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    HubSpot Reports Q2 2024 Results

    8/7/24 4:05:00 PM ET
    $HUBS
    Computer Software: Prepackaged Software
    Technology
    Get the next $HUBS alert in real time by email

    HubSpot, Inc. (NYSE:HUBS), the customer platform for scaling companies, today announced financial results for the second quarter ended June 30, 2024.

    Financial Highlights:

    Revenue

    • Total revenue was $637.2 million, up 20% compared to Q2'23.
      • Subscription revenue was $623.8 million, up 20% compared to Q2'23.
      • Professional services and other revenue was $13.5 million, up 18% compared to Q2'23.

    Operating Income (Loss)

    • GAAP operating margin was (3.8%), compared to (22.0%) in Q2'23.
    • Non-GAAP operating margin was 17.2%, compared to 14.5% in Q2'23.
    • GAAP operating loss was ($23.9) million, compared to ($116.2) million in Q2'23.
    • Non-GAAP operating income was $109.3 million, compared to $76.6 million in Q2'23.

    Net Income (Loss)

    • GAAP net loss was ($14.4) million, or ($0.28) per basic and diluted share, compared to net loss of ($111.8) million, or ($2.25) per basic and diluted share in Q2'23.
    • Non-GAAP net income was $103.5 million, or $2.03 per basic and $1.94 per diluted share, compared to $71.8 million, or $1.45 per basic and $1.38 per diluted share in Q2'23.
    • Weighted average basic and diluted shares outstanding for GAAP net loss per share was 51.0 million, compared to 49.7 million basic and diluted shares in Q2'23.
    • Weighted average basic and diluted shares outstanding for non-GAAP net income per share was 51.0 million and 53.4 million, respectively, compared to 49.7 million and 52.1 million, respectively in Q2'23.

    Balance Sheet and Cash Flow

    • The company's cash, cash equivalents, and short-term and long-term investments balance was $1.9 billion as of June 30, 2024.
    • During the second quarter, the company generated $117.8 million of cash from operating cash flow, compared to $76.5 million during Q2'23.
    • During the second quarter, the company generated $121.7 million of cash from non-GAAP operating cash flow and $92.1 million of non-GAAP free cash flow, compared to $87.0 million of cash from non-GAAP operating cash flow and $59.6 million of non-GAAP free cash flow during Q2'23.

    Additional Recent Business Highlights

    • Grew Customers to 228,054 at June 30, 2024, up 23% from June 30, 2023.
    • Average Subscription Revenue Per Customer was $11,215 during the second quarter of 2024, down 2% compared to the second quarter of 2023.

    "Q2 was another solid quarter of revenue growth and profitability driven by our rapid pace of innovation and consistent execution," said Yamini Rangan, Chief Executive Officer at HubSpot. "I am thrilled to see customers consolidating on HubSpot and the momentum we have in becoming the customer platform of choice for scaling companies. We run our business for the long-term and are focused on solving for our customers, innovating our platform, and prioritizing strong execution. That has been and will continue to be our priority. And it will continue to set us apart to drive durable growth and create long term shareholder value."

    Business Outlook

    Based on information available as of August 7, 2024, HubSpot is issuing guidance for the third quarter of 2024 and full year 2024 as indicated below.

    Third Quarter 2024:

    • Total revenue is expected to be in the range of $646.0 million to $647.0 million.
      • Foreign exchange rates are expected to have a neutral impact to third quarter 2024 revenue growth(1).
    • Non-GAAP operating income is expected to be in the range of $107.0 million to $108.0 million.
    • Non-GAAP net income per common share is expected to be in the range of $1.89 to $1.91. This assumes approximately 53.5 million weighted average diluted shares outstanding.

    Full Year 2024:

    • Total revenue is expected to be in the range of $2.567 billion to $2.573 billion.
      • Foreign exchange rates are expected to have a neutral impact to full year 2024 revenue growth(1).
    • Non-GAAP operating income is expected to be in the range of $437.0 million to $441.0 million.
    • Non-GAAP net income per common share is expected to be in the range of $7.64 to $7.70. This assumes approximately 53.4 million weighted average diluted shares outstanding.

    (1) Foreign exchange rates impact on revenue is calculated by comparing current period rates with prior period average rates.

    Use of Non-GAAP Financial Measures

    In our earnings press releases, conference calls, slide presentations, and webcasts, we may use or discuss non-GAAP financial measures, as defined by Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the consolidated financial statements. Our earnings press releases containing such non-GAAP reconciliations can be found in the Investors section of our website ir.hubspot.com.

    Conference Call Information

    HubSpot will host a conference call on Wednesday, August 7, 2024 at 4:30 p.m. Eastern Time (ET) to discuss the company's second quarter 2024 financial results and its business outlook. To register for this conference call, please use this dial in registration link or visit HubSpot's Investor Relations website at ir.hubspot.com. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. Participants who wish to register for the conference call webcast please use this link.

    Following the conference call, a replay will be available at (866) 813-9403 (domestic) or +44 204-525-0658 (international). The replay passcode is 614825. An archived webcast of this conference call will also be available on HubSpot's Investor Relations website at ir.hubspot.com.

