Klaviyo, Inc. (KVYO) September 2026 Conference Transcript

All right, we're going to go ahead and get started. I'm very grateful to have Chano from Klaviyo here to present today. Thank you so much for coming.

Thank you so much for having me.

Yeah, so let's get started. Foundation models are improving very quickly. External agents keep kind of increasingly querying enterprise systems. How do you think about the winning architecture, keeping an agent maybe more inside the Klaviyo ecosystem versus where it makes sense for Klaviyo to kind of interact behind someone else's interface, if that makes sense?

Yeah, that's a great question. Clearly, one of Clavius' differentiators is the architecture and the infrastructure that we've been working on for the last 14 years. And clearly, that was really, you know, the ability to storage and index real-time data on a very large volume. It's like, you know, today we're managing over 100 million in 20 minutes, personalized ones. It's quite impressive. So as a philosophy, we're completely open. So we really want to meet the customer where they are. So we've been, you know, I think we're the ones having the most MCPs out there in terms of connectors, potentially not just in our industry, but I would say even broader. And we're going to continue to remain kind of that open philosophy. So obviously we will keep working. It doesn't matter if it is with the general models or, you know, the Shopify of this world as a partner in order to make it easier for you to interact with Clevijo, wherever you are. Clearly and obviously we understand that, you know, The opportunity that that opens in terms of top of the funnel, but at the same time, the data that we capture in terms of the profile enrichment that we bring back through those interactions is quite high value added for us. And what I'm going to make is make it easy for our customers to deliver more ROI and more Klaviyo attributed value. So that's what we are, that's who we're focused on.

And then you joined Klaviyo after scaling other kind of enterprise software go-to-market motions. What's going to have been that biggest gap between where you see Klaviyo today and where they've traditionally been focused on that, like, SMB segment and the kind of more enterprise company you believe that you can become over time?

I mean, I have no doubt we are becoming and we will become. Today, if you ask me what is the biggest gap, it's money share. Because, you know, when I look at our company, I talk a little bit about, you know, our infrastructure and our differentiation there in terms of the volumes and what we can manage. We certainly have a good, you know, value proposition, a point of view for enterprise, especially in the case of, you know, enterprise customers are looking today for that consolidation and bringing many different and separate stitching systems into just single one in terms of manage the, you know, the whole CRM process and, you know, we're the autonomous P2C CRM company. So clearly it's a mindshare. How do you overcome that mindshare is more a question of winning more customers and making those referencibles. And we're in that process, but if you look in terms of the progress we've done, when you look at it from a pipeline perspective and resource perspective, in many more customers over $500K and $1 million, those are really outpacing the rest of the business. We clearly have the people in terms of a go-to-market perspective that know how to do enterprise. We're making good progress with the typical things that you need to do beyond product kind of analyst relations and partners and so on and so forth. It's clearly going to be a journey, but I like what I see in terms of outcomes. which are tangible today. And certainly, Klaviyu will be a much more enterprise company during the course of the next few months, the next year.

And do you think AI has acted maybe as a bit of an accelerate to kind of make enterprise customers want to rethink their tech stacks in some degree and kind of help you win more share there? Or is it more just some, like, efforts you've made over the past couple of years kind of compounding?

That definitely has accelerated, but I think it has accelerated because, again, the enterprise companies have seen that But in order to provide consistent personalized experiences at scale, they need one single system that is able to manage through their marketing and their service, but at the same time connect to kind of their data platform and the CDP and kind of understanding of those profiles or how you deliver fully personalized experiences. Like if someone is having a problem with service, you're going to send a promo 10 minutes after, you know, in terms of a campaign, because that's not a good experience for customers. And clearly, we're in a tremendously well-positioned to do that. So I think the teams are doing a much better job in terms of combining the message, but at the same time, showing referenceable customers. So that's accelerating, right? Today, we're still publishing more and talking about, you know, customers over 50K that are basically growing our business at a clip of 36%. That is definitely growth-accurative to the rest of the business today. That is overall growing at 26%. thing. But obviously, I'm expecting you will hear us talking in much larger customers kind of segments and so during the course of the interview.

