0000950170-25-018839.txt : 20250212 0000950170-25-018839.hdr.sgml : 20250212 20250212161008 ACCESSION NUMBER: 0000950170-25-018839 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20250212 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20250212 DATE AS OF CHANGE: 20250212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUBSPOT INC CENTRAL INDEX KEY: 0001404655 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] ORGANIZATION NAME: 06 Technology IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36680 FILM NUMBER: 25614874 BUSINESS ADDRESS: STREET 1: 2 CANAL PARK CITY: CAMBRIDGE STATE: MA ZIP: 02141 BUSINESS PHONE: (888) 482-7768 MAIL ADDRESS: STREET 1: 2 CANAL PARK CITY: CAMBRIDGE STATE: MA ZIP: 02141 8-K 1 hubs-20250212.htm 8-K 8-K
0001404655false00014046552025-02-122025-02-12

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 12, 2025

HUBSPOT, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-36680

20-2632791

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

Two Canal Park,

Cambridge, Massachusetts

02141

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (888) 482-7768

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, Par Value $0.001 per share

 

HUBS

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

On February 12, 2025, HubSpot, Inc. (the “Company”) issued a press release announcing its financial results and other information for the quarter and year ended December 31, 2024. The full text of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

The information under this Item 2.02, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 


Item 9.01 Financial Statements and Exhibits.

 

(d)

Exhibits

 

 

 

Exhibit
No.

Description

 

 

99.1

Press Release of HubSpot, Inc. dated February 12, 2025 furnished herewith

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

HubSpot, Inc.

February 12, 2025

By:

/s/ Kate Bueker

Name: Kate Bueker

Title: Chief Financial Officer

 

 


EX-99.1 2 hubs-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

img151174279_0.jpg

 

HubSpot Reports Q4 and Full Year 2024 Results

 

CAMBRIDGE, MA (February 12, 2025) — HubSpot, Inc. (NYSE: HUBS), the customer platform for scaling companies, today announced financial results for the fourth quarter and full year ended December 31, 2024.


Financial Highlights:

 

Revenue

Fourth Quarter 2024:

Total revenue was $703.2 million, up 21% on an as-reported basis and 20% in constant currency compared to Q4'23.
o
Subscription revenue was $687.3 million, up 21% on an as-reported basis compared to Q4'23.
o
Professional services and other revenue was $15.9 million, up 36% on an as-reported basis compared to Q4'23.

 

Full Year 2024:

Total revenue was $2.63 billion, up 21% on an as-reported basis and in constant currency compared to 2023.
o
Subscription revenue was $2.57 billion, up 21% on an as-reported basis compared to 2023.
o
Professional services and other revenue was $58.0 million, up 24% on an as-reported basis compared to 2023.

Operating Income (Loss)

Fourth Quarter 2024:

GAAP operating margin was (1.5%), compared to (4.0%) in Q4'23.
Non-GAAP operating margin was 18.9%, compared to 17.1% in Q4'23.
GAAP operating loss was ($10.8) million, compared to ($23.2) million in Q4'23.
Non-GAAP operating income was $133.1 million, compared to $99.3 million in Q4'23.

 

Full Year 2024:

GAAP operating margin was (2.6%), compared to (9.3%) in 2023.
Non-GAAP operating margin was 17.5%, compared to 15.5% in 2023.
GAAP operating loss was ($67.6) million, compared to ($200.9) million in 2023.
Non-GAAP operating income was $460.2 million, compared to $337.4 million in 2023.

 

Net Income (Loss)

Fourth Quarter 2024:

GAAP net income was $4.9 million, or $0.10 per basic and $0.09 per diluted share, compared to net loss of ($12.4) million, or ($0.25) per basic and diluted share in Q4'23.
Non-GAAP net income was $124.9 million, or $2.42 per basic and $2.32 per diluted share, compared to $93.3 million, or $1.85 per basic and $1.77 per diluted share in Q4'23.
Weighted average basic and diluted shares outstanding for GAAP net income (loss) per share was 51.7 million and 52.2 million respectively, compared to 50.3 million basic and diluted shares in Q4'23.
Weighted average basic and diluted shares outstanding for non-GAAP net income per share was 51.7 million and 53.9 million respectively, compared to 50.3 million and 52.6 million, respectively in Q4'23.

 

Full Year 2024:

Page | 1

 


 

GAAP net income was $4.6 million, or $0.09 per basic and diluted share, compared to net loss of ($164.5) million, or ($3.30) per basic and diluted share in 2023.
Non-GAAP net income was $434.1 million, or $8.48 per basic and $8.12 per diluted share, compared to $313.1 million, or $6.28 per basic and $6.00 per diluted share in 2023.
Weighted average basic and diluted shares outstanding for GAAP net income (loss) per share was 51.2 million and 51.8 million respectively, compared to 49.9 million basic and diluted shares in 2023.
Weighted average basic and diluted shares outstanding for non-GAAP net income per share was 51.2 million and 53.4 million respectively, compared to 49.9 million and 52.2 million, respectively in 2023.

 

Balance Sheet and Cash Flow

The company’s cash, cash equivalents, and short-term and long-term investments balance was $2.2 billion as of December 31, 2024.
During the fourth quarter, the company generated $194.1 million of cash from operating cash flow, compared to $104.3 million during Q4'23.
During the fourth quarter, the company generated $198.6 million of cash from non-GAAP operating cash flow and $163.0 million of non-GAAP free cash flow, compared to $108.7 million of cash from non-GAAP operating cash flow and $83.0 million of non-GAAP free cash flow during Q4'23.
During 2024, the company generated $598.6 million of cash from operating cash flow, compared to $351.0 million during 2023.
During 2024, the company generated $615.6 million of cash from non-GAAP operating cash flow and $488.1 million of non-GAAP free cash flow, compared to $392.5 million of cash from non-GAAP operating cash flow and $292.5 million of non-GAAP free cash flow during 2023.

 

Additional Recent Business Highlights

Grew Customers to 247,939 at December 31, 2024, up 21% from December 31, 2023.
Average Subscription Revenue Per Customer was $11,312 during the fourth quarter of 2024, down 0.5% on an as-reported basis compared to the fourth quarter of 2023.
Calculated billings were $767.6 million in the fourth quarter of 2024, up 16% on an as-reported basis and 21% in constant currency compared to Q4'23.

 

“We had a solid finish to 2024, highlighting our leadership as a platform company”, said Yamini Rangan, Chief Executive Officer at HubSpot. “2024 was a transformative year for HubSpot as we reimagined our product, our platform, and company with AI. I’m excited by the progress we’ve made in embedding AI across our hubs and the value it’s driving for customers. Heading into 2025, we're focused on cementing our position as the leading AI-first customer platform for scaling companies. We are entering the year with more clarity on strategy, more alignment on outcomes and more urgency in execution than ever before.”
 

