Klaviyo(NYSE:KVYO) 
Klaviyo, Inc. is a global technology company that provides a marketing automation platform, used primarily for email marketing and SMS marketing. The company is headquartered in Boston, Massachusetts, United States.
Website: https://www.klaviyo.com/
Founded: 2012
IPO Price: $30 (Sep 20, 2023)
CEO / Co-Founder: Andrew Bialecki
Sector: Technology
Industry: Software—Application
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At a glance:
- Strong Revenue Growth Driven by Customer Expansion: Klaviyo continues to grow revenue by adding new customers and increasing usage within its existing base, benefiting from demand for data-driven email and SMS marketing.
- Improving Profitability and Operating Leverage: As the business scales, Klaviyo is showing signs of operating leverage, with margins improving as sales and marketing efficiency and infrastructure costs become a smaller share of revenue.
- High Gross Margins Support Long-Term Scalability: As a software platform, Klaviyo benefits from high gross margins, which provides flexibility to invest in growth while still expanding profitability over time.
- Ecosystem and Integrations Remain a Key Competitive Advantage: Deep integrations with e-commerce platforms and a broad partner ecosystem help Klaviyo embed into customer workflows, supporting retention and lowering switching risk.
- Competitive Market and Platform Dependence Are Key Risks: Klaviyo operates in a crowded marketing automation space and is exposed to changes in policies or economics of key partners (e.g., commerce platforms), which could impact growth and customer acquisition.
Bull Thesis:
- Strong User Growth and Engagement: Klaviyo continues to demonstrate robust customer acquisition and expansion within its existing base, driven by its effective platform for e-commerce businesses. High retention rates and increasing average revenue per user (ARPU) indicate strong product-market fit and customer loyalty.
- Expanding Product Portfolio & AI Integration: Beyond its core email and SMS offerings, Klaviyo is actively expanding into new marketing channels (e.g., push notifications, in-app messaging) and integrating advanced AI capabilities. This enhances personalization, automates campaign optimization, and increases the platform's overall value, driving further adoption and usage.
- Large and Growing Total Addressable Market (TAM): The global e-commerce market continues its secular growth, and the demand for sophisticated, personalized marketing automation solutions is expanding across businesses of all sizes. Klaviyo is well-positioned to capture a significant share of this large and growing market.
- Clear Path to Profitability and Scalability: While investing for growth, Klaviyo's subscription-based model offers predictable recurring revenue and strong gross margins. The company is demonstrating operating leverage, indicating a clear path towards sustainable profitability and positive free cash flow as it scales.
Bear Thesis:
- Intense Competition in Marketing Automation: The marketing automation landscape is highly competitive, with numerous established players (e.g., Salesforce Marketing Cloud, Adobe Marketo) and emerging specialized tools. This intense competition could lead to pricing pressure, increased customer acquisition costs, and challenges in maintaining market share.
- High Reliance on E-commerce Sector and Shopify: Klaviyo's business is heavily concentrated in the e-commerce sector, making it vulnerable to economic downturns affecting consumer spending. Its strong integration with Shopify, while a strength, also presents a concentration risk if Shopify's platform policies change or if the e-commerce giant develops more competing in-house solutions.
- Negative Free Cash Flow Trajectory and Profitability Concerns: Despite strong revenue growth, Klaviyo has historically reported negative free cash flow and net losses. While common for growth companies, a sustained negative trajectory could raise investor concerns about long-term financial health, capital efficiency, and the need for future capital raises.
- Increasing Data Privacy Regulations and Platform Changes: The evolving landscape of data privacy regulations (e.g., GDPR, CCPA, Apple's Mail Privacy Protection) poses a significant challenge. These changes could impact the effectiveness of personalized marketing, increase compliance costs, and potentially reduce the value proposition of Klaviyo's core offerings.
Main Competitors:
- Mailchimp ($INTU) (Mailchimp), Competes by offering a widely recognized, user-friendly email marketing and automation platform, often at a lower entry price point. While not as specialized for e-commerce as Klaviyo, it provides robust features for segmentation, campaign management, and basic automation, appealing to a broad range of SMBs, including online stores.