And then you've said two-thirds of customers already are using your AI model or using AI models in some form, but that agent adoption is still pretty early within the platform. What's kind of that factor between broad model usage and kind of getting that paid agent usage up?

Yeah, great question. What we're focusing right now is on uses and adoption, right? And we communicated. We had two main agents, right, for I think most of the people here are familiar, but just in case, right? One is what we call Composer, which is more a customer, basically a marketing agent. So that means two things, right? One is he creates campaigns from scratch. So he's overcome some of the challenges that customers have, either among ideas constraints or resource constraints, right? And it doesn't matter if you are kind of a smaller company or a large company. And the second one is more the service agent, where we call it the customer agent and clearly these two has been more launched during you know in the last few months and we're very much focused right now on adoption right so how does adoption is going as i said on the on the composer side one month after releasing it we have 95 000 users testing is 25 of those repeatable on the customer agent side we've been seeing you know we've kind of a couple quarters now and we've been seeing increase on 40 percent quarter on quarter kind of that usage and we are now in resolution rates of 80% at a customer that went very large-scale retail customers that went from a 52% resolution rate to 79%. We call it resolution rate because that's the way we measure it and it's the ability to basically resolve your case when you're interacting. Think about a customer agent as the customer self-representative of the business.

I think a lot of times in software we'll see a new product start in that SMB segment and kind of go upmarket from there. So I think one of the more surprising comments you've made about Composer agent is that maybe some adoption has started out stronger in those enterprise customers. So, curious, why are you seeing that agent provide more valuable as marketing organizations get larger, more sophisticated?

Yeah, good question. We said that, again, on the initial data that we released, and we will be releasing much more as we keep making progress, and of course just moving forward, bless you. I mean, we talk like 27% of our Composer users are enterprise customers. If you think about those customers that are more complex, so, for example, when it comes when they say flows, think about flows kind of automated triggers in terms of actions, you know, just the ability to audit those flows and compare what you've set up towards kind of best benchmarks in terms of producing ROI and what those look like, that is really handy. Even if I'm, you know, I don't know, a beauty customer today, I'm thinking about one of enterprise customers, want to go to the UK, want to set up, you know, what should be the right segment for kind of my audience here, and I want to do it through WhatsApp, and I never done that before. We should be the right way to set those flows. Then Composite becomes pretty handy in terms of the ones that should be more producing. So that is one of the main things. The second thing is, as I said before, even, you know, large companies that they have their campaign, you know, kind of calendars and they want to set, you know, that they want to send out there, they run out of ideas sometimes in terms of where it should be sending to whom and where it should be the right channel and the right personalization and what should I be expecting on performance. So Composer will be helping out with that as well in terms of helping them to generate and create new ideas.

Historically, customer service software is focused very much on resolving tickets, and it seems like with customer agents, it's increasingly being positioned as something that is both kind of a service and a sales asset in some ways. So what side of that equation do you think will ultimately become more important over time, and how do you think about that almost like use case consolidation?

Yeah, what a great question. I think both of them are going to be relevant. So let me, for example, we have a customer, Boston Proper, out of Boston, and they saw kind of while they were deflecting 50% of their cases, they were getting 3x more ROI after basically a month of customer agent because, again, marketing and service becomes a little bit more coming together. So the understanding that we are getting in terms of what you're asking about and the challenges you're having or if you're facing challenges or productivity is giving an intel on what should we be targeting to you and kind of marketing. So I think both are going to be tremendously relevant. I think clearly the service use cases in terms of how this and supporting and resolving tickets is a much more established use case. It's a much more one that customers are very easy to measure and very easy to understand. And I think when it comes to the revenue generation is the ones that we are working within in terms of seeing some of the use cases where there might be opportunities. So I think both are going to be relevant. I believe the support ticketing customer service one is going to be the one that is going to be landing first. But clearly the revenue generation side, because our main kind of stakeholder is marketing, is a very interesting one today.

