一些工作流程和代理來優化這些活動。再次強調，這很棒。我們認為，如果企業能夠進行更多行銷活動、打造更多客戶體驗、更了解他們的客戶，無論他們在哪裡開展這些活動，這對他們和我們來說都是有價值的。

Matt VanVliet, Cantor Fitzgerald.

Matt VanVliet，Cantor Fitzgerald。

Hey, good afternoon. Thanks for taking the question. Wonder if you could help us think about the attachment of service already and the fact that it's tracking so far ahead of even some of your best products in history.

嘿，下午好。感謝您回答這個問題。不知道您能否幫我們思考一下，目前這項服務已經取得瞭如此巨大的成功，甚至超過了您歷史上一些最好的產品。

Are these customers that are replacing something on kind of the legacy marketing stack, were they doing things sort of haphazardly and this brings it all together? And then maybe more importantly, how is a new product like Service helping the conversation of multi-product expansion, knowing that you can bring it all on a single platform and have that single source of truth?

這些客戶是否正在替換傳統行銷技術堆疊中的某些東西？他們之前的做法是否比較隨意，而這項技術將所有內容整合在一起？更重要的是，像 Service 這樣的新產品如何幫助企業進行多產品擴展的討論？因為您可以將所有內容整合到一個平台上，並擁有單一的真實來源。

Yeah, I've been really impressed by what our project engineering teams have done for all three of our K Service, Klaviyo Service, products in that product line. So let's talk through a little bit about each of them. And just so everybody knows, we put the general availability -- we released the general availability just over a month ago. So we're watching the tracking literally week over week. And like I said, the trajectory is awesome.

是的，我對我們的專案工程團隊在該產品線的 K Service、Klaviyo Service 這三款產品上所取得的成就印象深刻。那麼，我們來逐一談談它們。為了讓大家知道，我們已經正式發布了產品——我們大約在一個多月前發布了產品。所以我們正在每週密切關注追蹤數據。正如我所說，這條軌跡太棒了。

In terms of what they're replacing or augmenting, let me take it product by product. So for our Customer Hub and Customer Agent products, those we're finding a lot more greenfields. Our Customer Hub products now takes a lot of the personalization that you could do with Klaviyo and messaging on various messing channels. It now brings it directly into a business's website or even in the future, maybe even their mobile application. It gives consumers a way when they go visit a website that the entire web experience is now personalized to them.

至於它們正在取代或增強什麼，讓我逐一介紹。因此，對於我們的客戶中心和客戶代理產品而言，我們發現還有很多空白領域。我們的客戶中心產品現在能夠實現許多先前使用 Klaviyo 和各種即時通訊管道進行個人化設定的功能。現在它可以直接將資訊導入企業的網站，甚至在未來，可能還會導入到他們的行動應用程式中。它讓消費者在造訪網站時，能夠獲得完全個人化的網路體驗。

It's generating incremental revenue as we talked about. And so it's actually a fairly easy conversation with customers who say, look, we can take the same goodness that you've seen from us in messaging. You can now bring it to your website. It's accretive to your growth. Why wouldn't you do that? A lot of these businesses, they just there were -- there was no product there before.

正如我們之前討論的那樣，它正在產生增量收入。因此，與客戶進行對話其實相當容易，他們會說：“你看，我們可以把你們在我們這裡看到的那些優點運用到我們的信息傳遞中。”現在你可以把它加到你的網站上了。它有利於你的成長。為什麼不那樣做呢？很多這樣的企業，之前根本沒有產品，只是突然冒出來的而已。

Integrated into Customer Hub is our Customer Agent. So if a if a consumer has a question and they want to chat both to get help but also critically to get advice, we're seeing some really amazing conversations inside of our data set where consumers are coming and having long conversations about what products would be best fit for them and offering them recommendations.

我們的客戶代理已整合到客戶中心。因此，如果消費者有疑問，並且想要聊天以獲得幫助，更重要的是獲得建議，我們在數據集中看到了一些非常棒的對話，消費者會進行長時間的對話，討論哪些產品最適合他們，並為他們提供建議。

So really, service is no longer this sort of like, hey, if you have an issue, talk to me. It's now more even pre-sales. And that's again, that's a bit different. People weren't thinking that way before, so we're finding a lot of businesses wanting to add that in because again, it becomes a revenue engine. And it helps offload some of the support volume, but it's also a revenue engine for the business.

所以，現在的服務模式已經不再是「嘿，如果你有問題，就來找我」了。現在預售情況更加穩定了。這一點又有所不同。人們以前沒有這樣想過，所以我們發現很多企業都想加入這個功能，因為它能帶來收入。它不僅有助於分擔部分支援工作量，而且也是企業的收入引擎。

And then the third product is we've also built a customer service, a help desk product, which also has AI natively integrated. So we have some great features in there, things where if a conversation happens with our AI agent, maybe does some tool calls to pull in product recommendations and associate information, that all gets passed back to whoever that support rep is that then decides that handles the conversation if it makes its way to a human.

第三款產品是我們也開發了一款客戶服務、一款幫助台產品，該產品也原生整合了人工智慧。所以我們有一些很棒的功能，例如，如果與我們的 AI 代理進行對話，它可能會調用一些工具來獲取產品推薦和關聯信息，所有這些信息都會傳遞回給客服代表，然後由客服代表決定是否由他來處理對話，或者是否需要轉交給真人客服。

That's a really great integration speeding up response times and resolution rates. That is a more traditional -- like for some small businesses, it might be the first time, but that's more we're replacing some of the customer service software that's out there that might just only have traditionally solved that, like, hey, we help your support team manage the support workload.