- ActiveCampaign (ActiveCampaign), Competes by offering a comprehensive marketing automation, email marketing, and CRM platform. It provides advanced automation capabilities, sales CRM features, and a broader suite of tools beyond just email/SMS, appealing to businesses looking for an integrated solution that covers more aspects of customer lifecycle management, including e-commerce.
- Braze ($BRZE) (Braze Customer Engagement Platform), Competes at the enterprise level by offering a robust, multi-channel customer engagement platform that excels in real-time personalization, mobile messaging (push, in-app), and complex journey orchestration. While Klaviyo focuses heavily on email/SMS for e-commerce, Braze provides a broader, more scalable solution for large brands seeking to unify customer interactions across all digital touchpoints.
- Omnisend (Omnisend), Competes directly with Klaviyo by offering an email and SMS marketing automation platform specifically built for e-commerce businesses. It provides similar features like advanced segmentation, pre-built e-commerce automation workflows (abandoned cart, welcome series), and deep integrations with popular e-commerce platforms, often positioning itself as a strong alternative with competitive pricing.
Moat:
Klaviyo's competitive moat is built on its deep specialization in e-commerce marketing automation, offering robust segmentation, data-driven personalization, and seamless integrations with leading e-commerce platforms like Shopify. It empowers online businesses to maximize revenue through highly targeted email and SMS campaigns. Competition arises from several fronts: broader email marketing platforms (e.g., Mailchimp) that offer ease of use and lower entry costs; comprehensive marketing automation and CRM suites (e.g., ActiveCampaign, HubSpot) that provide a wider array of tools; enterprise-grade customer engagement platforms (e.g., Braze) that cater to larger organizations with complex multi-channel needs; and direct e-commerce-focused competitors (e.g., Omnisend) that offer similar feature sets, often competing on price or specific niche capabilities. Klaviyo's continued success relies on maintaining its specialized focus, enhancing its predictive analytics, and delivering superior ROI for e-commerce businesses.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 358,005,000 | 350,195,000 | 310,880,000 | 293,117,000 | 279,827,000 | 270,164,000 | 235,094,000 | 222,213,000 | 209,993,000 | 201,618,000 | 175,807,000 |
yoy | 27.94% | 29.62% | 32.24% | 31.91% | 33.26% | 34.00% | 33.72% | ||||
qoq | 2.23% | 12.65% | 6.06% | 4.75% | 3.58% | 14.92% | 5.80% | 5.82% | 4.15% | 14.68% | |
cost of revenue | 89,112,000 | 97,444,000 | 76,143,000 | 71,236,000 | 67,700,000 | 71,738,000 | 54,357,000 | 50,271,000 | 44,938,000 | 45,013,000 | 58,825,000 |
gross profit | 268,893,000 | 252,751,000 | 234,737,000 | 221,881,000 | 212,127,000 | 198,426,000 | 180,737,000 | 171,942,000 | 165,055,000 | 156,605,000 | 116,982,000 |
yoy | 26.76% | 27.38% | 29.88% | 29.04% | 28.52% | 26.70% | 54.50% | ||||
qoq | 6.39% | 7.67% | 5.79% | 4.60% | 6.90% | 9.79% | 5.12% | 4.17% | 5.40% | 33.87% | |