Business Outlook
Based on information available as of February 12, 2025, HubSpot is issuing guidance for the full year 2025 and first quarter of 2025 as indicated below.

 

Full Year 2025:

Total revenue is expected to be in the range of $2.985 billion to $2.995 billion, up 14% year over year on an as-reported basis and 16% in constant currency.
Non-GAAP operating income is expected to be in the range of $543.0 million to $547.0 million, representing an 18% operating profit margin.
Non-GAAP net income per common share is expected to be in the range of $9.11 to $9.19. This assumes approximately 53.9 million weighted average diluted shares outstanding.

 

First Quarter 2025:

Total revenue is expected to be in the range of $697.0 million to $699.0 million, up 13% year over year on an as-reported basis and 15% in constant currency.

Page | 2


 

Non-GAAP operating income is expected to be in the range of $98.0 million to $99.0 million, representing a 14% operating profit margin.
Non-GAAP net income per common share is expected to be in the range of $1.74 to $1.76. This assumes approximately 54.1 million weighted average diluted shares outstanding.

 

 

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, February 12, 2025 at 4:30 p.m. Eastern Time (ET) to discuss the company’s fourth quarter and full year 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.

 

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 1,700 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 first fiscal quarter of and full year 2025 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

Page | 3


 

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.

 

Page | 4


 

Consolidated Balance Sheets

(in thousands)

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023(1)

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

512,667

 

 

$

387,987

 

Short-term investments

 

 

1,556,828

 

 

 

1,000,245

 

Accounts receivable

 

 

334,829

 

 

 

295,303

 

Deferred commission expense

 

 

148,693

 

 

 

99,326

 

Prepaid expenses and other current assets

 

 

80,586

 

 

 

88,679

 

Total current assets

 

 

2,633,603

 

 

 

1,871,540

 

Long-term investments

 

 

154,212

 

 

 

325,703

 

Property and equipment, net

 

 

114,165

 

 

 

103,331

 

Capitalized software development costs, net

 

 

154,484

 

 

 

106,229

 

Right-of-use assets

 

 

216,230

 

 

 

251,071

 

Deferred commission expense, net of current portion

 

 

160,814

 

 

 

122,194

 

Other assets

 

 

115,254

 

 

 

75,247

 

Intangible assets, net

 

 

37,563

 

 

 

42,316

 

Goodwill

 

 

209,508

 

 

 

173,761

 

Total assets

 

$

3,795,833

 

 

$

3,071,392

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

3,649

 

 

$

9,106

 

Accrued compensation costs

 

 

67,442

 

 

 

53,462

 

Accrued commissions

 

 

102,043

 

 

 

78,169

 

Accrued expenses and other current liabilities

 

 

125,135

 

 

 

94,074

 

Operating lease liabilities

 

 

32,693

 

 

 

35,047

 

Convertible senior notes

 

 

458,184

 

 

 

Deferred revenue

 

 

784,253

 

 

 

672,150

 

Total current liabilities

 

 

1,573,399

 

 

 

942,008

 

Operating lease liabilities, net of current portion

 

 

254,539

 

 

 

296,561

 

Deferred revenue, net of current portion

 

 

3,969

 

 

 

5,810

 

Other long-term liabilities

 

 

55,640

 

 

 

36,459

 

Convertible senior notes, net of current portion

 

 

 

 

456,206

 

Total liabilities

 

 

1,887,547

 

 

 

1,737,044

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock

 

 

52

 

 

 

50

 

Additional paid-in capital

 

 

2,713,697

 

 

 

2,136,908

 

Accumulated other comprehensive (loss) income

 

 

(5,654

)

 

 

1,827

 

Accumulated deficit

 

 

(799,809

)

 

 

(804,437

)

Total stockholders’ equity

 

 

1,908,286

 

 

 

1,334,348

 

Total liabilities and stockholders’ equity

 

$

3,795,833

 

 

$

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 $1.2 million for the three months ended December 31, 2023 and $7.1 million for the year ended December 31, 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 months and year ended December 31, 2023 but note no net impact to cash flows provided by operating activities. Refer to our Form 10-K for additional information.

 

 

 

Page | 5


 

Consolidated Statements of Operations

(in thousands, except per share data)

 

 

Three Months Ended December 31,

 

 

For the Year Ended December 31,

 

 

2024

 

 

2023(1)

 

 

2024

 

 

2023(1)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Subscription

$

687,316

 

 

$

570,225

 

 

$

2,569,546

 

 

$

2,123,479

 

Professional services and other

 

15,856

 

 

 

11,689

 

 

 

57,997

 

 

 

46,751

 

Total revenue

 

703,172

 

 

 

581,914

 

 

 

2,627,543

 

 

 

2,170,230

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

Subscription

 

89,505

 

 

 

73,664

 

 

 

336,878

 

 

 

283,675

 

Professional services and other

 

13,867

 

 

 

13,777

 

 

 

56,387

 

 

 

54,687

 

Total cost of revenues

 

103,372

 

 

 

87,441

 

 

 

393,265

 

 

 

338,362

 

Gross profit

 

599,800

 

 

 

494,473

 

 

 

2,234,278

 

 

 

1,831,868

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

213,711

 

 

 

163,234

 

 

 

778,714

 

 

 

617,745

 

Sales and marketing

 

314,864

 

 

 

281,136

 

 

 

1,218,844

 

 

 

1,068,560

 

General and administrative

 

80,931

 

 

 

69,708

 

 

 

300,332

 

 

 

249,649

 

Restructuring

 

1,143

 

 

 

3,547

 

 

 

3,990

 

 

 

96,843

 

Total operating expenses

 

610,649

 

 

 

517,625

 

 

 

2,301,880

 

 

 

2,032,797

 

Loss from operations

 

(10,849

)

 

 

(23,152

)

 

 

(67,602

)

 

 

(200,929

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

21,829

 

 

 

18,633

 

 

 

82,706

 

 

 

58,828

 

Interest expense

 

(949

)

 

 

(984

)

 

 

(3,721

)

 

 

(3,801

)

Other income (expense)

 

2,913

 

 

 

(2,551

)

 

 

17,294

 

 

 

(4,673

)

Total other income

 

23,793

 

 

 

15,098

 

 

 

96,279

 

 

 

50,354

 

Income (loss) before income tax expense

 

12,944

 

 

 

(8,054

)

 

 

28,677

 