這是一個非常棒的集成，可以加快響應速度和提高問題解決率。這是一種更傳統的方式——對於一些小型企業來說，這可能是第一次，但更重要的是，我們正在替換一些現有的客戶服務軟體，這些軟體可能只是以傳統的方式解決了這個問題，例如，嘿，我們幫助您的支援團隊管理支援工作量。

And I think -- we're very excited about the trajectory in the first 40 days. We're also talking a lot about the impact of artificial intelligence. I think one thing we want people to take away is we're expanding where we can use and leverage AI to not just marketing but also include what happens on your website and what happens in customer service. And that's part of our building out the entire consumer CRM that's part of our strategy there.

我認為——我們對前 40 天的發展軌跡感到非常興奮。我們也常談到人工智慧的影響。我認為我們希望人們記住的一點是，我們正在擴大人工智慧的應用範圍，不僅用於行銷，還用於網站運營和客戶服務。這是我們建構整個消費者客戶關係管理系統的一部分，也是我們策略的一部分。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

That's great. Congrats on a great quarter. And AB, thanks for all that commentary on AI. That's helpful.

那太棒了。恭喜你本季表現出色。AB，感謝你對人工智慧的所有評論。那很有幫助。

Amanda, I want to ask you about your '26 guidance of that 21% to 22% growth. So you have a lot of products announcement there and also there are pricing model changes as well. But what gives you that confidence for next year growth? What is embedded into that guidance?

阿曼達，我想問你關於2026年21%至22%的成長預期。所以，你們那裡有很多產品發布，而且定價模式也有所改變。但是是什麼讓你對明年的成長充滿信心？該指導原則中包含了哪些內容？

Yeah, thanks to a great question. And the way that I think about it is we are incredibly confident in our growth trajectory. And that preliminary '26 outlook that we gave is a strong baseline for growth next year with clear upside ahead.

是的，謝謝你的好問題。我的看法是，我們對自身的成長軌跡充滿信心。我們給出的 2026 年初步展望為明年的成長奠定了強勁的基準，未來還有明顯的上漲空間。

So we have just launched some very exciting new products in AI and expansion into new products and new service categories. We're very excited about the traction that we're seeing. And as AB mentioned, service off to an even faster start than SMS was at this stage. But we're really early in the journey. And so at this point, we're not factoring significant revenue in there for next year. So there's even more upsides to that number as those products continue to grow.

我們剛推出了一些非常令人興奮的人工智慧新產品，並拓展到新產品和新服務類別。我們對目前的進展感到非常興奮。正如AB所提到的，這項服務的啟動速度甚至比同階段的簡訊服務還要快。但我們才剛起步。因此，目前我們並未將明年的重大收入預期納入考量。隨著這些產品的持續成長，這個數字還有更多利多因素。

And I think the other thing that gives us incredible confidence heading into next year is that our existing growth engines are really delivering. They have strong momentum as we head into the international or into next year. In international, we saw our sixth straight quarter of increasing revenue growth rates outside of the Americas, which shows that we are really growing and increasing that global opportunity that we have to build the business.

我認為，讓我們對明年充滿信心的另一點是，我們現有的成長引擎確實發揮了作用。隨著國際賽事的臨近或明年的到來，他們勢頭強勁。在國際市場，我們在美洲以外的地區連續第六個季度實現了收入成長率的成長，這表明我們確實在發展壯大，並不斷擴大我們擁有的全球業務發展機會。

In mid-market this quarter, we had a record high number of adds into the $50,000 customer cohort. Which really shows what we talked about at Investor Day, which is that customers are pulling us up into that mid-market and enterprise space because as we just talked about earlier with AB, they want to replace those legacy tech stacks and having more modern AI-driven way for interacting with their consumers.

本季度，中階市場新增客戶數量達到創紀錄的 5 萬美元客戶群。這充分說明了我們在投資者日上所討論的內容，那就是客戶正在將我們推向中端市場和企業市場，因為正如我們之前與AB討論的那樣，他們希望取代那些傳統的技術堆棧，並擁有更現代的AI驅動方式與消費者互動。

And then in multi-products, over half of our ARR is coming today from customers who are multi-products which shows us that those customers really want to consolidate their platforms and they really want to consolidate their platforms with Klaviyo. So we have a huge opportunity ahead of us there with Service. We think Service could be as big, if not, bigger than our marketing products are today.

此外，在多產品領域，我們超過一半的 ARR 來自多產品客戶，這表明這些客戶確實希望整合他們的平台，並且他們確實希望使用 Klaviyo 來整合他們的平台。所以，我們在服務領域擁有龐大的發展機會。我們認為，服務業務的規模即使不如我們目前的行銷產品，至少會與之相當。

And then, of course, AI accelerates all of that. AI makes it faster and easier for our customers to use the product. It opens up new surfaces and new places where we can generate demand and interactions with the product. And importantly, it drives even better results. You heard some of the examples that Andrew shared around marketing agent and the uplift that it's driving in open rates and in KAV or the revenue that our customers drive.