gross margin % | 75.11% | 72.17% | 75.51% | 75.70% | 75.81% | 73.45% | 76.88% | 77.38% | 78.60% | 77.67% | 66.54% |
operating expenses: | |||||||||||
selling and marketing | 134,055,000 | 128,431,000 | 127,651,000 | 126,632,000 | 123,527,000 | 117,832,000 | 100,018,000 | 94,501,000 | 91,858,000 | 102,524,000 | 167,877,000 |
research and development | 80,032,000 | 76,733,000 | 72,668,000 | 72,459,000 | 69,349,000 | 70,858,000 | 55,769,000 | 55,735,000 | 56,097,000 | 52,635,000 | 141,455,000 |
general and administrative | 53,061,000 | 49,433,000 | 45,254,000 | 54,116,000 | 43,001,000 | 44,390,000 | 38,228,000 | 35,759,000 | 39,192,000 | 37,776,000 | 109,853,000 |
total operating expenses | 267,148,000 | 254,597,000 | 245,573,000 | 253,207,000 | 235,877,000 | 233,080,000 | 194,015,000 | 185,995,000 | 187,147,000 | 192,935,000 | 419,185,000 |
operating income | 1,745,000 | -1,846,000 | -10,836,000 | -31,326,000 | -23,750,000 | -34,654,000 | -13,278,000 | -14,053,000 | -22,092,000 | -36,330,000 | -302,203,000 |
yoy | -107.35% | -94.67% | -18.39% | 122.91% | 7.50% | -4.61% | -95.61% | ||||
qoq | -194.53% | -82.96% | -65.41% | 31.90% | -31.47% | 160.99% | -5.51% | -36.39% | -39.19% | -87.98% | |
operating margin % | 0.49% | -0.53% | -3.49% | -10.69% | -8.49% | -12.83% | -5.65% | -6.32% | -10.52% | -18.02% | -171.89% |
other income: | |||||||||||
other expense | -436,000 | ||||||||||
interest income | 9,411,000 | 10,089,000 | 10,311,000 | 9,743,000 | 9,259,000 | 9,553,000 | 10,504,000 | 9,979,000 | 9,546,000 | 9,567,000 | 6,183,000 |
total other income | 8,975,000 | 9,578,000 | 10,222,000 | 8,845,000 | 8,595,000 | 10,079,000 | 10,733,000 | 9,972,000 | 9,614,000 | 9,441,000 | 5,918,000 |
income before income taxes | 10,720,000 | 7,732,000 | -614,000 | -22,481,000 | -15,155,000 | -24,575,000 | -2,545,000 | -4,081,000 | -12,478,000 | -26,889,000 | -296,285,000 |
provision for income taxes | 1,682,000 | 704,000 | -188,000 | 1,800,000 | -1,066,000 | 2,398,000 | -1,200,000 | 861,000 | 404,000 | -594,000 | 819,000 |
net income | 9,038,000 | 7,028,000 | -426,000 | -24,281,000 | -14,089,000 | -26,973,000 | -1,345,000 | -4,942,000 | -12,882,000 | -26,295,000 | -297,104,000 |
yoy | -164.15% | -126.06% | -68.33% | 391.32% | 9.37% | 2.58% | -99.55% | ||||
qoq | 28.60% | -1749.77% | -98.25% | 72.34% | -47.77% | 1905.43% | -72.78% | -61.64% | -51.01% | -91.15% | |
net income margin % | 2.52% | 2.01% | -0.14% | -8.28% | -5.03% | -9.98% | -0.57% | -2.22% | -6.13% | -13.04% | -168.99% |
comprehensive income | 9,038,000 | -4,942,000 | -12,882,000 | ||||||||
net income per share | 0.03 | -0.09 | -0.05 | -0.1 | -0.01 | -0.02 | -0.05 | -0.08 | -1.24 | ||
basic | 0.03 | ||||||||||
diluted | 0.03 | ||||||||||
weighted-average common shares outstanding | |||||||||||
basic | 304,343,623 | ||||||||||
diluted | 305,801,451 | ||||||||||
other income | -511,000 | -89,000 | -898,000 | -664,000 | 526,000 | 229,000 | -7,000 | 68,000 | -126,000 | -265,000 | |
comprehensive loss | 7,028,000 | -426,000 | -24,281,000 | -14,089,000 | -26,973,000 | -1,345,000 | -26,295,000 | -297,104,000 | |||
net income per share | 0.03 | -0.09 | -0.05 | -0.1 | -0.01 | -0.02 | -0.05 | -0.08 | -1.24 | ||