 

 

(150,575

)

Income tax expense

 

(8,009

)

 

 

(4,360

)

 

 

(24,049

)

 

 

(13,935

)

Net income (loss)

$

4,935

 

 

$

(12,414

)

 

$

4,628

 

 

$

(164,510

)

Net income (loss) per share, basic

$

0.10

 

 

$

(0.25

)

 

$

0.09

 

 

$

(3.30

)

Net income (loss) per share, diluted

$

0.09

 

 

$

(0.25

)

 

$

0.09

 

 

$

(3.30

)

Weighted average common shares used in
   computing basic net income (loss) per share:

 

51,657

 

 

 

50,347

 

 

 

51,178

 

 

 

49,877

 

Weighted average common shares used in
   computing diluted net income (loss) per share:

 

52,242

 

 

 

50,347

 

 

 

51,819

 

 

 

49,877

 

 

(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 $1.2 million for the three months ended December 31, 2023 and $7.1 million for the year ended December 31, 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 months and year ended December 31, 2023 but note no net impact to cash flows provided by operating activities. Refer to our Form 10-K for additional information.

 

 

 

 

 

 

 

Page | 6


 

Consolidated Statements of Cash Flows

(in thousands)

 

For the Three Months Ended December 31,

 

 

For the Year Ended December 31,

 

 

2024

 

 

2023(1)

 

 

2024

 

 

2023(1)

 

Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

4,935

 

 

$

(12,414

)

 

$

4,628

 

 

$

(164,510

)

Adjustments to reconcile net income (loss) to net cash and cash equivalents provided
   by operating activities

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

28,381

 

 

 

19,165

 

 

 

96,828

 

 

 

72,673

 

Stock-based compensation

 

134,388

 

 

 

113,726

 

 

 

504,770

 

 

 

432,271

 

Restructuring charges

 

 

 

2,325

 

 

 

 

 

67,263

 

Gain on strategic investments

 

(2,690

)

 

 

 

 

(21,245

)

 

 

Impairment of strategic investments

 

1,212

 

 

 

1,704

 

 

 

5,306

 

 

 

1,704

 

Provision for (benefit from) deferred income taxes

 

3,301

 

 

 

265

 

 

 

2,690

 

 

 

550

 

Amortization of debt discount and issuance costs

 

511

 

 

 

509

 

 

 

2,012

 

 

 

1,986

 

Accretion of bond discount

 

(14,982

)

 

 

(12,694

)

 

 

(51,676

)

 

 

(42,907

)

Unrealized currency translation

 

1,827

 

 

 

1,039

 

 

 

(1,550

)

 

 

(341

)

Changes in assets and liabilities

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(62,241

)

 

 

(70,791

)

 

 

(48,428

)

 

 

(57,618

)

Prepaid expenses and other assets

 

4,191

 

 

 

(11,025

)

 

 

(4,415

)

 

 

(47,048

)

Deferred commission expense

 

(35,262

)

 

 

(26,843

)

 

 

(96,687

)

 

 

(81,178

)

Right-of-use assets

 

5,836

 

 

 

5,929

 

 

 

32,297

 

 

 

29,173

 

Accounts payable

 

(6,026

)

 

 

(8,866

)

 

 

(4,577

)

 

 

(14,031

)

Accrued expenses and other liabilities

 

49,807

 

 

 

41,013

 

 

 

89,129

 

 

 

79,947

 

Operating lease liabilities

 

(8,966

)

 

 

(7,956

)

 

 

(41,521

)

 

 

(36,889

)

Deferred revenue

 

89,919

 

 

 

69,227

 

 

 

131,038

 

 

 

109,926

 

Net cash and cash equivalents provided by operating activities

 

194,141

 

 

 

104,313

 

 

 

598,599

 

 

 

350,971

 

Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of investments

 

(507,272

)

 

 

(443,221

)

 

 

(1,993,610

)

 

 

(1,580,504

)

Maturities of investments

 

503,046

 

 

 

347,750

 

 

 

1,658,601

 

 

 

1,502,534

 

Sale of investments

 

 

 

 

 

1,997

 

 

 

Purchases of property and equipment

 

(12,726

)

 

 

(8,687

)

 

 

(37,939

)

 

 

(33,718

)

Purchases of strategic investments

 

(3,972

)

 

 

(2,913

)

 

 

(15,538

)

 

 

(14,413

)

Purchases of intangible assets

 

(1,231

)

 

 

(164

)

 

 

(1,231

)

 

 

(164

)

Capitalization of software development costs

 

(22,915

)

 

 

(17,084

)

 

 

(89,636

)

 

 

(66,372

)

Acquisition of a business, net of cash acquired

 

(40,438

)

 

 

(142,129

)

 

 

(40,438

)

 

 

(142,129

)

Proceeds from net working capital settlement

 

 

 

 

 

1,933

 

 

 

Net cash and cash equivalents used in investing activities

 

(85,508

)

 

 

(266,448

)

 

 

(515,861

)

 

 

(334,766

)

Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

Repayment of 2025 Convertible Notes attributable to the principal

 

(57

)

 

 

(13

)

 

 

(57

)

 

 

(13

)

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

 

(4,172

)

 

 

(3,143

)

 

 

(21,949

)

 

 

(10,714

)

Proceeds related to the issuance of common stock under stock plans

 

14,290

 

 

 

9,804

 

 

 

75,501

 

 

 

47,738

 

Net cash and cash equivalents provided by financing activities

 

10,061

 

 

 

6,648

 

 

 

53,495

 

 

 

37,011

 

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

 

(16,087

)

 

 

8,829

 

 

 

(11,553

)

 

 

4,649

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

102,607

 

 

 

(146,658

)

 

 

124,680

 

 

 

57,865

 

Cash, cash equivalents and restricted cash, beginning of period

 

414,113

 

 

 

538,698

 

 

 

392,040

 

 

 

334,175

 

Cash, cash equivalents and restricted cash, end of period

$

516,720

 

 

$

392,040

 

 

$

516,720

 

 

$

392,040

 

 

(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 $1.2 million for the three months ended December 31, 2023 and $7.1 million for the year ended December 31, 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 months and year ended December 31, 2023 but note no net impact to cash flows provided by operating activities. Refer to our Form 10-K for additional information.