當然，人工智慧會加速這一切。人工智慧讓我們的客戶能夠更快、更輕鬆地使用產品。它開闢了新的領域和新的場所，我們可以在這些領域創造需求並促進與產品的互動。更重要的是，它還能帶來更好的結果。你們都聽到了 Andrew 分享的一些關於行銷代理商的例子，以及它如何提升了郵件開啟率和 KAV（客戶帶來的收入）。

So again, those products are early in market. We're already monetizing Customer Agent today. We're going to start pricing pilots for Marketing Agent in the next few months. And as they continue to grow and expand and adoption and usage, again, we see upside there.

所以，這些產品目前還處於市場早期階段。我們目前已經開始透過客戶代理實現獲利。我們將在未來幾個月內開始對行銷代理商的試點計畫進行定價。隨著它們的不斷發展、擴張、普及和使用，我們再次看到了上漲的潛力。

So bottom line is that what gives us confidence is that our growth engines are firing on all cylinders. And we're in the early innings of massive AI and multi-product opportunities that are ahead of us.

所以歸根結底，讓我們充滿信心的是，我們的成長引擎正在全力運轉。我們正處於大規模人工智慧和多產品機會的早期階段，這些機會正擺在我們面前。

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

Yeah, thank you very much for taking the question. A lot of great discussions around AI and Service hub. I wanted to double click on international, pretty impressive six consecutive quarters of accelerating growth.

是的，非常感謝您回答這個問題。圍繞著人工智慧和服務中心展開了許多精彩的討論。我想雙擊查看國際市場，連續六個季度加速成長，這相當令人印象深刻。

Do you think that acceleration could continue going forward? And could you just help us understand like what we're going to -- what we should expect in terms of future unlocks in that? I know you talked about adding new languages to the platform, expanding text message capability, but sort of what inning of sort of those product unlocks are we and any view on sort of the durability of that acceleration? Thank you.

你認為這種加速趨勢會持續下去嗎？您能否幫我們理解一下，我們接下來會面臨什麼——我們應該對未來的解鎖抱持什麼樣的預期？我知道您談到了在平台上添加新語言、擴展短信功能，但是這些產品解鎖的進度如何？您對這種加速發展的持久性有何看法？謝謝。

That's great. I'll give you some commentary on some of the things we're doing and let me speak to the numbers. But 43% year-on-year growth, we're very proud of that, and we believe that we can continue to have that grow at very high rates over the next several years. And let me give you a little color on why.

那太棒了。我將對我們正在做的一些事情做一些評論，並談論相關數據。但43%的年成長率，我們為此感到非常自豪，我們相信在未來幾年內，我們可以繼續保持非常高的成長速度。讓我來詳細解釋一下原因。

What we found is we're still relatively early in working in both Europe. And I'd say Europe is even a little bit further ahead than where we are in Asia. There's a lot that we've done in the last 12, 24 months to get us ready for that. We've expanded our presence in Europe and in Asia and continued to do so, especially in like, key markets.

我們發現，我們在歐洲進行這項工作還處於相對早期階段。而且我認為歐洲在這方面甚至比亞洲還要領先一些。在過去的 12 到 24 個月裡，我們做了很多準備工作來迎接這一刻。我們已經擴大了在歐洲和亞洲的業務，並且持續擴大，尤其是在一些關鍵市場。

From a product side, we've done a lot of work. You mentioned internationalization. Very proud of the work that we've done there, both for our products, but also then to just make the various channels that we're in more available. So having SMS now in so many languages obviously helps a lot.

從產品方面來說，我們已經做了很多工作。你提到了國際化。我們為在那裡所做的工作感到非常自豪，不僅包括我們的產品，還包括讓我們的各種管道更加暢通。所以，現在簡訊支援這麼多語言，顯然很有幫助。

We just rolled out WhatsApp globally, and that's obviously very, very important in the European and Asian markets. And we have some more channels now that will be coming online following that that are more region specific. So it addresses more of the places that where consumers and businesses meet.

我們剛剛在全球推出了 WhatsApp，這顯然對歐洲和亞洲市場來說非常非常重要。接下來，我們還有一些更具地域性的頻道將陸續上線。因此，它更關註消費者和企業相遇的場所。

And then finally, we're expanding our presence not just for our customer teams and go-to-market teams but also just our infrastructure. We already have infrastructure all the way around the world. We're standing up new data centers and planning those out in both Europe and in Asia. And I think that will also help, especially for some of our larger customers. So it'll overlap with some of our enterprise strategy.

最後，我們不僅在客戶團隊和市場推廣團隊中擴大了我們的影響力，而且也在基礎設施方面擴大了我們的影響力。我們在世界各地都已擁有基礎建設。我們正在歐洲和亞洲建造新的資料中心，並制定相關規劃。我認為這也會有所幫助，特別是對於我們的一些大客戶而言。因此，它將與我們的一些企業策略重疊。

So I just I'm very excited. We've got a great set of customers. We're also expanding the way of the partners that we have there in key markets. So I think we've got a long way to go. We're nowhere near saturated.

我真的非常興奮。我們擁有一批非常棒的客戶。我們也在拓展我們在重點市場的合作夥伴管道。所以我覺得我們還有很長的路要走。我們離飽和還遠著。

Yeah. And in terms of what helps to drive that consistency and growth going forward and our outlook in international, it's the product expansion that AB talked about. And it's also the progress that we have on the go-to-market side around building out all of the surround sound around those product innovations. It's getting the local partner network set up, both the agency partners and the platform partners as well, great platform partners, not only Shopify, who we have an incredibly strong relationship with, but partners like PrestaShop in France and Shopware in Germany.

