Klaviyo IPO Presentation Deck
GAAP to Non-GAAP reconciliation (cont'd)
Non-GAAP Operating Expense
(in thousands)
General and Administrative (G&A)
Expense on a GAAP Basis
Less: Amortization of Prepaid
Marketing Expense
Less: Stock-Based
Compensation Expense ¹,2
3
Less: Restructuring ³
Non-GAAP G&A Expense
Revenue
G&A Expense as a % of Revenue
Non-GAAP G&A Expense
as a % of Revenue
Q1'21
1,170
$9,977
$58,271
$11,147 $14,708 $17,637 $19,744 $20,066
19.1%
Q2'21
17.1%
403
Q3'21
22.0%
3,225
$66,949 $75,876
21.4%
Q4'21
23.2%
19.0%
2,716
$89,544
Q1'22
$14,305 $14,412 $17,028 $15,979 $18,197 $20,537
22.0%
19.0%
4,087
Q2'22
20.2%
16.1%
109
Q3'22
$99,322 $109,023 $119,168
$18,306 $20,640 $22,822 $22,991 $23,666
16.8%
103
16.7%
17.3%
17.2%
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.
Q4'22
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.
159
Q1'23
15.7%
1,119
$22,663 $20,764
15.6%
1,108
$145,235 $156,088
14.7%
13.3%
2023 Ⓒ Klaviyo
Q2'23
188
$23,478
Confidential
$164,586
14.4%
14.3%
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