    The company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

    About HubSpot

    HubSpot is the customer platform that helps businesses connect and grow better. HubSpot delivers seamless connection for customer-facing teams with a unified platform that includes AI-powered engagement hubs, a Smart CRM, and a connected ecosystem with over 1,500 App Marketplace integrations, a community network, and educational content. Learn more at www.hubspot.com.

    Cautionary Language Concerning Forward-Looking Statements

    This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding management's expectations of future financial and operational performance and operational expenditures, expected growth, foreign currency movement, and business outlook, including our financial guidance for the third fiscal quarter of and full year 2024 and our long-term financial framework; statements regarding our positioning for future growth and market leadership; statements regarding the economic environment; and statements regarding expected market trends, future priorities and related investments, and market opportunities. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with our history of losses; our ability to retain existing customers and add new customers; the continued growth of the market for a customer platform; our ability to develop new products and technologies and differentiate our platform from competing products and technologies, including artificial intelligence and machine learning technologies; our ability to manage our growth effectively over the long-term to maintain our high level of service; our ability to maintain and expand relationships with our solutions partners; the price volatility of our common stock; the impact of geopolitical conflicts, inflation, foreign currency movement, and macroeconomic instability on our business, the broader economy, our workforce and operations, the markets in which we and our partners and customers operate, and our ability to forecast our future financial performance; regulatory and legislative developments on the use of artificial intelligence and machine learning; and other risks set forth under the caption "Risk Factors" in our SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

    Consolidated Balance Sheets

    (in thousands)

     

     

     

    June 30,

     

     

    December 31,

     

     

     

    2024

     

     

    2023(1)

     

    Assets

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    797,875

     

     

    $

    387,987

     

    Short-term investments

     

     

    937,830

     

     

     

    1,000,245

     

    Accounts receivable

     

     

    269,908

     

     

     

    295,303

     

    Deferred commission expense

     

     

    119,558

     

     

     

    99,326

     

    Prepaid expenses and other current assets

     

     

    111,033

     

     

     

    88,679

     

    Total current assets

     

     

    2,236,204

     

     

     

    1,871,540

     

    Long-term investments

     

     

    209,992

     

     

     

    325,703

     

    Property and equipment, net

     

     

    105,886

     

     

     

    103,331

     

    Capitalized software development costs, net

     

     

    132,026

     

     

     

    106,229

     

    Right-of-use assets

     

     

    228,406

     

     

     

    251,071

     

    Deferred commission expense, net of current portion

     

     

    138,636

     

     

     

    122,194

     

    Other assets

     

     

    93,866

     

     

     

    75,247

     

    Intangible assets, net

     

     

    37,421

     

     

     

    42,316

     

    Goodwill

     

     

    173,565

     

     

     

    173,761

     

    Total assets

     

    $

    3,356,002

     

     

    $

    3,071,392

     

    Liabilities and stockholders' equity

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    4,115

     

     

    $

    9,106

     

    Accrued compensation costs

     

     

    61,206

     

     

     

    53,462

     

    Accrued commissions

     

     

    78,657

     

     

     

    78,169

     

    Accrued expenses and other current liabilities

     

     

    95,078

     

     

     

    94,074

     

    Operating lease liabilities

     

     

    32,886

     

     

     

    35,047

     

    Convertible senior notes

     

     

    457,196

     

     

    —

     

    Deferred revenue

     

     

    708,113

     

     

     

    672,150

     

    Total current liabilities

     

     

    1,437,251

     

     

     

    942,008

     

    Operating lease liabilities, net of current portion

     

     

    273,137

     

     

     

    296,561

     

    Deferred revenue, net of current portion

     

     

    4,606

     

     

     

    5,810

     

    Other long-term liabilities

     

     

    40,109

     

     

     

    36,459

     

    Convertible senior notes, net of current portion

     

    —

     

     

     

    456,206

     

    Total liabilities

     

     

    1,755,103

     

     

     

    1,737,044

     

    Stockholders' equity:

     

     

     

     

     

     

    Common stock

     

     

    51

     

     

     

    50

     

    Additional paid-in capital

     

     

    2,418,608

     

     

     

    2,136,908

     

    Accumulated other comprehensive income (loss)

     

     

    (4,822

    )

     

     

    1,827

     

    Accumulated deficit

     

     

    (812,938

    )

     

     

    (804,437

    )

    Total stockholders' equity

     

     

    1,600,899

     

     

     

    1,334,348

     

    Total liabilities and stockholders' equity

     

    $

    3,356,002

     

     

    $

    3,071,392

     

     

    (1) In the three months ended March 31, 2024, we discovered an immaterial error in our calculation of Cost of Revenues—Subscription related to how we calculate contractual credits in one of our third-party vendor agreements. As a result, we have revised the Consolidated Statement of Operations by reducing Cost of Revenues- Subscription by $2.3 million for the three months ended June 30, 2023 and $4.0 million for the six months ended June 30, 2023 to reflect the revised impact of the credits on that period. We have also revised the balance sheet as of December 31, 2023 to reflect the cumulative impact of the error on prior periods, resulting in a decrease to accrued expenses and other current liabilities and a decrease to accumulated deficit totaling $14.2 million. Lastly, we have updated certain line items within the operating section of the statement of cash flows for the three and six months ended June 30, 2023 but note no net impact to cash flows provided by operating activities. Refer to our Form 10-Q for additional information.

