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Powering more valuable customer relationships in the AI era Q3 2026 Investor Presentation NOV . 4, 2026
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22026 © Klaviyo This presentation includes certain “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Other than statements of historical facts, all statements contained in this presentation and accompanying oral commentary, including, but not limited to, statements about Klaviyo’s outlook for the fourth quarter and the full fiscal year ending December 31, 2026, and Klaviyo’s expectations regarding possible or assumed business strategies, potential growth and innovation opportunities, new products, potential market opportunities, use of artificial intelligence and machine learning, and other similar matters, are forward-looking statements. Words such as “aim, ” “anticipate, ” “believe, ” “contemplate, ” “continue, ” “could, ” “estimate, ” “expect, ” “future, ” “going to, ” “guidance, ” “intend, ” “keep, ” “may, ” “opportunity, ” “outlook, ” “plan, ” “potential, ” “predict, ” “project, ” “shall, ” “should, ” “strategy, ” “target, ” “will, ” “would, ” or words of similar meaning or similar references to future periods may identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements reflect management’s beliefs, expectations and assumptions about future events as of the date hereof, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. These risks include, among others, the following: our ability to achieve future growth and sustain our growth rate; our ability to successfully execute our business and growth strategy, such as the success of our investment in our key growth initiatives and our ability to recognize effective areas for growth; our ability to successfully integrate with third-party platforms; our relationships with third parties, such as our marketing agency and technology partners; unfavorable conditions in our industry; our ability to attract new customers, including mid-market and enterprise customers, retain revenue from existing customers and increase sales from both new and existing customers; our ability to leverage artificial intelligence and machine learning in our products; our ability to sustain strong international growth; the success of our marketing and sales strategies; costs and expenses associated with being a public company; the impact of macroeconomic factors, including tariffs; as well as other risks and uncertainties set forth under the caption “Risk Factors” and elsewhere in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, as filed with the Securities and Exchange Commission (the “SEC”), and the other filings and reports we make with the SEC from time to time, which may be obtained on our Investor Relations website at https:/ /investors.klaviyo.com and on the SEC website at www.sec.gov. Moreover , we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. In light of the risks, uncertainties, assumptions, and other factors, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Therefore, you should not rely on any of the forward-looking statements. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Other than as required by law, we undertake no obligation to update any written or oral forward-looking statements contained in this presentation or made in connection therewith to in the event of new information, future developments or otherwise. This presentation contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information. We have not independently verified the accuracy or completeness of the information contained in these industry publications and other publicly available information, and usage of the information does not mean or imply that we have adopted the information as our own or independently verified its accuracy. Accordingly, we make no representations as to the accuracy or completeness of the information nor do we undertake to update the information after the date of this presentation. All third-party brand names and logos appearing in this presentation are trademarks or registered trademarks of their respective holders. Any such appearance does not necessarily imply any affiliation with us or our endorsement of the third-party. Numbers in this presentation are rounded for presentation purposes. Some of the numbers in this presentation may not tie due to rounding. Forward-Looking Statements and Disclaimer
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32026 © Klaviyo In addition to financial measures prepared in accordance with generally accepted accounting principles in the United States (GAAP), this presentation and accompanying oral commentary contain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating expenses, non-GAAP operating margin, free cash flow, free cash flow margin, adjusted free cash flow, and adjusted free cash flow margin. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for , or superior to, financial information prepared and presented in accordance with GAAP . Please see the Appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents. Our non-GAAP gross profit, non-GAAP operating income, and non-GAAP operating expenses exclude certain significant expenses and income that are required by GAAP to be recorded in our consolidated financial statements. These may include, among others, (i) material amortization of prepaid marketing expenses, (ii) stock-based compensation and related employer payroll taxes, and (iii) significant, one-time restructuring expenses. Our non-GAAP gross margin is calculated as non-GAAP gross profit divided by total revenue. Our non-GAAP operating margin is calculated as non-GAAP operating income divided by total revenue. Free cash flow is defined as cash and cash equivalents provided by or used in operating activities less purchases of property and equipment, capitalization of software development costs, purchases of certain other non-current assets, acquisition of intangible assets, and employer taxes for executive option exercises. Free cash flow margin is a non-GAAP financial measure that is calculated as free cash flow divided by total revenue. Adjusted free cash flow is a non-GAAP financial measure that is calculated as free cash flow plus cash paid for asset acquisitions, including related acquisition costs. Adjusted free cash flow margin is a non-GAAP financial measure that is calculated as adjusted free cash flow divided by total revenue. Stock-based compensation expense includes the net effects of capitalization and amortization of stock-based compensation expense related to capitalized software. Stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of the compensation provided to our employees. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for meaningful comparisons between our operating results from period to period. When evaluating the performance of its business and making operating plans, Klaviyo does not consider these items (for example, when considering the impact of equity award grants, the company places a greater emphasis on the amount of overall stockholder dilution than the accounting charges associated with such grants). The amount of employer payroll tax-related items on employee stock transactions is dependent on restricted stock unit settlements, option exercises, related stock price, and other factors that are beyond Klaviyo’s control and that do not correlate to the operation of the business. The expense related to amortization of prepaid marketing expense of warrants issued to Shopify is dependent upon estimates and assumptions; therefore, Klaviyo believes non-GAAP measures that adjust for the amortization of prepaid marketing expense provide investors a consistent basis for comparison across accounting periods. Klaviyo believes that the economic impact of the partnership is best measured in the form of stockholder dilution and as such we have provided a reconciliation that shows the full dilutive impact of all outstanding equity instruments. Overall, Klaviyo believes it is useful to exclude these expenses in order to better understand the long-term performance of its core business and to facilitate comparison of its results period-over-period and to those of peer companies. All of these non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating Klaviyo’s own operating results over different periods of time. We believe that all these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to decision making by our management, who use these measures as important tools for financial and operational decision-making and for evaluating Klaviyo’s own operating results over different periods of time. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures versus their nearest GAAP equivalents. Other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Further , stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in Klaviyo’s business and an important part of the compensation provided to attract and retain its employees to create long-term incentive alignment with stockholders. Statement Regarding Use of Non-GAAP Financial Measures
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42026 © Klaviyo The autonomous B2C CRM powering the next era of customer experiences Investment thesis A large and expanding market opportunity, with upside ahead A durable and efficient business model, usage-based pricing scales as customers grow and derive more value from Klaviyo; strong revenue per FTE The AI era concentrates value in our platform, infrastructure that provides the context and purpose-built agents that execute outcomes Multiple growth engines compounding at once, enterprise, international, multi-product and agents A differentiated data platform, strengthened with every interaction Strong cash generation, disciplined capital allocation, balancing growth strategy with shareholder value
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52026 © Klaviyo Market opportunity 1
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62026 © Klaviyo $1.5B+ Annualized revenue run rate 25% Y o Y growth ~$350B Klaviyo Attributed Value (KA V) since 2021 >5% of U.S. ecommerce sales attributed to Klaviyo during Black Friday Cyber Monday 2025¹ 211K + Customers across 100+ countries 9B+ Consumer profiles 4.2B+ Average daily events processed By the Numbers 1 BFCM defined as five days from Thanksgiving to Cyber Monday. Based on Klaviyo’s U.S. KA V over the five-day BFCM period ($2.3B) divided by U.S. online sales estimate of $44.2B. Note: All figures as of September 30, 2026, unless otherwise noted. See Appendix for definition of Klaviyo Attributed Value and Customers.
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72026 © Klaviyo We are roughly 1% into a $160B B2C CRM market, agents and headless expand the opportunity Marketing Automation B2C CRM More multi- product and logo penetration More international growth More enterprise wins $68B $160B Source: Management estimates based on industry analyst reports.