是的。至於什麼有助於推動這種持續成長和未來的發展，以及我們在國際市場的前景，那就是AB所談到的產品擴張。此外，我們在產品創新方面也取得了進展，正在建構所有環繞聲系統。我們正在建立當地合作夥伴網絡，包括代理商合作夥伴和平台合作夥伴，以及優秀的平台合作夥伴，不僅包括與我們關係非常密切的 Shopify，還有像法國的 PrestaShop 和德國的 Shopware 這樣的合作夥伴。

And then also continuing to build out the customer experience including the website, the local customer case studies, and so all of that contribute to making this a really strong, consistent growth platform for us going forward.

此外，我們還將繼續完善客戶體驗，包括網站、本地客戶案例研究等等，所有這些都有助於將其打造成為一個真正強大、持續成長的平台，供我們未來發展。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Great, thank you for taking my question. Good afternoon. I think at the Analyst Day, you guys called out, I think it was over 600 legacy replacements in the last couple of years. And there's been a few questions of Derrick and one other that have tried to touch on, I think, this opportunity, which is I think so exciting for many of us, which is that this combination of service -- marketing and commerce has actually been tried before and there's buying there.

太好了，謝謝你回答我的問題。午安.我認為在分析師日上，你們提到，過去幾年裡，我們已經更換了 600 多個遺留系統。德里克和另一個人提出了一些問題，我認為這些問題都試圖觸及這個機會，我認為這對我們很多人來說都非常令人興奮，那就是服務、營銷和商業的這種結合實際上以前就嘗試過，而且那裡有購買行為。

And so maybe you can talk about as we look into the next year and the next couple of years, the pipeline you have building right now, some of the customer examples you called out, the fashion brands, seven-figure renewal, how should we think about that opportunity increasing over that kind of 600 number over the last couple of years? Thank you.

那麼，展望未來一年和未來幾年，您能否談談您目前正在建立的銷售管道，您提到的一些客戶案例，例如時尚品牌、七位數的續約，我們應該如何看待這一機會在過去幾年裡從 600 萬美元增長到如此之多的情況？謝謝。

Yeah, great. We don't have any numbers to share today, but the momentum is awesome. And similar to international, I think there's things we're doing now that have -- that we'll finish doing that will now bear even more fruit.

好的，太棒了。今天我們沒有任何具體數據可以分享，但發展勢頭非常強勁。與國際事務類似，我認為我們現在正在做的一些事情——我們將完成的事情——現在將會結出更大的果實。

So as an example, we've only recently spun up our analyst relations program. We're now starting to work with more SIs and global system integrators, which is introducing us to more large enterprises. I think obviously, enterprise and international go hand in hand. We've already worked with a number of large multinationals, but that will get only better as we do some of the work that we talked about on the international side.

舉例來說，我們的分析師關係專案也是最近才啟動的。我們現在開始與更多系統整合商和全球系統整合商合作，這使我們接觸到更多大型企業。我認為，企業和國際化顯然是密不可分的。我們已經與許多大型跨國公司合作過，但隨著我們在國際方面開展一些我們之前討論過的工作，情況只會越來越好。

And that -- like look, at the bedrock of this for us is I think really the two things I said. The first is since the beginning, this idea of your data infrastructure should have a tight linkage to how you do marketing, messaging, the infrastructure there, and then now what we're doing with service, customers love the idea. The enterprise I talked to love this idea of, one, database now with -- that's getting more intelligent via LLMs and AI that is then distributing that experience to all possible channels.

而這——就像你看，對我們來說，這件事的基石我認為就是我剛才說的兩件事。首先，從一開始，你的資料基礎設施理念就應該與你的行銷方式、訊息傳遞方式、基礎設施緊密相連，而現在我們在服務方面所做的一切，客戶都很喜歡這個想法。我交談過的這家企業非常喜歡這個想法：一個資料庫，透過 LLM 和 AI 變得更加智能，然後將這種體驗分發到所有可能的管道。

This really, really matters to them that they want this one unified experience. So this idea that you can use the data you have at scale to generate things like recommendations and then make those available on all services -- websites, mobile apps, messaging, inside of a chat or in a voice conversation with a customer all delivered via AI -- that's a really enticing value prop. And so I think that there's just there's a lot we're doing now that -- the results we're seeing are a little bit of the actions that we've taken in the last 12, 24 months. But I think there's even more that we can do.

對他們來說，這一點真的非常重要，他們想要的是一種統一的體驗。因此，利用大規模數據產生推薦等內容，然後透過人工智慧在所有服務（網站、行動應用程式、即時通訊、聊天或與客戶的語音對話）中提供這些推薦，這確實是一個非常誘人的價值主張。所以我覺得，我們現在所做的很多事情——我們看到的結果，在某種程度上是我們過去 12 到 24 個月所採取的行動的成果。但我認為我們可以做得更多。

And frankly, like there's even an element of social proof to all of this. I talked to businesses that said, hey, 12, 24 months ago, they didn't think of Klaviyo as an as an enterprise brand -- that we are quickly changing that perception. And I expect to see that snowball.

坦白說，這一切似乎都帶有某種社會認同的成分。我與一些企業交談過，他們說，嘿，12、24 個月前，他們並不認為 Klaviyo 是企業品牌——我們正在迅速改變這種看法。我期待看到雪球效應。

Ryan MacWilliams, Wells Fargo.