    Consolidated Statements of Operations

    (in thousands, except per share data)

     

     

    For the Three Months Ended June 30,

     

     

    For the Six Months Ended June 30,

     

     

    2024

     

     

    2023(1)

     

     

    2024

     

     

    2023(1)

     

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

    Subscription

    $

    623,763

     

     

    $

    517,678

     

     

    $

    1,227,559

     

     

    $

    1,007,421

     

    Professional services and other

     

    13,467

     

     

     

    11,460

     

     

     

    27,085

     

     

     

    23,337

     

    Total revenue

     

    637,230

     

     

     

    529,138

     

     

     

    1,254,644

     

     

     

    1,030,758

     

    Cost of revenues:

     

     

     

     

     

     

     

     

     

     

     

    Subscription

     

    81,618

     

     

     

    71,494

     

     

     

    162,342

     

     

     

    138,116

     

    Professional services and other

     

    13,899

     

     

     

    13,462

     

     

     

    28,262

     

     

     

    27,169

     

    Total cost of revenues

     

    95,517

     

     

     

    84,956

     

     

     

    190,604

     

     

     

    165,285

     

    Gross profit

     

    541,713

     

     

     

    444,182

     

     

     

    1,064,040

     

     

     

    865,473

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

    Research and development

     

    198,180

     

     

     

    169,955

     

     

     

    373,817

     

     

     

    297,639

     

    Sales and marketing

     

    293,794

     

     

     

    265,294

     

     

     

    594,081

     

     

     

    515,971

     

    General and administrative

     

    72,597

     

     

     

    61,222

     

     

     

    141,452

     

     

     

    118,630

     

    Restructuring

     

    1,077

     

     

     

    63,880

     

     

     

    1,859

     

     

     

    92,450

     

    Total operating expenses

     

    565,648

     

     

     

    560,351

     

     

     

    1,111,209

     

     

     

    1,024,690

     

    Loss from operations

     

    (23,935

    )

     

     

    (116,169

    )

     

     

    (47,169

    )

     

     

    (159,217

    )

    Other income (expense):

     

     

     

     

     

     

     

     

     

     

     

    Interest income

     

    20,370

     

     

     

    13,542

     

     

     

    39,097

     

     

     

    24,013

     

    Interest expense

     

    (901

    )

     

     

    (937

    )

     

     

    (1,836

    )

     

     

    (1,867

    )

    Other expense

     

    1,784

     

     

     

    330

     

     

     

    14,945

     

     

     

    (465

    )

    Total other income

     

    21,253

     

     

     

    12,935

     

     

     

    52,206

     

     

     

    21,681

     

    (Loss) income before income tax expense

     

    (2,682

    )

     

     

    (103,234

    )

     

     

    5,037

     

     

     

    (137,536

    )

    Income tax expense

     

    (11,753

    )

     

     

    (8,569

    )

     

     

    (13,538

    )

     

     

    (10,987

    )

    Net loss

    $

    (14,435

    )

     

    $

    (111,803

    )

     

    $

    (8,501

    )

     

    $

    (148,523

    )

    Net loss per share, basic and diluted

    $

    (0.28

    )

     

    $

    (2.25

    )

     

    $

    (0.17

    )

     

    $

    (3.00

    )

    Weighted average common shares used in computing basic

    and diluted net loss per share:

     

    51,005

     

     

     

    49,703

     

     

     

    50,847

     

     

     

    49,550

     

     

    (1) In the three months ended March 31, 2024, we discovered an immaterial error in our calculation of Cost of Revenues—Subscription related to how we calculate contractual credits in one of our third-party vendor agreements. As a result, we have revised the Consolidated Statement of Operations by reducing Cost of Revenues- Subscription by $2.3 million for the three months ended June 30, 2023 and $4.0 million for the six months ended June 30, 2023 to reflect the revised impact of the credits on that period. We have also revised the balance sheet as of December 31, 2023 to reflect the cumulative impact of the error on prior periods, resulting in a decrease to accrued expenses and other current liabilities and a decrease to accumulated deficit totaling $14.2 million. Lastly, we have updated certain line items within the operating section of the statement of cash flows for the three and six months ended June 30, 2023 but note no net impact to cash flows provided by operating activities. Refer to our Form 10-Q for additional information.