weighted-average common shares outstanding, basic and diluted | 290,896,895 | 300,828,017 | 284,928,388 | 274,198,213 | 266,336,826 | 267,854,769 | 242,889,272 | 240,125,168 | |||
weighted-average common shares outstanding, basic | 265,293,214 | 261,332,411 | |||||||||
weighted-average common shares outstanding, diluted | 265,293,214 | 261,332,411 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||
current assets: | |||||||||||
cash and cash equivalents | 984,590,000 | 1,064,875,000 | 980,267,000 | 935,516,000 | 888,432,000 | 881,473,000 | 826,742,000 | 793,555,000 | 755,827,000 | 738,562,000 | 723,415,000 |
restricted cash | 738,000 | 738,000 | 375,000 | 417,000 | 402,000 | 393,000 | 409,000 | 386,000 | |||
accounts receivable | 72,302,000 | 60,714,000 | 61,244,000 | 58,843,000 | 53,909,000 | 43,095,000 | 34,464,000 | 29,226,000 | 23,241,000 | 23,076,000 | 17,380,000 |
deferred contract acquisition costs, current | 33,588,000 | 29,634,000 | 27,004,000 | 25,070,000 | 22,995,000 | 20,544,000 | 19,026,000 | 18,031,000 | 17,177,000 | 15,198,000 | 14,161,000 |
prepaid expenses and other current assets | 55,273,000 | 50,115,000 | 41,494,000 | 41,642,000 | 41,903,000 | 34,262,000 | 35,568,000 | 31,149,000 | 29,804,000 | 26,244,000 | 26,010,000 |
total current assets | 1,146,491,000 | 1,206,076,000 | 1,110,009,000 | 1,061,071,000 | 1,007,239,000 | 979,749,000 | 916,217,000 | 872,363,000 | 826,442,000 | 803,489,000 | 781,352,000 |
property and equipment | 84,458,000 | 80,341,000 | 67,267,000 | 56,677,000 | 51,746,000 | 48,200,000 | 45,189,000 | 44,367,000 | 42,786,000 | 43,450,000 | 42,730,000 |
right-of-use assets | 96,135,000 | 101,126,000 | 94,909,000 | 86,592,000 | 90,816,000 | 42,917,000 | 30,141,000 | 32,073,000 | 34,684,000 | 36,987,000 | 39,506,000 |
deferred contract acquisition costs, non-current | 55,229,000 | 47,769,000 | 39,706,000 | 36,799,000 | 34,469,000 | 32,527,000 | 30,007,000 | 26,696,000 | 24,507,000 | 23,177,000 | 20,687,000 |
prepaid marketing expense | 127,724,000 | 132,849,000 | 137,973,000 | 143,098,000 | 148,222,000 | 153,346,000 | 158,471,000 | 163,595,000 | 168,720,000 | 173,844,000 | 178,968,000 |
other non-current assets | 13,580,000 | 12,443,000 | 14,458,000 | 12,907,000 | 14,080,000 | 15,830,000 | 12,435,000 | 10,072,000 | 10,600,000 | 7,417,000 | 7,533,000 |
total assets | 1,523,617,000 | 1,580,604,000 | 1,465,060,000 | 1,397,882,000 | 1,347,311,000 | 1,273,308,000 | 1,193,199,000 | 1,149,838,000 | 1,108,396,000 | 1,089,050,000 | 1,071,424,000 |
liabilities and stockholders’ equity | |||||||||||
current liabilities: | |||||||||||
accounts payable | 21,613,000 | 29,072,000 | 20,515,000 | 22,879,000 | 14,290,000 | 14,579,000 | 11,351,000 | 9,418,000 | 8,464,000 | 13,597,000 | 9,738,000 |
accrued expenses | 113,971,000 | 125,159,000 | 94,546,000 | 89,563,000 | 83,772,000 | 99,828,000 | 64,917,000 | 62,404,000 | 65,134,000 | 62,838,000 | 62,602,000 |
lease liabilities, current | 23,969,000 | 24,757,000 | 24,510,000 | 19,086,000 | 18,575,000 | 20,989,000 | 13,126,000 | 13,009,000 | 13,625,000 | 14,081,000 | 14,449,000 |
deferred revenue | 111,493,000 | 103,245,000 | 87,926,000 | 82,711,000 | 76,187,000 | 64,497,000 | 52,932,000 | 46,782,000 | 42,519,000 | 40,100,000 | 32,866,000 |