瑞安‧麥克威廉斯，富國銀行。

Hey, thank you for taking the question and great to see you continue strong new customer additions. The question is more in regards to your customers. So we're hearing SEO struggles come up more for SMB. And I was wondering, are you seeing customers look to Klaviyo as a way to support new market activities to combat SEO efficiency getting more challenging? Or are you seeing existing customers look to add new use cases as a result? Thanks.

嘿，謝謝你回答這個問題，很高興看到你們繼續保持強勁的新客戶成長勢頭。這個問題更多是關於你的客戶。我們發現，中小企業在搜尋引擎優化上遇到的困難越來越多。我想知道，您是否發現客戶正在將 Klaviyo 視為支持新市場活動的一種方式，以應對 SEO 效率日益增長的挑戰？還是您發現現有客戶因此而尋求增加新的使用情境？謝謝。

Yeah, it's a great question. So I'll say two things. We look at Klaviyo as really as the bedrock of how a business operates and works with maintains and grows with engagement with its most important assets with customers, those end consumers.

是的，這是一個很好的問題。所以我只想說兩件事。我們認為 Klaviyo 真正是企業營運和運作的基石，它透過與最重要的資產——客戶（即最終消費者）的互動來維持和發展。

So we're noticing actually like two trends. The first is for some businesses, they're seeing a lot of growth through AEO and effectively like getting discovered through some of the AI applications that are out there. And so that's driving more consumer relationships.

所以我們實際上註意到了兩種趨勢。首先，對於一些企業來說，他們透過 AEO 獲得了巨大的成長，並且有效地透過一些現有的 AI 應用程式被發現。因此，這正在推動更多消費者關係的建立。

For other businesses we find them -- they're actually -- when it's uncertain, what their strategy is they're coming back to Klaviyo to say, hey, how can I do more with my existing consumer relationships? How can I nurture those harder?

對於其他企業，我們發現——實際上——當他們的策略不確定時，他們會回到 Klaviyo 尋求幫助，詢問如何更好地利用現有的客戶關係。我該如何更努力培養？

And this is where AI really -- I mean, one of the things we want to (inaudible) is like, look, we always automatically, agentically give every single business, every single one of their consumers a path on like what is the absolute best experience they can deliver to that consumer. So when they do acquire them, those consumer relationships are more valuable, more durable, higher LTV.

這就是人工智慧真正發揮作用的地方——我的意思是，我們想要（聽不清楚）的事情之一是，你看，我們總是自動地、主動地為每個企業、他們的每個消費者提供一條路徑，讓他們能夠為消費者提供絕對最好的體驗。因此，當他們最終獲得這些客戶關係時，這些客戶關係更有價值、更持久、客戶終身價值更高。

So it's a bit bifurcated, but I think when there's uncertainty and revenue is really on the blind, we find people come back to us. Just as an example of that, we're about to enter the holiday season. We find that for most of our -- the businesses we work with, especially in retail, this is when they see the highest percentage of return consumers coming to their business. They know that consumers, when they're shopping for the holidays, come back to businesses they already know.

所以情況有點兩極化，但我認為，當存在不確定性，收入完全沒有保障時，我們發現人們會回到我們這裡。舉個例子來說，我們即將進入假期季節。我們發現，對於我們合作的大多數企業，尤其是零售企業而言，這段時間是回頭客比例最高的時期。他們知道，消費者在假日購物時，往往會回到他們已經熟悉的商家。

And that's why you see so much more incremental usage of Klaviyo. And we're excited actually to have all these -- some of the AI functionality we've delivered now, help them do a better job connecting those customers to the exact right product, to the exact right service in the most critical time of the year for them.

這就是為什麼你會看到 Klaviyo 的使用量大幅成長的原因。實際上，我們很高興能夠提供所有這些——我們現在提供的一些人工智慧功能，可以幫助他們在一年中最關鍵的時期更好地將客戶與最合適的產品、最合適的服務聯繫起來。

Scott Berg, Needham & Company.

Scott Berg，Needham & Company。

Hi, everyone. Really nice quarter here. I guess, one question for me is we've been to a lot of sales marketing conferences in the last month or two and we've seen a ton of customer interest in the space. But budgets tend to be just a little bit light right now. And the commentary suggests that there should be a lot of expansion of budgets on some of this newer AI functionality as we get into the new calendar year.

大家好。這塊街區真不錯。我想問的一個問題是，在過去的一兩個月裡，我們參加了許多銷售行銷會議，我們看到了客戶對這個領域的濃厚興趣。但目前預算往往略顯緊張。評論指出，隨著新年的到來，應該大幅增加一些新型人工智慧功能的預算。

Does that track with what you all are seeing today? Or are you seeing customers more emphatically kind of spend on some of this functionality here even in the third or fourth quarters? Thank you.

這和你們今天看到的情況一致嗎？或者您看到客戶在第三季或第四季更積極地在這些功能上花錢？謝謝。

Yeah, let me make two comments on that because I think it's probably a bit of a clarification, too, of like how we think about our role in the awareness buying process, what we're -- not even think of like as the marketing and sales sales cycle.

是的，我想就此發表兩點看法，因為我認為這可能也需要澄清一下，例如我們如何看待自己在認知購買過程中的角色，以及我們——甚至沒有想到行銷和銷售週期。

So the first is every product that Klaviyo builds at its core, we make sure that it's like it needs to show its ROI. There needs to be revenue directly attributable back to that product.