    Consolidated Statements of Cash Flows

    (in thousands)

     

     

    For the Three Months Ended June 30,

     

     

    For the Six Months Ended June 30,

     

     

    2024

     

     

    2023(1)

     

     

    2024

     

     

    2023(1)

     

    Operating Activities:

     

     

     

     

     

     

     

     

     

     

     

    Net loss

    $

    (14,435

    )

     

    $

    (111,803

    )

     

    $

    (8,501

    )

     

    $

    (148,523

    )

    Adjustments to reconcile net loss to net cash and cash equivalents provided

    by operating activities

     

     

     

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

    22,204

     

     

     

    16,429

     

     

     

    43,438

     

     

     

    32,999

     

    Stock-based compensation

     

    128,994

     

     

     

    128,003

     

     

     

    240,116

     

     

     

    211,038

     

    Restructuring charges

    —

     

     

     

    62,657

     

     

    —

     

     

     

    64,938

     

    Gain on strategic investments

     

    (2,103

    )

     

    —

     

     

     

    (18,456

    )

     

    —

     

    Impairment of strategic investments

     

    479

     

     

     

    —

     

     

     

    4,094

     

     

     

    —

     

    (Benefit from) provision for deferred income taxes

     

    (45

    )

     

     

    4,755

     

     

     

    (212

    )

     

     

    4,802

     

    Amortization of debt discount and issuance costs

     

    502

     

     

     

    496

     

     

     

    1,002

     

     

     

    980

     

    Accretion of bond discount

     

    (10,517

    )

     

     

    (10,769

    )

     

     

    (23,080

    )

     

     

    (18,777

    )

    Unrealized currency translation

     

    (1,486

    )

     

     

    236

     

     

     

    (948

    )

     

     

    (122

    )

    Changes in assets and liabilities

     

     

     

     

     

     

     

     

     

     

     

    Accounts receivable

     

    (7,001

    )

     

     

    (8,991

    )

     

     

    18,422

     

     

     

    21,626

     

    Prepaid expenses and other assets

     

    (21,755

    )

     

     

    (27,028

    )

     

     

    (27,228

    )

     

     

    (47,445

    )

    Deferred commission expense

     

    (23,083

    )

     

     

    (18,495

    )

     

     

    (40,084

    )

     

     

    (37,034

    )

    Right-of-use assets

     

    13,994

     

     

     

    12,489

     

     

     

    20,384

     

     

     

    20,972

     

    Accounts payable

     

    1,082

     

     

     

    59

     

     

     

    (218

    )

     

     

    (17,814

    )

    Accrued expenses and other liabilities

     

    28,330

     

     

     

    23,868

     

     

     

    15,049

     

     

     

    46,527

     

    Operating lease liabilities

     

    (10,410

    )

     

     

    (8,156

    )

     

     

    (23,153

    )

     

     

    (17,985

    )

    Deferred revenue

     

    13,078

     

     

     

    12,793

     

     

     

    44,291

     

     

     

    41,431

     

    Net cash and cash equivalents provided by operating activities

     

    117,828

     

     

     

    76,543

     

     

     

    244,916

     

     

     

    157,613

     

    Investing Activities:

     

     

     

     

     

     

     

     

     

     

     

    Purchases of investments

     

    (252,339

    )

     

     

    (369,117

    )

     

     

    (651,717

    )

     

     

    (731,363

    )

    Maturities of investments

     

    496,805

     

     

     

    441,867

     

     

     

    849,595

     

     

     

    729,834

     

    Purchases of property and equipment

     

    (8,200

    )

     

     

    (10,879

    )

     

     

    (14,082

    )

     

     

    (14,189

    )

    Purchases of strategic investments

     

    (3,600

    )

     

    —

     

     

     

    (3,627

    )

     

     

    (6,000

    )

    Capitalization of software development costs

     

    (21,441

    )

     

     

    (16,473

    )

     

     

    (43,075

    )

     

     

    (31,595

    )

    Proceeds from net working capital settlement

     

    1,933

     

     

    —

     

     

     

    1,933

     

     

    —

     

    Net cash and cash equivalents provided by (used in) investing activities

     

    213,158

     

     

     

    45,398

     

     

     

    139,027

     

     

     

    (53,313

    )

    Financing Activities:

     

     

     

     

     

     

     

     

     

     

     

    Employee taxes paid related to the net share settlement of stock-based awards

     

    (4,696

    )

     

     

    (2,904

    )

     

     

    (13,484

    )

     

     

    (4,102

    )

    Proceeds related to the issuance of common stock under stock plans

     

    25,301

     

     

     

    13,296

     

     

     

    45,244

     

     

     

    24,550

     

    Net cash and cash equivalents provided by financing activities

     

    20,605

     

     

     

    10,392

     

     

     

    31,760

     

     

     

    20,448

     

    Effect of exchange rate changes on cash, cash equivalents and restricted cash

     

    (1,509

    )

     

     

    (274

    )

     

     

    (5,815

    )

     

     

    1,448

     

    Net increase in cash, cash equivalents and restricted cash

     

    350,082

     

     

     

    132,059

     

     

     

    409,888

     

     

     

    126,196

     

    Cash, cash equivalents and restricted cash, beginning of period

     

    451,846

     

     

     

    328,312

     

     

     

    392,040

     

     

     

    334,175

     

    Cash, cash equivalents and restricted cash, end of period

    $

    801,928

     