 

Page | 7


 

Reconciliation of non-GAAP operating income and operating margin

(in thousands, except percentages)

 

 

For the Three Months Ended December 31,

For the Year Ended December 31,

 

 

2024

 

2023

 

 

2024

 

2023

 

GAAP operating loss

$

(10,849

)

$

(23,152

)

 

$

(67,602

)

$

(200,929

)

Stock-based compensation

 

134,388

 

 

113,726

 

 

 

504,770

 

 

432,271

 

Amortization of acquired intangible assets

 

2,527

 

 

1,304

 

 

 

9,557

 

 

5,311

 

Acquisition related expense

 

5,863

 

 

3,906

 

 

 

9,496

 

 

3,906

 

Restructuring charges

 

1,143

 

 

3,547

 

 

 

3,990

 

 

96,843

 

Non-GAAP operating income

$

133,072

 

$

99,331

 

 

$

460,211

 

$

337,402

 

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

(1.5

%)

 

(4.0

%)

 

 

(2.6

%)

 

(9.3

%)

Non-GAAP operating margin

 

18.9

%

 

17.1

%

 

 

17.5

%

 

15.5

%

 

Reconciliation of non-GAAP net income

(in thousands, except per share amounts)

 

 

For the Three Months Ended December 31,

 

 

For the Year Ended December 31,

 

 

2024

 

2023

 

 

2024

 

2023

 

GAAP net income (loss)

$

4,935

 

$

(12,414

)

 

$

4,628

 

$

(164,510

)

Stock-based compensation

 

134,388

 

 

113,726

 

 

 

504,770

 

 

432,271

 

Acquisition related expense

 

5,863

 

 

3,906

 

 

 

9,496

 

 

3,906

 

Amortization of acquired intangibles assets

 

2,527

 

 

1,304

 

 

 

9,557

 

 

5,311

 

Restructuring charges

 

1,143

 

 

3,547

 

 

 

3,990

 

 

96,843

 

Non-cash interest expense for amortization of debt issuance costs

 

511

 

 

509

 

 

 

2,012

 

 

1,986

 

(Gain)/loss on strategic investments

 

(1,307

)

 

1,723

 

 

 

(15,854

)

 

1,627

 

Income tax effects of non-GAAP items

 

(23,205

)

 

(18,972

)

 

 

(84,481

)

 

(64,339

)

Non-GAAP net income

$

124,855

 

$

93,329

 

 

$

434,118

 

$

313,095

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income per share:

 

 

 

 

 

 

 

 

 

Basic

$

2.42

 

$

1.85

 

 

$

8.48

 

$

6.28

 

Diluted

$

2.32

 

$

1.77

 

 

$

8.12

 

$

6.00

 

Shares used in non-GAAP per share calculations

 

 

 

 

 

 

 

 

 

Basic

 

51,657

 

 

50,347

 

 

 

51,178

 

 

49,877

 

Diluted (1)

 

53,867

 

 

52,621

 

 

 

53,444

 

 

52,188

 

 

(1) The non-GAAP diluted share count includes shares related to our 2025 notes using the if converted method. The GAAP diluted share count excludes shares related to our 2025 notes using the if converted method because inclusion of those shares would be anti-dilutive.

 

 

 

 

Page | 8


 

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

(in thousands, except percentages)

 

 

For the Three Months Ended December 31,

 

 

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

$

89,505

 

$

13,867

 

$

213,711

 

$

314,864

 

$

80,931

 

 

$

73,664

 

$

13,777

 

$

163,234

 

$

281,136

 

$

69,708

 

Stock -based compensation

 

(6,802

)

 

(1,011

)

 

(65,250

)

 

(38,235

)

 

(23,090

)

 

 

(3,542

)

 

(1,210

)

 

(37,129

)

 

(52,108

)

 

(19,737

)

Amortization of acquired
  intangible assets

 

(1,882

)

 

(133

)

 

 

 

(407

)

 

(105

)

 

 

(911

)

 

 

 

 

 

(358

)

 

(35

)

Acquisition related expense

 

 

 

 

 

(3,908

)

 

(83

)

 

(1,872

)

 

 

 

 

 

 

(255

)

 

 

 

(3,651

)

Non-GAAP expense

$

80,821

 

$

12,723

 

$

144,553

 

$

276,139

 

$

55,864

 

 

$

69,211

 

$

12,567

 

$

125,850

 

$

228,670

 

$

46,285

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP expense as a
  percentage of revenue

 

12.7

%

 

2.0

%

 

30.4

%

 

44.8

%

 

11.5

%

 

 

12.7

%

 

2.4

%

 

28.1

%

 

48.3

%

 

12.0

%

Non-GAAP expense as a
  percentage of revenue

 

11.5

%

 

1.8

%

 

20.6

%

 

39.3

%

 

7.9

%

 

 

11.9

%

 

2.2

%

 

21.6

%

 

39.3

%

 

8.0

%

 

 

For the Year Ended December 31,

 

 

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

$

336,878

 

$

56,387

 

$

778,714

 

$

1,218,844

 

$

300,332

 

 

$

283,675

 

$

54,687

 

$

617,745

 

$

1,068,560

 

$

249,649

 

Stock -based compensation

 

(23,613

)

 

(4,339

)

 

(243,164

)

 

(145,778

)

 

(87,876

)

 

 

(12,652

)

 

(4,958

)

 

(198,953

)

 

(140,362

)

 

(75,346

)

Amortization of acquired
  intangible assets

 

(7,525

)

 

(133

)

 

 

 

(1,479

)

 

(420

)

 

 

(2,123

)

 

 

 

 

 

(3,153

)

 

(35

)

Acquisition related expense

 

 

 

 

 

(6,427

)

 

(83

)

 

(2,986

)

 

 

 

 

 

 

(255

)

 

 

 

(3,651

)

Non-GAAP expense

$

305,740

 

$

51,915

 

$

529,123

 

$

1,071,504

 

$

209,050

 

 

$

268,900

 

$

49,729

 

$

418,537

 

$

925,045

 

$

170,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP expense as a
  percentage of revenue

 

12.8

%

 

2.1

%

 

29.6

%

 

46.4

%

 

11.4

%

 

 

13.1

%

 

2.5

%

 

28.5

%

 

49.2

%

 

11.5

%

Non-GAAP expense as a
  percentage of revenue

 

11.6

%

 

2.0

%

 

20.1

%

 

40.8

%

 

8.0

%

 

 

12.4

%

 

2.3

%

 

19.3

%

 

42.6

%

 

7.9

%

 

 

 

 

Page | 9


 

Reconciliation of non-GAAP subscription margin

(in thousands, except percentages)

 

 

 

For the Three Months Ended December 31,

 

 

For the Year Ended December 31,

 

 

 

2024

 

2023

 

 

2024

 

2023

 

GAAP subscription margin

 

$

597,811

 

$

496,561

 

 

$

2,232,668

 

$

1,839,804

 

Stock-based compensation

 