所以，Klaviyo 打造的每一個產品，其核心就是確保它能展現其投資報酬率。必須有直接歸因於該產品的收入。

I think that's the case that not a lot of sales and marketing products can make. Oftentimes, there are tools that you might have a sales team use or a marketing team use. And it's not only it's productivity to that person, but you can't -- you might be able to measure the hour saved, but you can't see the dollars that that product is generating.

我認為這是很多銷售和行銷產品都無法實現的。很多時候，有些工具可能是銷售團隊使用的，有些工具可能是行銷團隊使用的。這不僅關乎個人的生產力，而且你無法衡量——你或許可以衡量節省的時間，但你無法看到該產品創造了多少金錢。

And I get to the second point which is like, so what's the difference between how we build products for marketing, for sales, for revenue generation versus a lot of what's out there in the market. And this is why we started to attach to this word agentic. I think there's a big difference between AI products that sort of assist a person doing a job. That's great. And we should want those products, but they're -- ultimately, they're just kind of -- they're not doing the work for you, they're just helping you do the work.

然後我又談到了第二點，那就是，我們為行銷、銷售、創造收入而打造的產品，與市場上許多產品之間的差異是什麼。這就是為什麼我們開始給這個詞加上「能動性」這個標籤的原因。我認為，能夠輔助人們完成工作的AI產品和真正意義上的AI產品之間存在著很大的差異。那太棒了。我們應該想要這些產品，但歸根結底，它們只是——它們不會為你工作，它們只是幫助你完成工作。

What we found with a lot of the AI applications inside of Klaviyo, and if you look at what for instance our marketing agent is doing, the goal is to help assist -- to assist a little bit, but it's really doing the job that we find the business we work with -- either they don't have the time or maybe the skills to get done, or maybe they just flat out don't want to do it. And so we've now changed this paradigm where instead of using software as a tool to help somebody do their job, but still ultimately it's the person who you're really measuring the ROI on, we're now literally building algorithms agents that can do a big chunk of the process and a human can review the results.

我們在 Klaviyo 內部的許多 AI 應用程式中發現，例如，如果你看看我們的行銷代理商正在做什麼，目標是提供幫助——提供一些幫助，但實際上，它完成的是我們發現與我們合作的企業沒有時間或技能來完成的工作，或者他們只是根本不想做。因此，我們改變了這種模式，不再將軟體作為工具來幫助人們完成工作，但最終衡量投資回報率的仍然是人，而是建立演算法代理來完成大部分流程，然後由人來審核結果。

So the example we talked about with marketing agent, we're now generating not just creative or content but entire campaigns -- who you should send to, what's the purpose. We're giving that to our customers to then review and then they're telling us, hey, whether that's good enough, maybe making some false small squeaks, and then they're deploying it. That's a totally different way of doing marketing than having a tool that helps somebody ultimately have to do all the different steps.

所以，就像我們之前和行銷代理商討論的例子一樣，我們現在不僅要產生創意或內容，還要產生整個行銷活動——你應該發送給誰，目的是什麼。我們會把這個給客戶審核，然後他們會告訴我們，嘿，這是否足夠好，也許會提出一些虛假的小問題，然後他們才會部署它。這與使用工具幫助人們最終完成所有不同步驟的行銷方式完全不同。

And then we're learning from that and seeing what the results are and automatically optimizing the content that we show them next, right, or the next campaigns that we generate. This is just a different way about thinking about leveraging AI. I think it's even more ROI driving.

然後我們從中吸取經驗，看看結果如何，並自動優化接下來向他們展示的內容，或是我們產生的下一個廣告活動。這只是利用人工智慧的另一種思考。我認為這更關乎投資報酬率。

And so the conversations I've talked about, you can hear the normal things of, hey, how do we make sure that the quality meets a certain bar, that you can trust that AI is actually doing the right thing. So we've built so many checks into our marketing agent. We have a whole quality agent that run -- that vets everything. People actually are so excited about that. They want to apply it to their human created content as well. They want to put on everything they're doing inside of Klaviyo.

因此，在我談到的這些對話中，你可以聽到一些常規的討論，例如，我們如何確保品質達到一定的標準，如何相信人工智慧確實在做正確的事情。因此，我們在行銷代理系統中設定了許多審核機制。我們有一套完整的品質保證系統來負責審核所有事項。人們對此感到非常興奮。他們也希望將其應用於他們自己創作的內容。他們想把他們在 Klaviyo 裡做的一切都展示出來。

So I think that's the big difference there is there's a difference between driving actual revenue and actually doing the work versus just being a tool that's part of the process.

所以我認為最大的區別在於，真正帶來收入和實際完成工作與僅僅成為流程中的工具之間存在著差異。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Perfect, thank you. I just got a couple of quick ones. First, Amanda, I think you mentioned you're going to start running sort of pricing pilots for marketing agent coming up here. Can you just maybe touch a little bit on what that might look like and what you're starting to experiment with?

太好了，謝謝。我只是匆匆拍了幾張。首先，Amanda，我想你曾提到你即將在這裡開展一些針對行銷代理商的定價試點計畫。您能否簡要介紹一下這可能會是什麼樣子，以及您正在開始嘗試哪些方面？

And then second, we're heading into Q4, important holiday season, as you pointed out. Just would love to get your sense on how you think that's shaping up relative to last year. Thank you.