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82026 © Klaviyo Data and infrastructure at the core 2
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92026 © Klaviyo Automation Personalization Self-improving Flexible Composer Customer Agent Klaviyo Data Platform Personalization Experiences B2C CRM
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102026 © Klaviyo Email T ext WhatsApp Web Web Web Social Web Service Web Shopping Agents Data warehouse Commerce Service tools AI tools via MCPOpen plugs into your stack Governed Y our rules, security, and governance Agents Act before you ask Customer context One real-time profile of every customer Personalization Makes the right decision for each customer Observe Decide Deliver Measure THE KLAVIYO LOOP:
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11 Klaviyo Data Platform 400+ Integrations APIsSDKs Data Warehouse Sync MCP Server T rusted Context Real- Time Intelligence Built-In Governance Composer Customer Agent Personalization Experiences Native on Klaviyo AI tool of choice Klaviyo is critical infrastructure No matter where any business works, Klaviyo works for them Seamless, out of the box experiences rooted in billions of conversion data points 1 Leverage the real time data aggregation, streaming and insights in the harness or platform of your choice 2
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122026 © Klaviyo Klaviyo is a data platform at its core Ingest data from any source. Shape it for every use Extreme compatibility Rich customer context Native data transformation Optimal performance E-commerce Raw JSON POST Custom events Data warehouse A diary of every customer action Saved exactly as received as a raw event timeline VIEWED CLICKED BOUGHT RETURNED Ready-to-use purpose-built models Pre-sorted and pre-counted for one job each, so answers come back fast Segmentation Flows (automation) A/B tests Analytics Agents 9B+ Consumer profiles 4.2B+ Average daily events processed HOW IT’S DIFFERENT “Normal” Approach Get data in Map fields first, then build integration, 3–9 month backlog Post data in any format without interruption Fix or extend Redesign the data model, then re-integrate Simply send more data and the schema adjusts automatically Add a new app Limited use cases based on data model OR must extend data model Data exists natively and can be transformed so we can build freely Note: All figures as of September 30, 2026.
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132026 © Klaviyo Revenue driver Email Conversion accelerator T ext Conversational commerce WhatsApp Loyalty engine Mobile App Social Acquisition extension Onsitepersonalisation Website COMING SOON! Voice We deliver omni-channel orchestration T rusted delivery, compliance & security Conversational commerce
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142026 © Klaviyo Enterprise-grade infrastructure for reliable, personalized messaging at scale Deliverability Sender reputation, routing and compliance that get messages to the inbox. Scale Built for high volume and global reach with enterprise-grade reliability. Compliance Market-by-market rules applied in the platform for all customers. 100M Messages in <20 minutes for a single campaign 250B+ Datapoints ingested and indexed every quarter Note: All figures as of September 30, 2026.
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152026 © Klaviyo Agent-first platform 3
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162026 © Klaviyo <5% in 2025 40%by the end of this yearEnterprise applications with task-specific ai agents The shift to AI is beginning …but there is more opportunity to unlock Sources: Gartner , Aug 2025 (task-specific AI agents in enterprise applications); Bain & Company, 2025 (revenue growth, leading marketers vs. competitors).
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172026 © Klaviyo We can learn from what we’ve seen with coding As foundational models improved, engineering productivity grew exponentially of software teams surveyed use AI for core engineering tasks1 90% Autonomous “Vibe Coding” Coding AI Assisted PRODUCTIVITY TIME1 “Unlocking the value of AI in software development, ” November 3, 2025; McKinsey.
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182026 © Klaviyo Expect the same ramp in marketing and CX The unlock is trusted access to data and better harnesses. 16% marketing work automated by AI1 60% will use agentic AI to enable 1:1 interactions by 20282 With improved access to data and harnesses, marketers will hand over more and more of the work to agents. TODA Y BY 2028 Autonomous Marketing and Cx AI Assisted Marketing and Cx Better harnesses, improved access to data PRODUCTIVITY TIME1 “ AI Automation in Marketing, ” May 11, 2026; Gartner . 2 “ Agentic AI and Customer Interactions, ” January 15, 2026; Gartner .