 

6,802

 

 

3,542

 

 

 

23,613

 

 

12,652

 

Amortization of acquired intangible assets

 

 

1,882

 

 

911

 

 

 

7,525

 

 

2,123

 

Non-GAAP subscription margin

 

$

606,495

 

$

501,014

 

 

$

2,263,806

 

$

1,854,579

 

 

 

 

 

 

 

 

 

 

 

 

GAAP subscription margin percentage

 

 

87.0

%

 

87.1

%

 

 

86.9

%

 

86.6

%

Non-GAAP subscription margin percentage

 

 

88.2

%

 

87.9

%

 

 

88.1

%

 

87.3

%

 

 

Reconciliation of free cash flow

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31,

 

 

For the Year Ended December 31,

 

 

 

2024

 

2023

 

 

2024

 

2023

 

GAAP net cash and cash equivalents provided by operating activities

 

$

194,141

 

$

104,313

 

 

$

598,599

 

$

350,971

 

Purchases of property and equipment

 

 

(12,726

)

 

(8,687

)

 

 

(37,939

)

 

(33,718

)

Capitalization of software development costs

 

 

(22,915

)

 

(17,084

)

 

 

(89,636

)

 

(66,372

)

Payment of restructuring charges

 

 

4,490

 

 

4,409

 

 

 

17,027

 

 

41,573

 

Non-GAAP free cash flow

 

$

162,990

 

$

82,951

 

 

$

488,051

 

$

292,454

 

 

 

Reconciliation of operating cash flow

(in thousands)

 

 

 

For the Three Months Ended December 31,

 

 

For the Year Ended December 31,

 

 

 

2024

 

2023

 

 

2024

 

2023

 

GAAP net cash and cash equivalents provided by operating activities

 

$

194,141

 

$

104,313

 

 

$

598,599

 

$

350,971

 

Payment of restructuring charges

 

 

4,490

 

 

4,409

 

 

 

17,027

 

 

41,573

 

Non-GAAP operating cash flow

 

$

198,631

 

$

108,722

 

 

$

615,626

 

$

392,544

 

 

 

Reconciliation of forecasted non-GAAP operating income
(in thousands, except percentages)

 

 

 

 

 

 

Three Months Ended
March 31, 2025

 

 

Year Ended
December 31, 2025

 

GAAP operating loss range

($34,027)-($33,027)

 

 

($38,392)-($34,392)

 

Stock-based compensation

 

121,662

 

 

 

544,072

 

Amortization of acquired intangible assets

 

2,600

 

 

 

10,400

 

Acquisition related expense

 

6,615

 

 

 

22,320

 

Restructuring charges

 

1,150

 

 

 

4,600

 

Non-GAAP operating income range

$98,000-$99,000

 

 

$543,000-$547,000

 

 

 

 

 

Page | 10


 

Reconciliation of forecasted non-GAAP net income and non-GAAP net income per share
(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

Three Months Ended
March 31, 2025

 

 

Year Ended
December 31, 2025

 

GAAP net (loss) income range

($15,018)-($13,768)

 

 

$10,304-$15,304

 

Stock-based compensation

 

121,662

 

 

 

544,072

 

Amortization of acquired intangible assets

 

2,600

 

 

 

10,400

 

Acquisition related expense

 

6,615

 

 

 

22,320

 

Non-cash interest expense for amortization of debt issuance costs

 

491

 

 

 

837

 

Restructuring charges

 

1,150

 

 

 

4,600

 

Income tax effects of non-GAAP items

(23,500)-(23,750)

 

 

(101,533)-(102,533)

 

Non-GAAP net income range

$94,000-$95,000

 

 

$491,000-$495,000

 

 

 

 

 

 

 

GAAP net income per basic and diluted share

($0.29)-($0.26)

 

 

$0.19-$0.29

 

Non-GAAP net income per diluted share

$1.74-$1.76

 

 

$9.11-$9.19

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

52,140

 

 

 

52,952

 

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

 

54,084

 

 

 

53,873

 

 

HubSpot’s estimates of stock-based compensation, amortization of acquired intangible assets, non-cash interest expense for amortization of debt issuance costs, restructuring charges, and income tax effects of non-GAAP items assume, among other things, the occurrence of no additional acquisitions, changes in value of strategic investments, 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.

 

Calculated billings is defined as total revenue recognized in a period plus the sequential change in total deferred revenue in the corresponding period. 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.

 

Constant currency amounts are presented to provide a framework for assessing our operating performance excluding the effect of foreign exchange rate fluctuations. To exclude the effect of foreign currency rate fluctuations, current period

Page | 11


 

results for entities reporting in currencies other than U.S. Dollars (“USD”) are converted into USD at the average exchange rates for the comparative period rather than the actual average exchange rates in effect during the respective periods.
 

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, 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.

 

Page | 12


 

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, impairment losses, or the proportionate share of net earnings can vary significantly across periods and we do not view them to be indicative of our fundamental operating activities and believe the exclusion provides for a useful comparison of our operating results to prior periods and to our peer companies.

 

F.
Restructuring charges are related to severance, employee related benefits, facilities and other costs associated with the restructuring plan implemented in January 2023. Restructuring charges fluctuate in amount and frequency and are not reflective of our core business operating results. In addition to the restructuring charges related to facilities we abandoned during the year ended 2023, through 2027, we expect to both incur incremental restructuring charges and make cash payments related to such facilities. The abandonment of facilities is part of the restructuring plan we authorized on January 25, 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 $12-13 million. We also expect to make cash payments of approximately $43.0 million in fixed rent payments for the abandoned facilities that will be made in monthly installments through 2027, for which we have taken the full 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.