And then a bit of a bigger picture question, but if AI kind of works out the way that you and the company expect, how do you think about the role of the marketer kind of changing over the next five years? and what skills become more important, less important, and how that translates to how they're using the Klaviyo product.

Yeah, I think marketeers are going to become more strategies and they're going to become more editors. When I say that, you're going to be getting some of these pre-cooked campaigns or pre-built campaigns, and what good looks like is you see that campaign as a CMO or someone that has to send it out, and I say, these really understand my brand voice, understand my message, and understand my segments and my audiences, and is almost ready to go with the fine-tuning that we should make. But, of course, there will always be done kind of, you know, this buying is kind of this emotional experience sometimes and this creativity one where you're going to have to put something like that on top of, and that is where I believe you are an editor, right? And your strategy is clearly the way, you know, that many of us are interacting today more with general models in a different way, kind of working on a symbiotic and collaboration way. That's how we're going to be seeing kind of working with the composer and the creation of these campaigns going forward from editors and strategies.

And then you've made several changes to the leadership team, have talked about kind of refining qualification, pipeline management, and kind of just enterprise execution at the company in general. At this point, what do you think is different about the go-to-market organization versus where you guys were at two years ago, and what does that mean for the company going forward?

We have much more discipline. We have much more rigor. We have higher win rates. We have a better pipeline than we had before. So especially all that is more impacting the enterprise, to be honest, than our PLG motion. But again, it's just insurance. So we have kind of the talent that is ready to win, and it's already proving that. So I feel much more comfortable than I felt six months ago. I am quite confident I feel much more comfortable six months today than I felt today. And the main reason for that is because we're going to continue the journey of winning and making more customer referenceables into the enterprise, and that would create the right wheel, right? I've seen that before. And again, you can call me an old enterprise guy. I can tell you that works. And it will keep working.

So historically, you talked about this before, Clivia's been viewed as that more SMB platform, but is there a point in that sales kind of process where you see a customer kind of flip in their head to viewing you more as an enterprise platform and where you kind of go from having to maybe vigorously prove yourself in that conversation to them kind of being more receptive to adopting the Klaviyo product.

I'll tell you, you know, when I talk to enterprise customers, what they're looking for, right, more than if there is a turning point. Many of the challenges, you know, when I said I talked a little bit before, it's like I have a disjointed view of the, well, first of all, I want to understand Kelly much better. I have a disjointed view of Kelly because it's still many different kind of data sources and different profiles, so it's hard for me to apply Intel well, you know, what should I be proposing Kelly or creating a better relationship and a higher engagement with her. So kind of those are the typical use cases. Of course, it goes beyond later on with the personalization. But then when you get into the personalizations, how do I get from there kind of more automation and optimization, which I think is what brands are going to be moving to once. I had a good understanding of, you know, how to establish a very healthy relationship with you. So that usually requires, you know, a one single kind of source system that is able to manage through the different use cases we're very embedded in those use cases and on those workflows and again we have the ability to bring it back to our infrastructure and keep enriching kind of that experiencing and creating better experiences that you know if that it all becomes true it is reflected on higher ROI or higher Clavilla attributed value and you know we have a good measurement to track that basically to the you know source of data in terms of what are the things that we should be fine-tuning and changing in terms of producing better outcomes for you, right? So that's a beautiful platform to work out to. Those are the difficult discussions that we have with enterprise customers.

And so you're highlighting the value of Klaviyo's real-time infrastructure, those unified customer profiles. When you do have an enterprise customer that chooses a competitor instead or just chooses to stick with their existing stack, what's the kind of argument that they're kind of going to most or that resonates most with those buyers? And how do you kind of work on changing that over time?