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192026 © Klaviyo Composer FOR YOUR TEAMS Writes the campaign, builds the flow and runs the audit, all in plain language. Customer Agent FOR YOUR CUSTOMERS Answers with their order , loyalty tier and preferences already in hand. Two agents, running on the same profile Personalize Deliver Engage Improve Understand
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202026 © Klaviyo Growth strategy 4
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21 Growth across multiple vectors, agents are upside 01 Multi-product platform Add more customers & land larger deals Increase customer usage Cross-sell across B2C CRM suite 02 International growth 03 Mid-market and enterprise momentum Leverage existing investments to accelerate key market growth Penetrate new markets with targeted investments Drive further success with larger customers Win as the autonomous CRM for the enterprise Win with AI as the Autonomous B2C CRM
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222026 © Klaviyo Recognized by leading analysts in B2C CRM REPORTS & RECOGNITIONS MQ: Multichannel Hubs 2026 Challenger · Sept 20261 Market Guides (Email, Mobile ) Featured· 2025 and 2026 REPORTS & RECOGNITIONS Wave: Email Marketing 2026 Strong Performer · March 20262 Landscapes ( CDP , Cross-Channel Marketing Hubs) Featured 2026 Landscapes (Service ) Featured· 2025 REPORTS & RECOGNITIONS MarketScape: Worldwide Agentic Marketing Leader · September 20263 MarketScape: B2C CDPs 2026 Major Player · June 20264 1 Gartner , Magic Quadrant for Multichannel Marketing Hubs, Audrey Brosnan, Tia Zervas, Suzanne Schwartz, and Julia Multedo, 22 September 2026. Gartner does not endorse any vendor , product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s Research & Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. GARTNER is a registered trademark and service mark of Gartner , Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner , Inc. and/or its affiliates and are used herein with permission. All rights reserved. 2 The Forrester Wave™: Email Marketing Service Providers, Q1 2026, Shar VanBoskirk with Emily Collins, Kylie Cadogan, Christine Turley, March 2026. Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. This report is part of a broader collection of Forrester resources, including interactive models, frameworks, tools, data, and access to analyst guidance. For more information, read about Forrester’s objectivity here: https:/ /www.forrester .com/about-us/objectivity/. 3 IDC MarketScape: Worldwide Agentic Marketing for Midmarket Organizations 2026 Vendor Assessment, September 2026, IDC #US54841126. 4 IDC MarketScape: Worldwide AI-Enabled Customer Data Platforms for B2C Users 2026 Vendor Assessment, June 2026, IDC #US53952526.
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23 211,000+ customers across 100+ countries Note: All figures as of September 30, 2026.
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Financials
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252026 © Klaviyo 02 03 04 Klaviyo has a distinguished financial profile and scalable business model 01 Strong and consistent track record of efficient growth 05 Solid profitability and cash generation Usage-based pricing that scales as customers grow and derive more value from Klaviyo Efficient go-to-market demand sources Disciplined capital allocation, prioritizing growth and delivering shareholder value
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262026 © Klaviyo Strong revenue growth 25% Y o Y Growth Rate Solid NRR 108% Dollar-Based Net Revenue Retention Rate2,3 Q3 2026 Results Highlights1 Operating at scale $387M Quarterly Revenue Strong profitability 15% Non-GAAP Operating Margin4 Consistent cash generation 16% TTM Adjusted FCF Margin 3,4 Mid-market + enterprise momentum 49% Y ear-over-year growth in Customers > $250K ARR2 1 All figures are for the quarter ended September 30, 2026, unless otherwise noted. 2See Appendix for definitions of Dollar-Based Net Revenue Retention Rate and Customers Generating Over $250,000 of ARR. 3 For trailing twelve months (TTM) ended September 30, 2026. 4 See Appendix for non-GAAP reconciliation.