 

G.
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.

 

 

 

Investor Relations Contact:
investors@hubspot.com

Media Contact:
media@hubspot.com

 

Page | 13


GRAPHIC 3 img151174279_0.jpg GRAPHIC begin 644 img151174279_0.jpg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hubs-20250212.xsd XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 100000 - Document - Document And Entity Information link:presentationLink link:calculationLink link:definitionLink Entity Address, Postal Zip Code Entity Address, Postal Zip Code Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity Central Index Key Entity Central Index Key Entity Address, State or Province Entity Address, State or Province Cover [Abstract] Cover Entity Address, Address Line One Entity Address, Address Line One Amendment Flag Amendment Flag Entity Address, City or Town Entity Address, City or Town Document Type Document Type Title of 12(b) Security Title of each class Soliciting Material Soliciting Material Document Period End Date Document Period End Date Trading Symbol Trading Symbol Pre-commencement Tender Offer Pre-commencement Tender Offer Security Exchange Name Name of each exchange on which registered Written Communications Written Communications Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Entity Registrant Name Entity Registrant Name Entity Emerging Growth Company Entity Emerging Growth Company Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number City Area Code City Area Code Local Phone Number Local Phone Number Disclosure Text Block [Abstract] Entity Information, Former Legal or Registered Name Entity Information Former Legal Or Registered Name XML 6 R1.htm IDEA: XBRL DOCUMENT v3.25.0.1
Document And Entity Information
Feb. 12, 2025
Cover [Abstract]  
Entity Registrant Name HUBSPOT, INC.
Document Type 8-K
Amendment Flag false
Entity Central Index Key 0001404655
Document Period End Date Feb. 12, 2025
Entity Emerging Growth Company false
Entity File Number 001-36680
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 20-2632791
Entity Information Former Legal Or Registered Name Not Applicable
Entity Address, Address Line One Two Canal Park
Entity Address, City or Town Cambridge
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02141
City Area Code (888)
Local Phone Number 482-7768
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of each class Common Stock, Par Value $0.001 per share
Trading Symbol HUBS
Name of each exchange on which registered NYSE
EXCEL 7 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( $.!3%H'04UB@0 +$ 0 9&]C4')O<',O87!P+GAM M;$V./0L",1!$_\IQO;=!P4)B0-!2L+(/>QLOD&1#LD)^OCG!CVX>;QA&WPIG M*N*I#BV&5(_C(I(/ !47BK9.7:=N')=HI6-Y #OGDK7A.YNJQ<&4GPZ4A!0W_J=0U[R;UEA_6\#MI7E!+ P04 M " !#@4Q:#:X"X^X K @ $0 &1O8U!R;W!S+V-O&ULS9+! M3L,P#(9?!>7>.LF 0]3E N*T24A, G&+$F^+:-HH,6KW]K1AZX3@ 3C&_O/Y ML^3&1F7[A,^ICYC(8[X90]ME9>.:'8FB LCVB,'D>DIT4W/?IV!H>J8#1&,_ MS %!2GK5K[+ M9#J+TZ_L%9TBKMEE\NOJX7'WQ+3D\J[BLA)R)X427/';]]GUA]]5./3.[_T_ M-KX(Z@9^W87^ E!+ P04 " !