Klaviyo IPO Presentation Deck
GAAP to Non-GAAP reconciliation (cont'd)
Non-GAAP Operating Expense
(in thousands)
Sales and Marketing (S&M)
Expense on a GAAP Basis
Less: Amortization of Prepaid
Marketing Expense
Less: Stock-Based
Compensation Expense ¹,2
Less: Restructuring 3
Non-GAAP S&M Expense
Revenue
S&M Expense as a % of Revenue
Non-GAAP S&M Expense
as a % of Revenue
Q1'21
$35,949 $28,414
$24,715
$58,271
Q2'21
$11,234 $1,200 $6,515
61.7%
42.4%
Q3'21
42.4%
$66,949 $75,876
40.6%
Q4'21
53.7%
45.1%
$40,723 $51,256 $43,865 $48,054 $61,482 $60,447 $60,613
$1,925
$89,544
Q1'22
$27,214 $34,208 $49,331 $43,163 $47,943 $52,570
57.2%
55,1%
$702
Q2'22
44.2%
$111
43.5%
Q3'22
$99,322 $109,023 $119,168
44.1%
44.0%
$96
$8,816 $13,224 $13,224
51.6%
44.1%
Q4'22
¹ Represents non-cash share-based awards granted. Stock-based compensation expense of $1.5 million for the quarter ending December 31, 2022 related to the cancellation of an executive's unvested RSUS
outstanding for which the service-based vesting condition was satisfied but the liquidity-based vesting condition was not, which was paid in cash, and thus is excluded from the table above. This is included within
general and administrative expense.
2 Represents non-cash share-based awards granted. Stock-based compensation expense of $16.7 million related to repurchasing and retiring our common stock was paid in cash, thus excluded from the table above.
³ Represents restructuring costs incurred in connection with a reduction in the Company's workforce announced in March 2023. During the period ended March 31, 2023, stock-based compensation expense of
approximately $0.5 million related to the reduction in workforce is excluded from restructuring expense and included in stock-based compensation from the table above.
$76
Q1'23
41.6%
$127
$47,147 $45,460
32.5%
$1,802
$145,235 $156,088
38.8%
29.1%
2023 Ⓒ Klaviyo
Q2'23
$63,357
$13,224
$52
$50,081
Confidential
$164,586
38.5%
30.4%
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