Yeah, that's a great question. I mean, well, first of all, I love this market because it's very dynamic, right? I'm meaning like when, you know, I've been talking about this publicly, but where I come from, where I mean that dynamic is like, many of these enterprise customers are going to market every two to three years of presentation raises of, you know, 40%, maybe 35% high. So that's great when you are the underdog and you don't have basically anything to lose, right? But when that happens and you don't win, obviously you may not win. Sometimes it's, again, you know, you are not yet there on the mindshare like, oh you know you are not just a truly enterprise player and of course with that sometimes perception becomes reality but you don't need to underestimate that perception because again it's what you usually overcome in terms of before you kind of um you know get there so so but many times it's like you know it's comfort like you know i've been working with this you know basically player before and even if it is maybe it's not great but maybe it's good enough and i know that you know i'd stay with, you know, the devil I have to devil I don't know yet, whatever you want to say that way, right? So sometimes it's comfort, sometimes it's basically some, you know, personal relationships. Usually when we win, we win, as I said before, on the value of the real-time kind of unified platform, the value of the infrastructure, we win on kind of ease and use, we win on, you know, only scale, and we win as well in terms of, you know, making it very easy without any kind of technical resources and implementations and, you know, and TCO, and clearly attribution, right? We, when I say attribution is basically, you know, again, because we have the CDP, because we have the full engagement management platform, the ability to track kind of, you did this with us in terms of this segmentation, this campaign, this promotion, and this is the value that it derives in terms of EMB and ROI that is powerful, right? So that's usually the one we want.

Yeah. Customers usually start with email, maybe add SMS, and then adopt maybe analytics or service after that. Where does that kind of expansion sequence break down today, and what are you kind of changing to make multi-product adoption more repeatable and potentially drive NRR kind of up going forward?

Yeah, good question. First thing is, when you look at one of our nice growth levers today, and we see it going forward, is this multi-product adoption because we've been launching. I mean, for many years we've been more an email company than we can with text, And now lately, either because of the agents or K-Social or some of other products, you know, or analytics products and some more things that we'll be announcing, you know, we're becoming much more of a multi-product customer, sorry, player. So that is a very, very healthy clip with us, right? As you go more into the enterprise, I think you're going to be, we will be landing a little bit, you know, with more than one just single product, maybe two to three products to start with, right? If we get into a better motion and better repeatability and the customers understand the value a lot more, we will go on a larger land. But I think that will take a little bit of timing, right? So I believe, yeah, over time you're going to see us landing larger, especially for the enterprise customers. but you're going to see us kind of going back to our PLG motion that many times will start with email and kind of upgrade with text as a typical follow-up. And again, you know, that has great unit economics for us because it's very easy, kind of the customer acquisition costs are very low over there and the business dynamics are pretty good. And then we said, like, when we have these multi-product customers, they stay with us longer, starting with, of course, six points more on GRR that we've been commenting on multi-product customers. Of course, that impacts as well the NRR at the end of the day.

And then you said service spend could be maybe as large of a market opportunity as marketing spend for some of your customers. What kind of has to change in that product maturity and go-to-market execution for that to be more visible in the model? And you kind of spoke about this earlier when you talked about marketing being kind of that main buyer right now still. Do you think there's a future where you would say there's actually multiple personas, maybe service is one of them, that are kind of reflective of your main buyer?

Yeah, we're starting to go into more to the service buyer, but of course, marketing is our natural landing spot and where we definitely have the trust. You know, how do you build that trust with that more of the service buyers? Again, proving yourself, right? So the first thing that needs to start changing and needs to start changing is kind of you have a much more product maturity, as we've been saying when we launched customer service, because I said a much more mature product not that long ago, a couple of months ago, when we have things like, you know, multi-language and we have things like customer skills and we became really helpless in terms of having many more APIs We became profile enrichment in terms of the things that, you know, we were learning from customers' interactions. We were bringing back in the profile with marketing. And, of course, we keep improving that product. So that was at the point that I considered, you know, a couple of months ago that, hey, this product is becoming more mature. That is at the point as well we've been having to start or we just started to have more conversations with large customers in terms of, you know, agreeing on some proof of concept, some sometimes use cases, and see if we can perform better kind of their solution that they already have in-house. Things like, again, on a simple way, I would say, like, you know, let me prove you with the conversations that you're having that we can get higher resolutions. You know, you let us work a couple of weeks on it. And kind of those are some of the motions that were going on. So I think, you know, that product maturity, that product improvement, call it at the end of the day, getting to a much better product market feed and as well proving ourselves a little bit more upscale in terms of the market. It's some of the things that it needs to happen for, you know, service becoming a significant business and, you know, as large as marketing or who knows, even larger. I don't know. Time will tell.