#@4Q:F5R<(Q & "<)P $P 'AL+W1H M96UE+W1H96UE,2YX;6SM6EMSVC@4?N^OT'AG]FT+QC:!MK03621A'^_1S80RY8-[9)-NIL\!"SI^\Y%1^?H.'GS[BYBZ(:(E/)X M8-DOV]:[MR_>X%#BVR]*+ M41B1%G\@M MNN01.+5)#3(3/PB=AIAJ4!P"I DQEJ&&^+3&K!'@$WVWO@C(WXV(]ZMOFCU7 MH5A)VH3X$$8:XIQSYG/1;/L'I4;1]E6\W*.76!4!EQC?-*HU+,76>)7 \:V< M/!T3$LV4"P9!AI@S M&L%&KQMUAVC2/'K^!?F<-0HACA*FNVB<5@$_9Y>PTG!Z(++9OVX?H;5,VPLCO='U!=*Y \FIS_I,C0' MHYI9";V$5FJ?JH,@H%\;D>/N5Z> HWEL:\4*Z">P'_T=HWPJOX@L Y M?RY]SZ7ON?0]H=*W-R-]9\'3BUO>1FY;Q/NN,=K7-"XH8U=RSTS0LS0[=R2^JVE+ZU)CA* M]+',<$X>RPP[9SR2';9WH!TU^_9==N0CI3!3ET.X&D*^ VVZG=PZ.)Z8D;D* MTU*0;\/YZ<5X&N(YV02Y?9A7;>?8T='[Y\%1L*/O/)8=QXCRHB'NH8:8S\-# MAWE[7YAGE<90-!1M;*PD+$:W8+C7\2P4X&1@+: '@Z]1 O)256 Q6\8#*Y"B M?$R,1>APYY=<7^/1DN/;IF6U;J\I=QEM(E(YPFF8$V>KRMYEL<%5'<]56_*P MOFH]M!5.S_Y9KF4Q9Z;RWRT,"2Q;B%D2XDU=[=7GFYRN>B)V^I=W MP6#R_7#)1P_E.^=?]%U#KG[VW>/Z;I,[2$R<><41 71% B.5' 86%S+D4.Z2 MD 83 >LX=SFWJXPD6L_UC6'ODRWSEPVSK> U[F M$RQ#I'[!?8J*@!&K8KZZKT_Y)9P[M'OQ@2";_-;;I/;=X Q\U*M:I60K$3]+ M!WP?D@9CC%OT-%^/%&*MIK&MQMHQ#'F 6/,,H68XWX=%FAHSU8NL.8T*;T'5 M0.4_V]0-:/8--!R1!5XQF;8VH^1."CS<_N\-L,+$CN'MB[\!4$L#!!0 ( M $.!3%JJI&^8>@0 %(1 8 >&PO=V]R:W-H965T&UL MC9AK<^(V%(;_BL;M=-H9$E_"+2DP0TC29387)K"[TW;Z0=@'K(EMN9((R;_O MD2$VW37'? '+6*\?Z1R]1V*PE>I%QP"&O:5)IH=.;$Q^Y;HZC"'E^ESFD.$O M*ZE2;K"IUJ[.%?"HZ)0F;N!Y73?E(G-&@^+>3(T&KR&1 MVZ'C.Q\WGL4Z-O:&.QKD? US,%_RF<*66ZI$(H5,"YDQ!:NA,_:OKH..[5 \ M\57 5A]<,SN4I90OMC&-AHYGB2"!T%@)CE^O,($DL4K(\>]>U"G?:3L>7G^H MWQ6#Q\$LN8:)3+Z)R,1#I^^P"%9\DYAGN?T$^P$5@*%,=/')MKMG._C&<*.- M3/>=L9V*;/?-W_83<="A?:Q#L.\0%-R[%Q64-]SPT4#)+5/V:52S%\50B]X( M)S(;E;E1^*O ?F9T(\,-3K)AXRQBMYD1YIU-LUVT<=8&KL&7V$?=<"]XO1,, MC@C>P?*<^4&+!5[0^7]W%]E*P* $# J]BR-Z$_D*BOT]7FJC,(3_U!'M%-KU M"C:OKW3.0Q@ZF+@:U"LXHU]^\KO>[P3?1&.?X;V.B%;R/,]O>^UNA\KM7HG5 M.RU&,U!"VO47,5S%M>&BE>#R_BF0"_[&IA%FG%B)L" E)K%! M,O#.@NY%T+OT*<+*YGW2I4<_UAYFRRYZ_SVL<4$]O"[%S(;7V-I^4F/%TJ$:W)*:R*A$^[_/=PY=J9*?DJLK!^#FG- MAS&%5M4-_Z3"4:+-I#88E[]$?GQ!-Q20P&^3*Z8J'C[M^44,Q[@5/XY""_S: M[_=_HU"J8N'3[GXO0YNML#LUZOVZ>(JC+ATQ[_30EC(+,%*]UD M>[/3M52T4%/A"JI"$=!6/I?H.\+8:OJ ":X$3VHWL[1*(T]5$P+:P&<*SD*< M'L 5MMLIXF8-_?9IM:J/7X->(]G!EI^VZ1_(IEIOD*P1D)9M!*Q,/VAP:&%P M_R%7#'@8LS#ANC:U&E1L;F*9FQL9OK2LU[.O/-D ^]D[QRT*RW&H.N:*1*XJ M0$!;]D+QR*;>_#U=ROK$HP7L 84BJ>P^H*W9UNYR[N MC'FVQAL9V\8"[ZBR MRM="-FC_.:_=,+D')V3[;\,#M]M:S1)8H8YWWD-9M3O [QI&YL6A>2D-'L&+ MRQ@X9I]] ']?26D^&O8<7OZ-,OH/4$L#!!0 ( $.!3%J?H!OPL0( .(, M - >&PO9KEMWDOSAR+DCO9*Z MW="C<\W[)&D/1ZY8^\XT7'ND,E8QYU5;)VUC.2M;<%(R6=[<9(EB0M-BK3MU MIUQ+#J;3;D-O:%*L*Z//EI0&@U_*%">/3&[HEDFQMV)8RY20IV!>@N%@I+'$ M>2I\0Q=@:9\"O @:L!SC**&-!6,2,H3O_;C\&3!IK5>%E#/!)0V&8MTPY[C5 M=UX9%@_&%Q 9Y=VI\0QKRTZ+Y2T].PP_/LG>V)+;.'36-/+T M08I:*Q[V_LL)BS6;_,C16/'DL\&D'+R!6TH>N77B<&GY85FSX[V;IJFO<,[+ M?Y#SGZUSS36W3%Z2]J/_-U?Y+8R3\?1<'-&K SI;"5R$&_H5[E=YYD#VG9!. MZ%$[BK+D^L4Y]>$=V_L+_"J^7U_RBG72[69P0\_R%UZ*3N7SJGNHR[CJ+'^& M^VB1S;>PSR5TR7M>;D?5UOM!)%[P6<<'')XC=\,31S"?@,41P+ \& /,)WAA M>?ZG_:S0_00,X[:*(BO49X7Z!*\8LAT^6)ZX3^Z?^$[S/$VS#*OH=AMEL,7J MEF7P%X^&<0,/+ ]D>ENM\6[C$_+Z'& ]?6U"L)WBDXCM%*\U(/&Z@4>>Q[N- MY0$/K O8[$#^>!Z8J;A/FD)7,6[8"<:1/,<0F,7XC&894IT,/O'^8* \^>Q\ETWLJ.?]74_P$4$L#!!0 ( $.! M3%J7BKL