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272026 © Klaviyo Revenue growth on broad-based strength $311 FY25 Q3 FY25 Q4 $358 $371 FY26 Q1 FY26 Q2 $387 FY26 Q3 32% 30% 28% 26% 25% $350 TTM Revenue, $ in millions (% Growth Y o Y) $869 $1, 154 TTM FY24 Q3 TTM FY25 Q3 $1,466 TTM FY26 Q3 35% 33% 27% Quarterly Revenue, $ in millions (% Growth Y o Y)
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282026 © Klaviyo 211,000+ total customers, with strength upmarket Customers Generating >$50K ARR +33% Customers Generating >$250K ARR +49% Note: All figures are as of September 30, 2026 or 2025, as noted. See Appendix for definitions of Customers and Customers Generating Over $50,000, $250,000, and $500,000 of ARR Customers Generating >$500K ARR +57% 67 FY25 Q3 FY26 Q3 105 3,563 FY25 Q3 FY26 Q3 4, 725 390 FY25 Q3 FY26 Q3 262
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292026 © Klaviyo International is a large and growing opportunity 1 As of September 30, 2026. 2 For the quarter ended September 30, 2026. EMEA + APAC Revenue ($ in millions) Global footprint 100+ Countries generating revenue1 Expanding international revenue mix 37% EMEA + APAC % of T otal Revenue2 (vs. 35% in Q3 2025) +32% Y o Y $110 FY25 Q3 FY26 Q3 $145
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302026 © Klaviyo Delivering leverage while investing for growth 20% G&A: Leverage from scale and headcount discipline R&D: Continuing to invest in new product innovation and enterprise readiness S&M: Leverage reflective of operational efficiencies and headcount discipline See Appendix for Non-GAAP reconciliation. Percentages rounded for presentation purposes. Non-GAAP Operating Expenses (% of Revenue) 62% FY25 Q3 32% 12% 18% 60% FY26 Q3 30% 10%
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312026 © Klaviyo Strong operating income and cash flow Non-GAAP Operating Income, $ in millions (% Margin) See Appendix for Non-GAAP reconciliation. T railing Twelve Month Free Cash Flow (Adjusted) $ in millions (% Margin) $129 FY24 Q3 $167 FY25 Q3 FY26 Q3 $229 $34 FY24 Q3 $45 FY25 Q3 FY26 Q3 $57 14% 14% 15% 15% 15% 16%
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322026 © Klaviyo See Appendix for Non-GAAP reconciliation. Percentages rounded for presentation purposes. Guidance ($ in millions) Q4 FY26 FY26 Revenue $421 - $425 $1,537 - $1,541 Y o Y Growth ~21% ~25% Non-GAAP Operating Income $66.5 - $69.5 $233 - $236
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Appendix
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342026 © Klaviyo Summary Non-GAAP P&L (Quarterly) See remainder of Appendix for Non-GAAP reconciliation. ($ in millions) FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 Revenue $310.9 $350.2 $358.0 $370.6 $387 .2 Cost of Revenue $73.8 $95.3 $86.9 $98.7 $97 .3 Gross Profit $237 . 1 $254.9 $271. 1 $271.9 $289.9 Gross margin % 76.3% 72.8% 75.7% 73.4% 74.9% Selling and marketing $99.5 $105. 1 $109.7 $111.8 $117 .0 Research and development $56.7 $58.3 $62.3 $71.5 $76.3 General and administrative $35.9 $40.6 $40.5 $37 .7 $39.6 T otal operating expenses $192. 1 $204.0 $212.6 $220.9 $233.0 Operating expenses % 61.8% 58.2% 59.4% 59.6% 60.2% Operating income $45.0 $51.0 $58.6 $50.9 $56.9 Operating margin % 14.5% 14.6% 16.4% 13.7% 14.7% Free cash flow $47 . 1 $87 .4 $18.6 $82.9 $24.8 FCF margin % 15. 1% 25.0% 5.2% 22.4% 6.4% Adjusted Free cash flow $47 . 1 $87 .4 $18.6 $82.9 $40. 1 Adj. FCF margin % 15. 1% 25.0% 5.2% 22.4% 10.4%
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352026 © Klaviyo GAAP to Non-GAAP reconciliation of Operating Income
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362026 © Klaviyo GAAP to Non-GAAP reconciliation of Gross Profit
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372026 © Klaviyo GAAP to Non-GAAP reconciliation of Operating Expenses
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382026 © Klaviyo Reconciliation of Operating Cash Flow to Free Cash Flow
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392026 © Klaviyo Select defined terms Customers: We define a customer as a distinct paid subscription to our platform. A single organization could have multiple discrete contracting divisions or subsidiaries or brands each with paid subscriptions to our platform, which would, in general, constitute multiple distinct customers. In some cases at the customer’s request, we allow subscriptions under the same parent organization to be consolidated into a single paid subscription in which case such consolidated paid subscriptions would constitute a single customer . We measure our total number of customers as a point-in-time calculation measured as of the end of a particular