And then as you guys look at expanding your product portfolio, other kind of verticals within horizontal software, they are kind of doing the same thing. And so as you're seeing enterprise customers within that backdrop increasingly talk about reducing the number of systems they have to manage, do you see AI as an accelerant for consolidation because that context becomes more important, or does it create more room for specialized tools? And how do you think about the ultimate winners in that scenario when everyone kind of is trying to expand their footprint?

Frankly, I see the ultimate winners as a scenario, the ones that have the right infrastructure, you know, to the right data understanding in terms of, you know, managing not just the scale but being able to get much better understanding of who are the customers that I am liaising with and being able to provide better experiences. I believe we are really well, you know, basically placed there, and we're proving that one. I like, you know, what we're seeing in terms of the AI and the LLMs is what we're seeing, and we said it, right, like the highest user of NCPs, they use our platform more, we're saying like 16% more. But as we also look into a world where we, you know, we're all ourselves even going to have much more agents interacting on our behalf in terms of either looking for opportunities, promos, or options for us in terms of comparing. Email is a phenomenal channel because it's the cheapest one. When you have kind of agents interacting with your behalf, you can consume many more emails because you are not bothered, like I need to read this other one. But if you can explore many more places to look for much more offerings and give me the better deal, why not? So what we see is that it's going to produce a third wing of interactions, and, again, with channels like email being the most efficient and cheapest one and me not being back as a human, kind of the one to go through all of those, but being my agent, doing all my behalf, potentially for finding me the best answer and the best outcome on the other end, why not, right? So that's what we see.

And we will be opening it up for maybe a couple questions at some point, so if anyone wants to start thinking about potential questions to ask, please do. I wanted to ask, so K-Social kind of brings social conversations and identity signals into your consumer profiles. Do you view this as more of a just larger opportunity with another outbound channel? Or do you think that you could use social engagement to kind of improve Klaviyo's data and view of consumers in general for your customers?

Yeah, great question. As we do, what we see social is, so what K-Social does is helping customers to, you know, to increase their profile space, so reaching all to more people. And the other way that I see is helping them to create much more targeted content. Again, if I can understand where my user base, not only as a profile, kind of give me consent and starting to engage with them, you know, some of the social channels might understand what are they talking about or where they, you know, their preferred content and how I can fine-tune that one for later on kind of flows or automated campaigns, that is great for me, right? So right now, mostly we're seeing it more in some of our more PLG motion and some of our SMB customers, again because they're much more focused on increasing their number of profiles, right? It is much more basically an upsell motion today, but we're starting to see some of the large customers as well, both on profile but especially on content. They start to take it on to case also.

Anyone in the audience have any questions?

What do you think...

How do you see smaller brands emerging in the next year or so of what they're not able to do today and what they could be achieving in a year, especially with your company's help? Do you have any vision for that?