     

    $

    460,371

     

     

    $

    801,928

     

     

    $

    460,371

     

     

    (1) In the three months ended March 31, 2024, we discovered an immaterial error in our calculation of Cost of Revenues—Subscription related to how we calculate contractual credits in one of our third-party vendor agreements. As a result, we have revised the Consolidated Statement of Operations by reducing Cost of Revenues- Subscription by $2.3 million for the three months ended June 30, 2023 and $4.0 million for the six months ended June 30, 2023 to reflect the revised impact of the credits on that period. We have also revised the balance sheet as of December 31, 2023 to reflect the cumulative impact of the error on prior periods, resulting in a decrease to accrued expenses and other current liabilities and a decrease to accumulated deficit totaling $14.2 million. Lastly, we have updated certain line items within the operating section of the statement of cash flows for the three and six months ended June 30, 2023 but note no net impact to cash flows provided by operating activities. Refer to our Form 10-Q for additional information.

    Reconciliation of non-GAAP operating income and operating margin

    (in thousands, except percentages)

     

     

    Three Months Ended June 30,

     

     

    Six Months Ended June 30,

     

     

    2024

     

    2023

     

     

    2024

     

    2023

     

    GAAP operating loss

    $

    (23,935

    )

    $

    (116,169

    )

     

    $

    (47,169

    )

    $

    (159,217

    )

    Stock-based compensation

     

    128,994

     

     

    128,003

     

     

     

    240,116

     

     

    211,038

     

    Amortization of acquired intangible assets

     

    2,341

     

     

    851

     

     

     

    4,685

     

     

    1,696

     

    Acquisition related expense

     

    838

     

     

    —

     

     

     

    2,389

     

     

    —

     

    Restructuring charges

     

    1,077

     

     

    63,880

     

     

     

    1,859

     

     

    92,450

     

    Non-GAAP operating income

    $

    109,315

     

    $

    76,565

     

     

    $

    201,880

     

    $

    145,967

     

     

     

     

     

     

     

     

     

     

     

    GAAP operating margin

     

    (3.8

    %)

     

    (22.0

    %)

     

     

    (3.8

    %)

     

    (15.4

    %)

    Non-GAAP operating margin

     

    17.2

    %

     

    14.5

    %

     

     

    16.1

    %

     

    14.2

    %

    Reconciliation of non-GAAP net income

    (in thousands, except per share amounts)

     

     

    Three Months Ended June 30,

     

     

    Six Months Ended June 30,

     

     

    2024

     

    2023

     

     

    2024

     

    2023

     

    GAAP net loss

    $

    (14,435

    )

    $

    (111,803

    )

     

    $

    (8,501

    )

    $

    (148,523

    )

    Stock-based compensation

     

    128,994

     

     

    128,003

     

     

     

    240,116

     

     

    211,038

     

    Acquisition related expense

     

    838

     

    —

     

     

     

    2,389

     

    —

     

    Amortization of acquired intangibles assets

     

    2,341

     

     

    851

     

     

     

    4,685

     

     

    1,696

     

    Restructuring charges

     

    1,077

     

     

    63,880

     

     

     

    1,859

     

     

    92,450

     

    Non-cash interest expense for amortization of debt issuance costs

     

    502

     

     

    496

     

     

     

    1,002

     

     

    980

     

    Gain on strategic investments

     

    (1,624

    )

    —

     

     

     

    (14,362

    )

    —

     

    (Gain) loss on equity method investment

     

    (11

    )

     

    (188

    )

     

     

    54

     

     

    (66

    )

    Income tax effects of non-GAAP items

     

    (14,134

    )

     

    (9,393

    )

     

     

    (34,618

    )

     

    (22,725

    )

    Non-GAAP net income

    $

    103,548

     

    $

    71,846

     

     

    $

    192,624

     

    $

    134,850

     

     

     

     

     

     

     

     

     

     

     

    Non-GAAP net income per share:

     

     

     

     

     

     

     

     

     

    Basic

    $

    2.03

     

    $

    1.45

     

     

    $

    3.79

     

    $

    2.72

     

    Diluted

    $

    1.94

     

    $

    1.38

     

     

    $

    3.62

     

    $

    2.60

     

    Shares used in non-GAAP per share calculations

     

     

     

     

     

     

     

     

     

    Basic

     

    51,005

     

     

    49,703

     

     

     

    50,847

     

     

    49,550

     

    Diluted

     

    53,376

     

     

    52,100

     

     

     

    53,250

     

     

    51,798

     

    Reconciliation of non-GAAP expense and expense as a percentage of revenue

    (in thousands, except percentages)

     

     

    Three Months Ended June 30,

     

     

    2024

     

     

    2023

     

     

    COS, Subs-

    cription

     

    COS, Prof. services & other

     

    R&D

     

    S&M

     

    G&A

     

     

    COS, Subs-

    cription

     

    COS, Prof. services & other

     

    R&D

     

    S&M

     

    G&A

     

    GAAP expense

    $

    81,618

     

    $

    13,899

     

    $

    198,180

     

