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Organization and Business Description | 9 Months Ended
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Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Organization and Business Description | 1. Organization and Business Description Klaviyo, Inc. (the “Company”) is a technology company that provides a software-as-a-service (“SaaS”) platform to enable its customers to send the right messages at the right time across email, short message service (“SMS”) and push notifications, more accurately measure and predict performance, and deploy specific actions and campaigns. The platform combines proprietary data and application layers into one solution with machine learning and artificial intelligence capabilities. The Company focused on marketing automation within eCommerce as its first application use case. The Company generates revenue through the sale of subscriptions to its customers for the use of its platform. Subscription plans are tiered based on the number of consumer profiles stored on the Company’s platform and the number of emails and SMS messages sent. The Company is headquartered in Boston, Massachusetts and was incorporated in the state of Delaware on September 14, 2012. The Company has three wholly-owned subsidiaries located in the United Kingdom, Australia, and the United States. Initial Public Offering On September 22, 2023, the Company completed its initial public offering (the “IPO”) of 19,200,000 shares of our Series A common stock at a price to the public of $30.00 per share. The Company sold 11,507,693 of such shares and existing stockholders sold an aggregate of 7,692,307 of such shares. We received net proceeds from the IPO of approximately $319.9 million, after deducting approximately $17.7 million in underwriting discounts and commissions, and $7.6 million in offering-related expenses. In connection with the IPO, all shares of the Company’s redeemable common stock automatically converted into 64,046,223 shares of Series B common stock. In connection with and subsequent to the IPO, 21,233,074 shares of Series B common stock were converted to shares of Series A common stock. All restricted stock units (“RSUs”) granted to employees prior to the IPO vest upon the satisfaction of both a time and service condition and a liquidity event condition. These RSUs with both a time and service condition and liquidity event condition are collectively referred to as “Double-Trigger Awards” and are described in more detail within Note 11. Stock-Based Compensation. As a result of the IPO, the liquidity event condition was met during the three and nine-months ended September 30, 2023. The Company recognized $301.2 million and $303.5 million of stock-based compensation expense, respectively, with the expense predominantly related to the Double-Trigger Awards which had previously met the time and service condition and vested through achievement of the liquidity event condition from the IPO. Upon the IPO, the vesting of certain warrants issued under the Shopify Collaboration Agreement accelerated. Specifically, the vesting associated with 3,935,793 of the outstanding warrants was accelerated resulting in an increase to Prepaid Marketing Expense of $92.6 million during the three months ended September 30, 2023. See Note 2. Summary of Significant Accounting Policies for additional detail on the warrants issued in connection with the Shopify Collaboration Agreement.

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