period. Customers do not include persons or entities that use our platform on a free trial basis. Customers Generating Over $50,000, $250,000, and $500,000 of ARR: We calculate our number of customers generating over $50,000, $250,000, and $500,000, respectively, of ARR (as defined below) as those customers that have an average ARR of greater than $50,000, $250,000, or $500,000, respectively, over the prior twelve months (or the entire duration of the customer’s paying relationship, if it is less than twelve months) as of the date of determination. We believe the number of customers generating over $50,000, $250,000, and $500,000, respectively, of ARR are key performance metrics to help investors and others understand and evaluate our results of operations in the same manner as our management team, as they are indicators of our ability to grow the number of customers that are exceeding these ARR thresholds, both from our existing customers expanding their usage of our platform and from our sales to larger customers. We believe this is an important indicator of our ability to continue to successfully move up-market. Dollar-Based Net Revenue Retention Rate: We calculate our Dollar-Based Net Revenue Retention Rate (“NRR”) by first identifying the cohort of customers as of twelve months prior to the date of determination. We then calculate the Annualized Recurring Revenue (“ ARR”) from this customer cohort as of twelve months prior to the date of determination (the “Prior Period ARR”) and the ARR from this customer cohort as of the date of determination (the “Current Period ARR”). ARR, for any date of determination, is the annualized value of existing paid subscriptions, which we calculate by taking the amount of revenue that we expect to receive in the next monthly period for our existing paid subscriptions, assuming no changes to such subscriptions in the next month, as of that date of determination, and multiplying that amount by twelve. Current Period ARR includes any expansion, price increases, and customer subscriptions that are deactivated and subsequently reactivated during the applicable twelve-month period and reflects contraction or attrition over the last twelve months from this customer cohort, but excludes any ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time NRR. We then calculate the weighted average point-in-time NRR as of the last day of each month in the current trailing twelve-month period to arrive at the NRR, with the weightings determined by the total ARR at the end of each period. We believe NRR is a key performance metric to help investors and others understand and evaluate our results of operations in the same manner as our management team, as it represents the expansion in usage of our platform by our existing customers, which is an important measure of the health of our business and future growth prospects. Klaviyo Attributed Value: We define Klaviyo Attributed Value (“KA V”) as the amount of revenue our customers generated through orders placed by consumers within a specified period of time after a message is sent using our platform, which in the case of email is five days from when the message is sent, and in the case of text messages and WhatsApp messages is twenty-four hours from when the message is sent. For email, the message also needs to be opened or clicked in order for the transaction to fall within our definition. KA V excludes orders placed with customers that do not opt-in to sharing data on placed orders, orders for which we cannot determine the currency or value, or unusual orders that appear to us to be anomalies. Since our definition of a customer does not include persons or entities that use our platform on a free trial basis, any revenue generated through orders placed with these persons or entities is also excluded from our definition of KA V . We do not net chargebacks or sales refunds from our calculation of KA V . If a customer leaves Klaviyo, we stop counting that customer’s KA V after their last contracted month. We believe KA V serves as a measure of the return-on-investment that we help generate for our customers and illustrates the value our platform can drive to our customers, which we believe enhances our ability to maintain existing customers and attract new customers. We use KA V as an internal estimate to track the value we drive to customers through our platform. KA V is an operational measure, does not represent revenue earned by us, and does not directly correlate to our pricing, revenue, or results of operations. Further , KA V is not a forecast of future revenue and investors should not place undue reliance on KA V as an indicator of our future or expected results.