    $

    293,794

     

    $

    72,597

     

     

    $

    71,494

     

    $

    13,462

     

    $

    169,955

     

    $

    265,294

     

    $

    61,222

     

    Stock -based compensation

     

    (5,444

    )

     

    (1,128

    )

     

    (64,693

    )

     

    (36,168

    )

     

    (21,561

    )

     

     

    (3,516

    )

     

    (1,459

    )

     

    (64,060

    )

     

    (38,625

    )

     

    (20,343

    )

    Amortization of acquired

    intangible assets

     

    (1,879

    )

     

    —

     

     

    —

     

     

    (357

    )

     

    (105

    )

     

     

    (405

    )

     

    —

     

     

    —

     

     

    (446

    )

     

    —

     

    Acquisition related expense

     

    —

     

     

    —

     

     

    (709

    )

     

    —

     

     

    (129

    )

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

    Non-GAAP expense

    $

    74,295

     

    $

    12,771

     

    $

    132,778

     

    $

    257,269

     

    $

    50,802

     

     

    $

    67,573

     

    $

    12,003

     

    $

    105,895

     

    $

    226,223

     

    $

    40,879

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP expense as a

    percentage of revenue

     

    12.8

    %

     

    2.2

    %

     

    31.1

    %

     

    46.1

    %

     

    11.4

    %

     

     

    13.5

    %

     

    2.5

    %

     

    32.1

    %

     

    50.1

    %

     

    11.6

    %

    Non-GAAP expense as a

    percentage of revenue

     

    11.7

    %

     

    2.0

    %

     

    20.8

    %

     

    40.4

    %

     

    8.0

    %

     

     

    12.8

    %

     

    2.3

    %

     

    20.0

    %

     

    42.8

    %

     

    7.7

    %

     

    Six Months Ended June 30,

     

     

    2024

     

     

    2023

     

     

    COS, Subs-

    cription

     

    COS, Prof. services & other

     

    R&D

     

    S&M

     

    G&A

     

     

    COS, Subs-

    cription

     

    COS, Prof. services & other

     

    R&D

     

    S&M

     

    G&A

     

    GAAP expense

    $

    162,342

     

    $

    28,262

     

    $

    373,817

     

    $

    594,081

     

    $

    141,452

     

     

    $

    138,116

     

    $

    27,169

     

    $

    297,639

     

    $

    515,971

     

    $

    118,630

     

    Stock -based compensation

     

    (10,404

    )

     

    (2,215

    )

     

    (115,318

    )

     

    (71,325

    )

     

    (40,854

    )

     

     

    (6,259

    )

     

    (2,546

    )

     

    (97,384

    )

     

    (68,794

    )

     

    (36,055

    )

    Amortization of acquired

    intangible assets

     

    (3,761

    )

     

    —

     

     

    —

     

     

    (714

    )

     

    (210

    )

     

     

    (804

    )

     

    —

     

     

    —

     

     

    (892

    )

     

    —

     

    Acquisition related expense

     

    —

     

     

    —

     

     

    (1,755

    )

     

    —

     

     

    (634

    )

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

    Non-GAAP expense

    $

    148,177

     

    $

    26,047

     

    $

    256,744

     

    $

    522,042

     

    $

    99,754

     

     

    $

    131,053

     

    $

    24,623

     

    $

    200,255

     

    $

    446,285

     

    $

    82,575

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP expense as a

    percentage of revenue

     

    12.9

    %

     

    2.3

    %

     

    29.8

    %

     

    47.4

    %

     

    11.3

    %

     

     

    13.4

    %

     

    2.6

    %

     

    28.9

    %

     

    50.1

    %

     

    11.5

    %

    Non-GAAP expense as a

    percentage of revenue

     

    11.8

    %

     

    2.1

    %

     

    20.5

    %

     

    41.6

    %

     

    8.0

    %

     

     

    12.7

    %

     

    2.4

    %

     

    19.4

    %

     

    43.3

    %

     

    8.0

    %

    Reconciliation of non-GAAP subscription margin

    (in thousands, except percentages)

     

     

     

    Three Months Ended June 30,

     

     

    Six Months Ended June 30,

     

     

     

    2024

     

    2023

     

     

    2024

     

    2023

     

    GAAP subscription margin

     

    $

    542,145

     

    $

    446,184

     

     

    $

    1,065,217

     

    $

    869,305

     

    Stock-based compensation

     

     

    5,444

     

     

    3,516

     

     

     

    10,404

     

     

    6,259

     

    Amortization of acquired intangible assets

     

     

    1,879

     

     

    405

     

     

     

    3,761

     

     

    804

     

    Non-GAAP subscription margin

     

    $

    549,468

     

    $

    450,105

     

     

    $

    1,079,382

     

    $

    876,368

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP subscription margin percentage

     

     

    86.9

    %

     

    86.2

    %

     

     

    86.8

    %

     

    86.3

    %

    Non-GAAP subscription margin percentage

     

     

    88.1

    %

     

    86.9

    %

     

     

    87.9

    %

     