Yeah, what a great question. Well, the first thing is, like, if you see we've been adding a lot of new logos is because, I mean, we've never seen so many entrepreneurs like today, right? And what we are expecting to see is, like, you know, many of those, you know, will grow with us, of course, and others potentially will not make it that successfully, right? Even though Clavius traditionally has been very easy to use, things like, again, Composer kind of think about the ability to create campaigns So if I'm a small brand, if you're giving me the opportunity, A, to even onboard much easier because it's just almost like, you know, just interacting with the solution even very soon with voice, you know, in the way of setting up my flows or setting up my forms or my campaigns, that makes the first barrier to make it even easier, right? The second thing is if I'm constrained because I kind of have marketing people supporting on doing more campaigns per week, I would like to do two, but maybe I can do one because, you know, those are my constrained resources, then I can see that they would benefit from things like Composer, right? And then lately even, you know, the constraint on I don't have enough ideas on what to do, and again, Composer will be helping out there, right? So I think we're going to help smaller brands to become some of them really big brands in a very efficient way from a cost perspective and kind of, you know, overall kind of human force perspective, if you want to think it that way, right? And then, of course, with things like K-Social that I just mentioned, then helping me as a small brand to acquire profiles. Because that is, again, I want to grow my business. It starts by me thinking, what are healthy profiles that I could be acquired? And if you can help me out to make that, right? So I think we, again, that's what I say, like, I'm thinking about all these. We talk a lot about this personalization in terms of, hey, sending the right message to the right audience, you know, at the right time by the right channel, and that matters a lot. But I think as well that, you know, then the optimization and automation that may come with some of these tools for smaller brands. Yeah, we're going to see really big businesses with, you know, with really good people, right? And we see some of those today, right?

The question I have, thank you for those comments, but it's actually related to that. Can you just talk about the competitive landscape, like who else is out there, especially now with AI coming through? Can people actually do this on their own? And just your thoughts on that.

Depending on what we call people, could they do this on their own? I mean, the whole kind of, I don't think it's like the commodity or the deliverability, but they kind of have kind of infrastructure in real time. and where I talk about the data mode and the ability at which we ingest and store data at a scale, and I even mentioned this 100 million messages in 20 minutes, no, you can't, right? No, you can't. I mean, you know, that will, it not requires a huge investment, but will require, you know, it took us like 14 years to build. I don't know, you know, but it's definitely not something that you can, right? In terms of the competitive landscape, we've not seen much change in the last year, right? Clearly, as we go more into the enterprise, like before, we will be seeing players like Braves much more than we used to see before. But there is more emotion of us going into areas or parties that we were not invited before or we were not part of. So that's most likely just, if anything, will accelerate and will accentuate more than any other thing. But, you know, no other kind of call-outs in terms of significant competitive dynamics change. other than maybe the one you see the smaller of the market in terms of the Intuit MailChimp and some of those basically customers that will be looking potentially for more product innovation and moving forward into the future. Many of those kind of look for other new solutions during the course of the next few months or right now. Yes, that is happening. Currently, you'll be a beneficiary of those. It is already potentially being and certainly it will be, and there will be others as well.

All right. I'll take the reins back then. So two things are kind of, two dynamics you guys have talked about more recently are, one, like newer products like Composer are not kind of fully reflected in guidance at this point. Management's also talked about growth deceleration, hopefully stabilizing over the next couple quarters, and I think that's baked into guidance at this point as well. What kind of evidence would give you confidence that some of the newer product S-curves could maybe drive reacceleration rather than simply acting as an offset to the maturity of your core?

