Q1 deferred rev typically runs ~16% above Q4 for SaaS with calendar-year renewal concentration. Klaviyo's exact figure: 16.3%. Acquirers normalize on a trailing-twelve-month average, not the Q1 snapshot.

Q1 spot ($109M deficit): seller-favorable. Buyer pays peg consistent with the moment of maximum customer prepayment.

TTM average (~$78M deficit): buyer-favorable. Smooths out the renewal calendar bump.

Delta: ~$31M — meaningful at a 10x revenue multiple where every dollar of working capital flows to enterprise value.

The accepted practice is TTM monthly average for any subscription business; sellers who push for spot get pushed back.