total current liabilities | 271,046,000 | 282,233,000 | 227,497,000 | 214,239,000 | 192,824,000 | 199,893,000 | 142,326,000 | 131,613,000 | 129,742,000 | 130,616,000 | 119,655,000 |
lease liabilities, non-current | 93,238,000 | 95,991,000 | 88,895,000 | 80,101,000 | 84,115,000 | 32,449,000 | 29,333,000 | 32,069,000 | 34,759,000 | 37,498,000 | 40,016,000 |
other non-current liabilities | 5,874,000 | 5,820,000 | 6,594,000 | 6,790,000 | 6,440,000 | 6,979,000 | 6,799,000 | 6,656,000 | 6,443,000 | 6,159,000 | 6,409,000 |
total liabilities | 370,158,000 | 384,044,000 | 322,986,000 | 301,130,000 | 283,379,000 | 239,321,000 | 178,458,000 | 170,338,000 | 170,944,000 | 174,273,000 | 166,080,000 |
stockholders’ equity | |||||||||||
preferred stock: 0.001 par value... | |||||||||||
series a common stock: 0.001 par value... | 144,000 | 144,000 | 137,000 | 117,000 | 95,000 | 89,000 | 78,000 | 73,000 | 70,000 | 41,000 | 33,000 |
series b common stock: 0.001 par value... | 158,000 | 160,000 | 165,000 | 183,000 | 181,000 | 184,000 | 191,000 | 194,000 | 194,000 | 219,000 | 226,000 |
treasury stock: 0.001 par value... | 4,000 | ||||||||||
additional paid-in capital | 2,021,068,000 | 2,073,209,000 | 2,025,753,000 | 1,980,007,000 | 1,922,930,000 | 1,878,899,000 | 1,832,684,000 | 1,796,100,000 | 1,749,113,000 | 1,713,560,000 | 1,677,833,000 |
accumulated deficit | -867,915,000 | -876,953,000 | -883,981,000 | -883,555,000 | -859,274,000 | -845,185,000 | -818,212,000 | -816,867,000 | -811,925,000 | -799,043,000 | -772,748,000 |
total stockholders’ equity | 1,153,459,000 | 1,196,560,000 | 1,142,074,000 | 1,096,752,000 | 1,063,932,000 | 1,033,987,000 | 1,014,741,000 | 979,500,000 | 937,452,000 | 914,777,000 | 905,344,000 |
total liabilities and stockholders’ equity | 1,523,617,000 | 1,580,604,000 | 1,465,060,000 | 1,397,882,000 | 1,347,311,000 | 1,273,308,000 | 1,193,199,000 | 1,149,838,000 | 1,108,396,000 | ||
restricted cash, non-current | 738,000 | 738,000 | 739,000 | 739,000 | 739,000 | 672,000 | 657,000 | 686,000 | 648,000 | ||
liabilities, redeemable common stock, and stockholders’ equity | |||||||||||
redeemable common stock | |||||||||||
redeemable common stock, 0.001 par value... | |||||||||||
total liabilities, redeemable common stock, and stockholders’ equity | 1,089,050,000 | 1,071,424,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
operating activities | ||||||||||
net income | 9,038,000 | -4,942,000 | -12,882,000 | |||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||
depreciation and amortization expense | 6,336,000 | 5,506,000 | 4,380,000 | 3,931,000 | 4,781,000 | 4,946,000 | 4,562,000 | 4,235,000 | 3,974,000 | 3,828,000 |
non-cash operating lease costs | 6,997,000 | 6,509,000 | 5,850,000 | 6,620,000 | 5,775,000 | 3,120,000 | 3,274,000 | 3,236,000 | 3,052,000 | 3,348,000 |
amortization of deferred contract acquisition costs | 9,631,000 | 8,423,000 | 7,696,000 | 7,222,000 | 6,608,000 | 5,911,000 | 5,445,000 | 4,463,000 | 3,933,000 | 4,384,000 |
amortization of prepaid marketing expense | 13,224,000 | 13,224,000 | 13,224,000 | 13,225,000 | 13,224,000 | 13,224,000 | 13,224,000 | 13,225,000 | 13,224,000 | 13,225,000 |