    87.0

    %

    Reconciliation of free cash flow

    (in thousands)

     

     

     

    Three Months Ended June 30,

     

     

    Six Months Ended June 30,

     

     

     

    2024

     

    2023

     

     

    2024

     

    2023

     

    GAAP net cash and cash equivalents provided by operating activities

     

    $

    117,828

     

    $

    76,543

     

     

    $

    244,916

     

    $

    157,613

     

    Purchases of property and equipment

     

     

    (8,200

    )

     

    (10,879

    )

     

     

    (14,082

    )

     

    (14,189

    )

    Capitalization of software development costs

     

     

    (21,441

    )

     

    (16,473

    )

     

     

    (43,075

    )

     

    (31,595

    )

    Payment of restructuring charges

     

     

    3,881

     

     

    10,425

     

     

     

    8,071

     

     

    32,939

     

    Non-GAAP free cash flow

     

    $

    92,068

     

    $

    59,616

     

     

    $

    195,830

     

    $

    144,768

     

    Reconciliation of operating cash flow

    (in thousands)

     

     

     

    Three Months Ended June 30,

     

     

    Six Months Ended June 30,

     

     

     

    2024

     

    2023

     

     

    2024

     

    2023

     

    GAAP net cash and cash equivalents provided by operating activities

     

    $

    117,828

     

    $

    76,543

     

     

    $

    244,916

     

    $

    157,613

     

    Payment of restructuring charges

     

     

    3,881

     

     

    10,425

     

     

     

    8,071

     

     

    32,939

     

    Non-GAAP operating cash flow

     

    $

    121,709

     

    $

    86,968

     

     

    $

    252,987

     

    $

    190,552

     

    Reconciliation of forecasted non-GAAP operating income

    (in thousands, except percentages)

     

    Three Months Ended

    September 30, 2024

     

     

    Year Ended

    December 31, 2024

    GAAP operating income range

    ($31,149)-($30,299)

     

     

    ($96,152)-($92,752)

    Stock-based compensation

    134,049

     

     

    516,149

    Amortization of acquired intangible assets

    2,350

     

     

    9,403

    Acquisition related expense

    800

     

     

    3,800

    Restructuring charges

    950-1,100

     

     

    3,800-4,400

    Non-GAAP operating income range

    $107,000-$108,000

     

     

    $437,000-$441,000

    Reconciliation of forecasted non-GAAP net income and non-GAAP net income per share

    (in thousands, except per share amounts)

     

     

     

     

     

     

    Three Months Ended

    September 30, 2024

     

     

    Year Ended

    December 31, 2024

    GAAP net loss range

    ($15,057)-($13,894)

     

     

    ($30,085)-($26,935)

    Stock-based compensation

    134,049

     

     

    516,149

    Amortization of acquired intangible assets

    2,350

     

     

    9,403

    Acquisition related expense

    800

     

     

    3,800

    Non-cash interest expense for amortization of debt issuance costs

    503

     

     

    2,019

    Gain on strategic investments

    —

     

     

    (14,362)

    Loss on equity method investment

    —

     

     

    54

    Restructuring charges

    950-1,100

     

     

    3,800-4,400

    Income tax effects of non-GAAP items

    (22,795)-(23,058)

     

     

    (82,578)-(83,328)

    Non-GAAP net income range

    $100,800-$101,850

     

     

    $408,200-$411,200

     

     

     

     

     

    GAAP net income per basic and diluted share

    ($0.29)-($0.27)

     

     

    ($0.59)-($0.53)

    Non-GAAP net income per diluted share

    $1.89-$1.91

     

     

    $7.64-$7.70

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares used in computing GAAP basic and diluted net loss per share:

    51,367

     

     

    51,182

    Weighted average common shares used in computing non-GAAP diluted net loss per share:

    53,454

     

     

    53,422

    HubSpot's estimates of stock-based compensation, amortization of acquired intangible assets, non-cash interest expense for amortization of debt issuance costs, gain on or impairment of strategic investments, loss of equity method investment, restructuring charges, and income tax effects of non-GAAP items assume, among other things, the occurrence of no additional acquisitions, and no further revisions to stock-based compensation and related expenses.

    Non-GAAP Financial Measures

    We report our financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, management believes that, in order to properly understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in frequency and impact on continuing operations. In this release, HubSpot's non-GAAP operating income, operating margin, subscription margin, expense, expense as a percentage of revenue, net income, operating and free cash flow are not presented in accordance with GAAP and are not intended to be used in lieu of GAAP presentations of results of operations. Non-GAAP operating cash flow is defined as cash and cash equivalents provided by or used in operating activities plus payment of restructuring charges. Non-GAAP free cash flow is defined as cash and cash equivalents provided by or used in operating activities less purchases of property and equipment and capitalization of software development costs, plus payment of restructuring charges. Although non-GAAP operating cash flow and non-GAAP free cash flow are not residual cash flow available for our discretionary expenditures, we believe information regarding non-GAAP operating cash flow and non-GAAP free cash flow provide useful information to investors in understanding and evaluating the strength of our liquidity and provides a comparable framework for assessing how our business performed when compared to prior periods which were not impacted by restructuring charges paid from operating cash flow.

    Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. Specifically, these non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management's ability to make useful forecasts. In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. Management may, however, utilize other measures to illustrate performance in the future. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included above in this press release.

    These non-GAAP measures exclude stock-based compensation, amortization of acquired intangible assets, acquisition related expenses, disposition related income, non-cash interest expense for the amortization of debt issuance costs, gain or impairment losses on strategic investments, gain or loss on equity method investment, restructuring charges and account for the income tax effects of the exclusion of these non-GAAP items. We believe investors may want to incorporate the effects of these items in order to compare our financial performance with that of other companies and between time periods:

    A.

    Stock-based compensation is a non-cash expense accounted for in accordance with FASB ASC Topic 718. We believe that the exclusion of stock-based compensation expense allows for financial results that are more indicative of our operational performance and provide for a useful comparison of our operating results to prior periods and to our peer companies because stock-based compensation expense varies from period to period and company to company due to such things as differing valuation methodologies and changes in stock price.

     

    B.

    Expense for the amortization of acquired intangible assets is excluded from non-GAAP expense and income measures as HubSpot views amortization of these assets as arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of purchased intangibles is a non-cash expense that is not typically affected by operations during any particular period. Valuation and subsequent amortization of intangible assets can also be inconsistent in amount and frequency because they can significantly vary based on the timing and size of acquisitions and the inherently subjective nature of the degree to which a purchase price is allocated to intangible assets. We believe that the exclusion of this amortization expense provides for a useful comparison of our operating results to prior periods, for which we have historically excluded amortization expense, and to our peer companies, which commonly exclude acquired intangible asset amortization. It is important to note that although we exclude amortization of acquired intangible assets from our non-GAAP expense and income measures, revenue generated from such intangibles is included within our non-GAAP income measures. The use of these intangible assets contributed to our revenues earned during the periods presented and will contribute to future periods as well.

     

    C.

    Acquisition related expenses, such as transaction costs, retention payments, and holdback payments, and disposition related income, such as proceeds from sale of assets, are transactions that are not necessarily reflective of our operational performance during a period. We believe that the exclusion of these expenses and income provides for a useful comparison of our operating results to prior periods and to our peer companies, which commonly exclude these expenses and income.

     

    D.

    In June 2020, we issued $460 million of convertible notes due in 2025 with a coupon interest rate of 0.375%. The issuance cost of the debt is amortized as interest expense over the remaining term of the debt. We believe the exclusion of this non-cash interest expense provides for a useful comparison of our operating results to prior periods and to our peer companies.

     

    E

    Strategic investments consist of non-controlling equity investments in privately held companies. The recognition of gains or impairment losses can vary significantly across periods and we do not view them to be indicative of our fundamental operating activities and believe the exclusion of gains or impairment losses provides for a useful comparison of our operating results to prior periods and to our peer companies.

     

    F.

    We made a contribution to the Black Economic Development Fund (the "investee") managed by the Local Initiatives Support Corporation and have committed to make additional capital contributions. We account for this investment under the equity method of accounting. The proportionate share of our equity method investee's net earnings have been excluded in order to provide a comparable view of our operating results to prior periods and to our peer companies. We believe this activity is not reflective of our recurring core business operating results.

     

    G.

    Restructuring charges are related to severance, employee related benefits, facilities and other costs associated with the restructuring plan implemented on January 25, 2023. Restructuring charges fluctuate in amount and frequency and are not reflective of our core business operating results. Over the remaining lease term (into 2027), we expect to both incur incremental restructuring charges and make cash payments related to the facilities that we abandoned in 2023. The abandonment of facilities is part of the restructuring plan we authorized in January 2023 and is intended to consolidate our lease space and create higher density across our workspaces. The incremental charges we expect to incur relate to continuing costs for the abandoned facilities and are expected to be in the range of $13-16 million and will be paid in cash over the remaining lease term. We also expect to make cash payments of approximately $51.0 million in fixed rent payments for the abandoned facilities that will be made in monthly installments over the remaining lease term for which we have taken the full P&L restructuring charge during the year ended 2023. We plan on excluding both the incremental charges and cash payments and the related restructuring cash rent payments from our non-GAAP earnings, operating cash flow, and free cash flow metrics. We believe exclusion of these charges and cash payments provides useful information to investors in understanding and evaluating the strength of earnings and liquidity and provides a comparable framework for assessing how our business performed when compared to prior periods which were not impacted by excluded restructuring charges paid from operating cash flow.

     

    H.

    The effects of income taxes on non-GAAP items reflect a fixed long-term projected tax rate of 20% to provide better consistency across reporting periods. To determine this long-term non-GAAP tax rate, we exclude the impact of other non-GAAP adjustments and take into account other factors such as our current operating structure and existing tax positions in various jurisdictions. We will periodically reevaluate this tax rate, as necessary, for significant events such as relevant tax law changes and material changes in our forecasted geographic earnings mix.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240807979848/en/

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