其次，正如您所指出的，我們即將進入第四季度，也就是重要的假期季節。我很想知道你覺得今年的情況跟去年相比如何。謝謝。

Sure. So on Marketing Agent, we're seeing great results. We talked about on the call some of the outstanding results that our customers are seeing in terms of improvements and open rates, improvements in the KAV that they're generating per campaign. It's really helping amplify the work that they were doing and enable them to do more work at higher quality in less time. So there's a lot of excitement about it and generating a lot of value. And so we're going to start experimenting over the next couple of months with what does that look like in terms of a pricing pilot of how do we monetize it.

當然。所以，我們在行銷代理平台上看到了非常好的效果。我們在電話會議中討論了客戶在改進和開啟率方面取得的一些顯著成果，以及他們每次行銷活動產生的 KAV 的改進。這確實有助於提升他們正在進行的工作，並使他們能夠在更短的時間內完成更多更高品質的工作。因此，大家對此都非常興奮，並且它創造了很大的價值。因此，在接下來的幾個月裡，我們將開始試驗定價試點項目，看看我們如何獲利。

Some of it, we're going to continue to build into the product natively, the things that we think are really important for all brands to have access to. And a great example of that is some of the image work that we talked about on our last quarterly call. But again, in those places where customers are really seeing that incremental value, we're working on how do we charge it. And we've got great confidence in that because of the results that we're seeing from some of our other areas where we're already using AI in the product, right?

我們將繼續把其中一些功能原生整合到產品中，這些功能我們認為對所有品牌都非常重要。一個很好的例子就是我們在上一季電話會議上討論的一些圖像作品。但是，在那些客戶真正感受到這種增量價值的地方，我們正在研究如何收費。我們對此充滿信心，因為我們在其他一些領域已經將人工智慧應用於產品中，並且取得了良好的效果，對吧？

So we're live right now with customer agents and customers are seeing great results from that and it's driving page revenue. And then we're also seeing great results from marketing analytics, which incorporates a lot of AI-driven insights and analytics into helping our customers better target. So examples, we've had recently our customers -- one customer who's using marketing analytics and its predictive gender feature, which is an AI-enabled feature to predict the gender of a given consumer and better target the campaigns that get sent to them, which is helping them generate higher KAV. So again, seeing great traction there which gives us real optimism about our ability to monetize it.

我們現在已經開始使用客服代理，客戶也從中獲得了很好的效果，這提高了頁面收入。此外，我們也從行銷分析中看到了顯著成效，它將大量人工智慧驅動的洞察和分析融入到幫助客戶更好地進行目標定位中。舉例來說，我們最近的客戶中有一位正在使用行銷分析及其預測性別功能，這是一個人工智慧功能，可以預測特定消費者的性別，並更好地針對他們發送的行銷活動，這有助於他們獲得更高的KAV（客戶價值）。所以，我們看到這方面取得了巨大的進展，這讓我們對實現其獲利能力充滿信心。

And then as it turns to outlook and how we're thinking about holiday, the way that we think about holidays, this is the most important time for our customers. This is where many of them generate a huge portion of their revenue over the course of the year. And so they're hyperfocused on what will it take to make those -- make that holiday successful.

然後，當我們展望未來，思考假期時，我們認為假期對我們的客戶來說是最重要的時刻。這是他們全年大部分收入的來源。因此，他們高度關注如何才能讓這些節日成功。

Tough to predict exactly how the holiday is going to unfold. We've seen a lot of news out there recently. But what we can say with confidence is what we've seen over the last couple of years, which is during this holiday season, consumers go back to the brands that they know and love. And so as our brands and the customers we work with are thinking about getting ready for the holiday, they're thinking about, how do I strengthen those relationships with the loyal consumers who I've already got so that I can make my holiday as successful as possible.

很難準確預測假期將如何展開。最近我們看到了很多新聞。但我們可以肯定地說，過去幾年我們看到的情況是，在假期季節期間，消費者會回歸他們熟悉和喜愛的品牌。因此，當我們的品牌和與我們合作的客戶都在考慮如何為假期做準備時，他們也在思考，如何加強與現有忠實消費者的關係，以便盡可能地讓假期成功。

And the great news is that is exactly what Klaviyo helps these brands do. It's historically been and how do we help them with marketing to them, but importantly, we're becoming even more critical to their businesses as they also add in service as well and really create this end-to-end consumer experience. So we look forward to the holiday. What we believe is we've got confidence in how customers are going to turn to us across, whatever, however the holiday unfolds.

好消息是，這正是 Klaviyo 能夠幫助這些品牌實現的目標。從歷史上看，我們一直在思考如何幫助他們進行行銷，但更重要的是，隨著他們也開始提供服務，真正打造端到端的消費者體驗，我們對他們的業務變得越來越重要。所以我們很期待假期。我們相信，無論假期如何發展，我們都對顧客如何選擇我們充滿信心。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Great, good evening. This is Connor Passarella on for Terry. Thank you for taking the question. I just wanted to follow up on the previous commentary on the holiday season and specifically how that relates to service product adoption. Just for the three service products, there's introductory promotional pricing through December 31. Is there typically interest from the customer base to committing to these new -- or to new products during the holiday period of Q4, or do you kind of often have customers that just want to focus on executing into the end of the year? Thank you.