gain on derecognition of asset retirement obligation | 0 | 0 | 0 | -588,000 | ||||||
loss on disposal of property and equipment | 128,000 | 147,000 | 210,000 | 0 | 419,000 | 203,000 | 0 | 0 | 32,000 | |
bad debt expense | 636,000 | 160,000 | 348,000 | -281,000 | 1,817,000 | 610,000 | -158,000 | 349,000 | -60,000 | 156,000 |
stock-based compensation expense | 41,803,000 | 37,863,000 | 40,437,000 | 45,404,000 | 38,327,000 | 34,522,000 | 31,557,000 | 33,506,000 | 35,627,000 | 38,482,000 |
changes in operating assets and liabilities: | ||||||||||
accounts receivable | -12,224,000 | 369,000 | -2,749,000 | -4,653,000 | -12,630,000 | -9,242,000 | -5,080,000 | -6,334,000 | -105,000 | -5,852,000 |
deferred contract acquisition costs | -21,045,000 | -19,116,000 | -12,537,000 | -11,627,000 | -11,001,000 | -9,949,000 | -9,751,000 | -7,506,000 | -7,242,000 | -7,911,000 |
prepaid expenses, prepaid taxes, and other assets | -5,829,000 | -5,057,000 | 2,765,000 | 1,403,000 | -5,907,000 | -3,275,000 | -6,689,000 | -494,000 | -6,838,000 | 3,104,000 |
accounts payable | -4,340,000 | 5,283,000 | -2,453,000 | 8,520,000 | 684,000 | 2,182,000 | 2,181,000 | 811,000 | -5,061,000 | 4,116,000 |
accrued expenses | -12,832,000 | 26,207,000 | 875,000 | 9,267,000 | -18,815,000 | 36,851,000 | -227,000 | -211,000 | -244,000 | 7,998,000 |
deferred revenue | 8,248,000 | 15,319,000 | 5,208,000 | 6,524,000 | 11,690,000 | 11,565,000 | 6,150,000 | 4,263,000 | 2,419,000 | 7,234,000 |
operating lease liabilities | -5,546,000 | -6,370,000 | -6,185,000 | -5,899,000 | -5,392,000 | -4,917,000 | -3,960,000 | -3,930,000 | -3,915,000 | -3,715,000 |
other non-current liabilities | 54,000 | -774,000 | -382,000 | 350,000 | -541,000 | 184,000 | 148,000 | 219,000 | 289,000 | -245,000 |
net cash from operating activities | 34,279,000 | 93,160,000 | 54,760,000 | 55,725,000 | 14,362,000 | 60,089,000 | 38,784,000 | 40,900,000 | 26,182,000 | 38,644,000 |
capital expenditures | -4,426,000 | -2,466,000 | -2,274,000 | -2,017,000 | -2,201,000 | -2,346,000 | -1,547,000 | -769,000 | -729,000 | -2,830,000 |
free cash flows | 29,853,000 | 90,694,000 | 52,486,000 | 53,708,000 | 12,161,000 | 57,743,000 | 37,237,000 | 40,131,000 | 25,453,000 | 35,814,000 |
investing activities | ||||||||||
acquisition of property and equipment | -11,666,000 | -2,466,000 | -2,274,000 | -2,060,000 | -2,685,000 | -2,346,000 | -1,547,000 | -769,000 | -1,259,000 | -2,830,000 |
capitalization of software development costs | -3,565,000 | -3,246,000 | -5,431,000 | -5,247,000 | -5,056,000 | -3,282,000 | -2,991,000 | -3,066,000 | -1,966,000 | -1,093,000 |
purchase of other non-current assets | -485,000 | |||||||||
net cash from investing activities | -15,716,000 | -5,712,000 | -9,736,000 | -7,307,000 | -7,741,000 | -5,628,000 | -4,538,000 | -3,835,000 | -3,225,000 | -3,923,000 |
financing activities | ||||||||||
proceeds from exercise of common stock options | 715,000 | 471,000 | 266,000 | 589,000 | 877,000 | 3,497,000 | 1,934,000 | 721,000 | 3,589,000 | 182,000 |
proceeds from exercise of warrants | 3,000 | 5,000 | 3,000 | 4,000 | 3,000 | 4,000 | 3,000 | 3,000 | 4,000 | 5,000 |