Yeah, yeah, great question. Well, you know, if you think about our business and we think about, you know, on different growth curves and foundations that we do have with the equity enterprise and we talk a little bit of that one, but, you know, that part growing kind of 35, 36%, so growth equity, if international kind of growing 36% right now, and I don't think there is anything differently we have to do in international and to kind of keep that sort of clip of foundation growth, meaning, like, not even new countries or whatever, just because even some of the new products are just getting ready for international in terms of language and some other localizations that were required and were not before. So that gave us a little bit more of potential penetration in the countries we are today present, right? And then kind of the upsell and cross-sell motion. So we see those, like, you know, good levers for us in terms of the growth foundation and how we look at the business in terms of growth levers going forward. You know, in terms of agents, the hard part to call, what we like is some of the metrics that I talk because right now we're focused on adoption and before, of course, thinking too much what is going to be the monetization, right, is make those customers happy and get to a great product market fit. And that's what we're working right now, to be honest, both on the composure and on the customer agent, get to a phenomenal, outstanding product market fit, right? Right. So so clearly, you know, it's hard to call if you see, well, these products, once they are adopted and one customer see value and when the customers start to repeat, what exactly kind of when the milestone happened in terms of the holistic of the revenue curve. Right. That's what we decided, like, you know, we're going to focus on adoption. We're going to focus on repeatability. We're going to focus on customer sat before we think about monetization. And, of course, that is what we're incentivizing our customers for right now. At the same time, that we're engaging more with them and we understand what product market fit looks like in terms of great product market fit. And that is where we decided not to put anything on guidance on Composer, right? Certainly, there is money in customer service in our guidance, right? Again, certainly, yeah, do I believe that those products are going to be growth accelerants? No doubt about it. If you ask me how much exactly and you know I'm weighing, I'll tell you I will have a much better idea by the end of the year because, again, of all what we are improving into those products and kind of how we are interacting now with our customers in understanding what the potential is, but also what are the use cases that are kind of most relevant and most valuable to them and we're building for.

I feel like I have to ask one about agentic commerce. So we've heard a lot about agentic commerce acting as, you know, a new discovery channel for a lot of brands. But if consumers kind of increasingly delegate product discovery and purchase decisions to AI assistants, like where do brands still create differentiation and how does that kind of change the role that Klaviyo could play in that consumer relationship?

Yeah, talk a little bit about that one, Kelly, but it's a great question. It's something that not only kind of the early data that we do have, like people that use more kind of NCPs and people use more of the connections, use more of the platform, but I talk a little bit about, you know, my belief that if all of us will have agents and those agents kind of interacting there's just going to be more activity there's going to be more interaction some of the cheapest channels they're going to even benefit much more in terms of increased usage that definitely the most efficient one today that we all know is email you know of course text and some others will benefit but we have to prove much more continuously with the roi because customers you know they invest more in text they're usually much more sensitive to you know i want to understand predictability i want understand our why in order to keep investing because that is a much higher one so if you have the infrastructure ready to do these interactions on those in cp and all those agencies interacting and we believe we do have that is going to basically increase activity is going to increase the number of interaction it's going to increase the number of sense and consumption and that's benefit us right in terms of how we monetize yeah and one last one for me um feels like you guys have so many different new products out in market kind of new opportunities and service the agentic side of things.

We didn't even talk too much about the Clivio CDP products and things like that. Plus, international is growing really healthily. You have down market versus up market. How do you kind of segment between all those different priorities at any given time? And given it feels like there's a lot of call options on growth over the next 12 months, how would you kind of prioritize those different?

Yeah, it's a great question. When you look at us internally, we're pretty focused on agents and enterprise overall, right? So clearly, international is there and we'll continue with Clivio, but again, making there is still room to keep that foundation without not doing much because, again, it's a question of penetration. It's a question of, you know, what we see in the responsibility that we're having on some of those markets. We talk about, you know, beyond retail, we've become a little bit more prominent, and we talk about, you know, we have a very healthy cliff on New Logos last quarter, 9,000 or so. Many of those kind of hospitality and other verticals where we keep a steady pace in terms of growth, but again, it's not at the same level of priority like enterprise and agents, so we're going to We're going to continue, basically, focusing on enterprise and agents. Clearly, again, tomorrow is our customer conference, so you'll hear more from us around data and infrastructure, around personalization, around agents. So there will be more things there, so stay tuned. They're going to be really interesting. So, yes, very exciting because we have a customer base. We have more two-up-sell and cross-sell. Clearly, multi-product will continue to be a good growth labor for us.

Thank you so much, Toronto.

Really looking forward to hearing all the product innovation out of Cape Austin the rest of the week and um thank you kelly for having me i thank you all of you for making the time okay thank you thank you so much for coming thank you