好的，晚上好。這是康納·帕薩雷拉替補特里上場。感謝您回答這個問題。我只是想就之前關於假期的評論，特別是假期與服務產品採用之間的關係，做一些補充說明。僅限這三款服務產品，可在 12 月 31 日前享有優惠促銷價格。客戶群通常對購買這些新產品（或在第四季度假期期間購買新產品）感興趣嗎？還是說，你們的客戶往往只想專注於在年底前完成現有專案？謝謝。

Yeah, thanks. It's a good question. So among the three, Klaviyo service products in that product line, it's a little -- it's -- we're seeing some differential behavior. So let me just walk through them.

嗯，謝謝。這是個好問題。所以在這三款產品中，Klaviyo 服務產品在該產品線的表現略有不同。那我就逐條講解一下。

So the first is for our Customer Hub products. We've made the integration onto our customers' websites, into their stacks so seamless, like literally just a few clicks. And it's already leveraging and trained on all of the data inside of a Klaviyo account. We're finding a lot of customers want to adopt that even up leading into the holiday season because they know it'll drive incremental revenue. So we're seeing really good uptake there.

首先是我們的客戶中心產品。我們已經實現了與客戶網站及其技術堆疊的無縫集成，只需點擊幾下即可完成。它已經利用並訓練了 Klaviyo 帳戶中的所有資料。我們發現許多客戶甚至在假期臨近時都希望採用這種方式，因為他們知道這將帶來額外的收入。所以我們看到那裡的反應非常好。

I think similarly, where you find a lot where customers have -- that have not used a customer agent, an AI that can automatically resolve conversations or help guide consumers, there's some folks that want to test that out and have larger deployments/ We're also seeing really good uptake there.

我認為情況類似，很多客戶還沒有使用過客服人員，也沒有使用過可以自動解決對話或幫助引導消費者的 AI，現在有些人想測試一下，並進行更大規模的部署。我們也看到這方面的接受度非常好。

And I'd say like maybe for larger -- and then finally, for our Helpdesk, that sometimes depending on the size of the team can be more of a bigger build of a, hey, I have to set up to learn a new system. We've already -- we had a lot of conversations with folks say, like, hey, this is great. Just talk to me later in December, early January once I get through the holiday rush. So that product might be a little bit -- that may be delayed a few months.

我想說，對於規模較大的團隊來說——最後，對於我們的服務台來說，有時根據團隊規模的不同，可能需要建立一個更大的系統，例如，嘿，我必須設定一個新系統來學習。我們已經和很多人交流，他們都說，嘿，這太棒了。等我過了假日高峰期，12 月底或 1 月初再跟我談。所以這款產品可能會稍微一點——可能會延遲幾個月。

But in general, actually, one thing I'm really excited about is you think about we launched all these products at the end of September, there's a lot of companies that would say, hey, our technology stack is set for the end of the year. And already, we're seeing really good growth in a time when you might not expect it.

但總的來說，實際上，我真正感到興奮的一件事是，想想我們在九月底推出了所有這些產品，很多公司會說，嘿，我們的技術棧到年底就準備就緒了。而且，在您可能意想不到的時期，我們已經看到了非常好的成長。

And then just to wrap up the call, look, we've been a public company now for two years, and I just want to reflect a little bit on some of the accomplishments we've had. Amanda touched on these. We've been growing logos. We've now expanded our product portfolio from beyond email and text messaging and has now incorporated a lot of marketing channels, customer service, analytics, or Klaviyo Data Platform products.

最後，我想總結一下，我們上市已經兩年了，我想回顧一下我們所取得的一些成就。阿曼達也談到了這些。我們一直在發展標誌設計。我們現在已經將產品組合擴展到電子郵件和簡訊之外，並納入了許多行銷管道、客戶服務、分析或 Klaviyo 數據平台產品。

We truly are building out the CRM stack. We've done a lot of growing in international and with larger accounts in the enterprise. These are all things we said we'd set out to do when we went public. I think we're executing really well against those. And we also believe that we want to be one of the highest growth software companies at scale and prove you can do it profitably. And I think we're doing a great job of that.

我們正在切實建構客戶關係管理（CRM）系統。我們在國際市場和企業級大客戶方面取得了長足發展。這些都是我們上市時承諾要做的事。我認為我們針對這些目標執行得非常好。我們也相信，我們希望成為成長最快的軟體公司之一，並證明這樣做是可以獲利的。我認為我們在這方面做得非常出色。

And finally, when we think about AI, we look at that as a total unlock for our business and for our customers. When you give our software a logic engine, a brain that it can work on top of customers, our businesses, they're going to do better marketing, build better experiences, that it's going to drive LTD with consumers, and that's ultimately what we index for our customers -- when their customers win, that's how we win.

最後，當我們想到人工智慧時，我們認為它能徹底解放我們的業務和客戶。當你給我們的軟體一個邏輯引擎，一個可以與客戶和企業協同工作的「大腦」時，他們就能更好地進行行銷，創造更好的體驗，從而推動消費者的長期合作關係，而這最終也是我們為客戶衡量的標準——當他們的客戶成功時，我們也成功了。

So anyways, thank you, everybody, for taking the time and we're going to get back to building.

總之，謝謝大家抽出時間，我們接下來要繼續施工了。

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

再次向各位致謝，今天的會議到此結束。感謝各位今天的參與。您現在可以斷開連線了。