employee taxes paid related to net share settlement of stock-based awards | -2,800,000 | -4,920,000 | -4,107,000 | -4,569,000 | -4,379,000 | -4,401,000 | -11,865,000 | -18,762,000 | ||
payments for accelerated share repurchase | -100,000,000 | |||||||||
proceeds from employee stock purchase plan | 3,234,000 | 1,604,000 | 3,565,000 | 2,641,000 | 3,462,000 | 1,131,000 | 2,586,000 | 1,873,000 | 2,540,000 | |
net cash from financing activities | -98,848,000 | -2,840,000 | -273,000 | -1,335,000 | -37,000 | 228,000 | -977,000 | 687,000 | -5,737,000 | -19,513,000 |
net increase in cash, cash equivalents, and restricted cash | -80,285,000 | 84,608,000 | 44,751,000 | 47,083,000 | 6,584,000 | 54,689,000 | 33,269,000 | 37,752,000 | 17,220,000 | 15,208,000 |
cash, cash equivalents, and restricted cash, beginning of period | 1,065,613,000 | 0 | 0 | 0 | 882,587,000 | 0 | 0 | 0 | 739,657,000 | 0 |
cash, cash equivalents, and restricted cash, end of period | 985,328,000 | 84,608,000 | 44,751,000 | 47,083,000 | 889,171,000 | 54,689,000 | 33,269,000 | 37,752,000 | 756,877,000 | 15,208,000 |
supplemental disclosures of cash flow information: | ||||||||||
cash paid for income taxes | 2,679,000 | 1,818,000 | 2,887,000 | 73,000 | 89,000 | |||||
non-cash investing and financing activities | ||||||||||
recognition of prepaid marketing asset | 8,100,000 | 8,100,000 | 8,100,000 | 8,100,000 | 8,100,000 | |||||
capitalization of stock-based compensation expense related to internal use software | 853,000 | |||||||||
non-cash acquisition of property and equipment through tenant incentives | 0 | 969,000 | ||||||||
accrued excise tax on share repurchases | 813,000 | |||||||||
unpaid purchases of property and equipment | 6,387,000 | 43,000 | 484,000 | 403,000 | ||||||
net loss | 7,028,000 | -426,000 | -24,281,000 | -14,089,000 | -26,973,000 | -26,295,000 | ||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||
deferred income tax | -1,561,000 | 1,117,000 | ||||||||
other | 10,000 | -21,000 | 10,000 | |||||||
acquisition of business | ||||||||||
cash paid for finance leases | -3,000 | -5,000 | -6,000 | -5,000 | -5,000 | |||||
proceeds from issuance of common stock, net of issuance costs | ||||||||||
proceeds from issuance of common stock in initial public offering, net of issuance costs | -933,000 | |||||||||
cash paid for income taxes, net of refunds | ||||||||||
acquisition of business, net of cash acquired | ||||||||||
capitalization of stock-based compensation expense | 1,048,000 | 1,480,000 | 1,107,000 | |||||||
payment of deferred offering costs | ||||||||||
payment of employee tax withholding related to stock-based awards | ||||||||||
cash paid for operating lease liabilities, net of tenant incentives received | 3,915,000 | |||||||||
vesting of restricted common stock | ||||||||||
accretion of common stock subject to redemption | ||||||||||
capitalization of stock-based compensation expense related to internal-use software | 127,000 | |||||||||
purchase of indefinite-lived intangible assets | ||||||||||
cash paid to repurchase shares of common stock | ||||||||||
unpaid deferred offering costs | ||||||||||
reclassification of redeemable common stock to series b common stock | ||||||||||
unpaid employee taxes related to net share settlement of stock-based awards |