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end XML 8 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 9 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ .report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } .report table.authRefData a { display: block; font-weight: bold; } .report table.authRefData p { margin-top: 0px; } .report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } .report table.authRefData .hide a:hover { background-color: #2F4497; } .report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } .report table.authRefData table{ font-size: 1em; } /* Report Styles */ .pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ .report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } .report hr { border: 1px solid #acf; } /* Top labels */ .report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } .report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } .report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } .report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } .report td.pl div.a { width: 200px; } .report td.pl a:hover { background-color: #ffc; } /* Header rows... */ .report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ .report .rc { background-color: #f0f0f0; } /* Even rows... */ .report .re, .report .reu { background-color: #def; } .report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ .report .ro, .report .rou { background-color: white; } .report .rou td { border-bottom: 1px solid black; } .report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ .report .fn { white-space: nowrap; } /* styles for numeric types */ .report .num, .report .nump { text-align: right; white-space: nowrap; } .report .nump { padding-left: 2em; } .report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ .report .text { text-align: left; white-space: normal; } .report .text .big { margin-bottom: 1em; width: 17em; } .report .text .more { display: none; } .report .text .note { font-style: italic; font-weight: bold; } .report .text .small { width: 10em; } .report sup { font-style: italic; } .report .outerFootnotes { font-size: 1em; } XML 11 FilingSummary.xml IDEA: XBRL DOCUMENT 3.25.0.1 html 1 23 1 false 0 0 false 0 false false R1.htm 100000 - Document - Document And Entity Information Sheet http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation Document And Entity Information Cover 1 false false All Reports Book All Reports hubs-20250212.htm hubs-20250212.xsd http://xbrl.sec.gov/dei/2024 false false JSON 13 MetaLinks.json IDEA: XBRL DOCUMENT { "version": "2.2", "instance": { "hubs-20250212.htm": { "nsprefix": "hubs", "nsuri": "http://www.hubspot.com/20250212", "dts": { "inline": { "local": [ "hubs-20250212.htm" ] }, "schema": { "local": [ "hubs-20250212.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd", "https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd", "https://xbrl.fasb.org/srt/2024/elts/srt-roles-2024.xsd", "https://xbrl.fasb.org/srt/2024/elts/srt-types-2024.xsd", "https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd", "https://xbrl.fasb.org/us-gaap/2024/elts/us-roles-2024.xsd", "https://xbrl.fasb.org/us-gaap/2024/elts/us-types-2024.xsd", "https://xbrl.sec.gov/country/2024/country-2024.xsd", "https://xbrl.sec.gov/dei/2024/dei-2024.xsd", "https://xbrl.sec.gov/stpr/2024/stpr-2024.xsd" ] } }, "keyStandard": 23, "keyCustom": 0, "axisStandard": 0, "axisCustom": 0, "memberStandard": 0, "memberCustom": 0, "hidden": { "total": 2, "http://xbrl.sec.gov/dei/2024": 2 }, "contextCount": 1, "entityCount": 1, "segmentCount": 0, "elementCount": 24, "unitCount": 0, "baseTaxonomies": { "http://xbrl.sec.gov/dei/2024": 23 }, "report": { "R1": { "role": "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation", "longName": "100000 - Document - Document And Entity Information", "shortName": "Document And Entity Information", "isDefault": "true", "groupType": "document", "subGroupType": "", "menuCat": "Cover", "order": "1", "firstAnchor": { "contextRef": "C_6c33580e-00e9-4cba-9d67-f66f64eb0cb9", "name": "dei:EntityRegistrantName", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "p", "body", "html" ], "reportCount": 1, "baseRef": "hubs-20250212.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "C_6c33580e-00e9-4cba-9d67-f66f64eb0cb9", "name": "dei:EntityRegistrantName", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "p", "body", "html" ], "reportCount": 1, "baseRef": "hubs-20250212.htm", "first": true, "unique": true } } }, "tag": { "dei_AmendmentFlag": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "AmendmentFlag", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Amendment Flag", "terseLabel": "Amendment Flag", "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission." } } }, "auth_ref": [] }, "dei_CityAreaCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "CityAreaCode", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "City Area Code", "terseLabel": "City Area Code", "documentation": "Area code of city" } } }, "auth_ref": [] }, "dei_CoverAbstract": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "CoverAbstract", "lang": { "en-us": { "role": { "label": "Cover [Abstract]", "terseLabel": "Cover", "documentation": "Cover page." } } }, "auth_ref": [] }, "dei_DocumentPeriodEndDate": { "xbrltype": "dateItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "DocumentPeriodEndDate", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Document Period End Date", "terseLabel": "Document Period End Date", "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD." } } }, "auth_ref": [] }, "dei_DocumentType": { "xbrltype": "submissionTypeItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "DocumentType", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Document Type", "terseLabel": "Document Type", "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'." } } }, "auth_ref": [] }, "dei_EntityAddressAddressLine1": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityAddressAddressLine1", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One", "documentation": "Address Line 1 such as Attn, Building Name, Street Name" } } }, "auth_ref": [] }, "dei_EntityAddressCityOrTown": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityAddressCityOrTown", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town", "documentation": "Name of the City or Town" } } }, "auth_ref": [] }, "dei_EntityAddressPostalZipCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityAddressPostalZipCode", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code", "documentation": "Code for the postal or zip code" } } }, "auth_ref": [] }, "dei_EntityAddressStateOrProvince": { "xbrltype": "stateOrProvinceItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityAddressStateOrProvince", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province", "documentation": "Name of the state or province." } } }, "auth_ref": [] }, "dei_EntityCentralIndexKey": { "xbrltype": "centralIndexKeyItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityCentralIndexKey", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key", "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK." } } }, "auth_ref": [ "r1" ] }, "dei_EntityEmergingGrowthCompany": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityEmergingGrowthCompany", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company", "documentation": "Indicate if registrant meets the emerging growth company criteria." } } }, "auth_ref": [ "r1" ] }, "dei_EntityFileNumber": { "xbrltype": "fileNumberItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityFileNumber", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity File Number", "terseLabel": "Entity File Number", "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen." } } }, "auth_ref": [] }, "dei_EntityIncorporationStateCountryCode": { "xbrltype": "edgarStateCountryItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityIncorporationStateCountryCode", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Incorporation, State or Country Code", "terseLabel": "Entity Incorporation, State or Country Code", "documentation": "Two-character EDGAR code representing the state or country of incorporation." } } }, "auth_ref": [] }, "dei_EntityInformationFormerLegalOrRegisteredName": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityInformationFormerLegalOrRegisteredName", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Information, Former Legal or Registered Name", "terseLabel": "Entity Information Former Legal Or Registered Name", "documentation": "Former Legal or Registered Name of an entity" } } }, "auth_ref": [] }, "dei_EntityRegistrantName": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityRegistrantName", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name", "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC." } } }, "auth_ref": [ "r1" ] }, "dei_EntityTaxIdentificationNumber": { "xbrltype": "employerIdItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "EntityTaxIdentificationNumber", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number", "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS." } } }, "auth_ref": [ "r1" ] }, "dei_LocalPhoneNumber": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "LocalPhoneNumber", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Local Phone Number", "terseLabel": "Local Phone Number", "documentation": "Local phone number for entity." } } }, "auth_ref": [] }, "dei_PreCommencementIssuerTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "PreCommencementIssuerTenderOffer", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Pre-commencement Issuer Tender Offer", "terseLabel": "Pre-commencement Issuer Tender Offer", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act." } } }, "auth_ref": [ "r3" ] }, "dei_PreCommencementTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "PreCommencementTenderOffer", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Pre-commencement Tender Offer", "terseLabel": "Pre-commencement Tender Offer", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act." } } }, "auth_ref": [ "r5" ] }, "dei_Security12bTitle": { "xbrltype": "securityTitleItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "Security12bTitle", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Title of 12(b) Security", "terseLabel": "Title of each class", "documentation": "Title of a 12(b) registered security." } } }, "auth_ref": [ "r0" ] }, "dei_SecurityExchangeName": { "xbrltype": "edgarExchangeCodeItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "SecurityExchangeName", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Security Exchange Name", "terseLabel": "Name of each exchange on which registered", "documentation": "Name of the Exchange on which a security is registered." } } }, "auth_ref": [ "r2" ] }, "dei_SolicitingMaterial": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "SolicitingMaterial", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Soliciting Material", "terseLabel": "Soliciting Material", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act." } } }, "auth_ref": [ "r4" ] }, "dei_TradingSymbol": { "xbrltype": "tradingSymbolItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "TradingSymbol", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Trading Symbol", "terseLabel": "Trading Symbol", "documentation": "Trading symbol of an instrument as listed on an exchange." } } }, "auth_ref": [] }, "dei_WrittenCommunications": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2024", "localname": "WrittenCommunications", "presentation": [ "http://www.hubspot.com/20250212/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "lang": { "en-us": { "role": { "label": "Written Communications", "terseLabel": "Written Communications", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act." } } }, "auth_ref": [ "r6" ] } } } }, "std_ref": { "r0": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b" }, "r1": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b-2" }, "r2": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "d1-1" }, "r3": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "13e", "Subsection": "4c" }, "r4": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "14a", "Subsection": "12" }, "r5": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "14d", "Subsection": "2b" }, "r6": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Securities Act", "Number": "230", "Section": "425" } } } ZIP 14 0000950170-25-018839-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000950170-25-018839-xbrl.zip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end XML 15 hubs-20250212_htm.xml IDEA: XBRL DOCUMENT 0001404655 2025-02-12 2025-02-12 0001404655 false 8-K 2025-02-12 HUBSPOT, INC. DE 001-36680 20-2632791 Two Canal Park Cambridge MA 02141 (888) 482-7768 Not Applicable false false false false Common Stock, Par Value $0.001 per share HUBS NYSE false