HubSpot Inc. Files 10-Q for Q2 2024

TL;DR

HUBS Q2 10-Q filed. Financials look solid, focus on revenue & dev spend.

AI Summary

HubSpot Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and business operations, including revenue and expenses related to selling, marketing, and software development. Specific dates like April 1, 2023, to June 30, 2023, and January 1, 2024, to June 30, 2024, are referenced for comparative financial reporting.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look into HubSpot's financial health and operational performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures and does not indicate any unusual or elevated risks.

Key Numbers

• N/A — Revenue (Specific revenue figures are not detailed in this header-level data.)
• N/A — Net Income (Specific net income figures are not detailed in this header-level data.)
• N/A — Earnings Per Share (Specific EPS figures are not detailed in this header-level data.)

Key Players & Entities

• HUBSPOT INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240807 (date) — Filing date
• 2023-04-01 (date) — Start of a comparative period
• 2023-06-30 (date) — End of a comparative period
• 2024-01-01 (date) — Start of a comparative period
• 2024-06-30 (date) — End of a comparative period

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share HUBS New York Stock Excha

Filing Documents

• hubs-20240630.htm (10-Q) — 2882KB
• hubs-ex10_1.htm (EX-10.1) — 490KB
• hubs-ex10_2.htm (EX-10.2) — 25KB
• hubs-ex31_1.htm (EX-31.1) — 16KB
• hubs-ex31_2.htm (EX-31.2) — 16KB
• hubs-ex32_1.htm (EX-32.1) — 14KB
• 0000950170-24-092843.txt ( ) — 11564KB
• hubs-20240630.xsd (EX-101.SCH) — 1425KB
• hubs-20240630_htm.xml (XML) — 2051KB

— Financial Information

Part I — Financial Information Item 1. Unaudited Consolidated Financial Statements: Unaudited Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 6 Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 7 Unaudited Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2024 and 2023 8 Unaudited Consolidated Statement of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 9 Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 10 Notes to Unaudited Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 34

— Other Information

Part II — Other Information Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61 Item 3. Default Upon Senior Securities 61 Item 4. Mine Safety Disclosures 61 Item 5. Other Information 61 Item 6. Exhibits 62

Signatures

Signatures 63 EX-31.1 CERTIFICATION OF THE CEO PURSUANT TO SECTION 302 EX-31.2 CERTIFICATION OF THE CFO PURSUANT TO SECTION 302 EX-32.1 CERTIFICATION OF THE CEO AND CFO PURSUANT TO SECTION 906 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and these statements involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q are forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: our future financial and operational performance, including our expectations regarding our revenue, cost of revenue, gross margin and operating expenses; maintaining and expanding our customer base and increasing our average subscription revenue per customer; the impact of competition in our industry and innovation by our competitors, including as a result of new or better use of evolving artificial intelligence technologies; our anticipated growth and expectations regarding our ability to manage our future growth; our expectations regarding the potential impact of geo-political conflicts, inflationary pressures, foreign currency movement, macroeconomic stability, and

— Financi al Information

PART I — Financi al Information

Financi al Statements

Item 1. Financi al Statements HubSpot, Inc. Unaudited Consolida ted Balance Sheets (in thousands) June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 797,875 $ 387,987 Short-term investments 937,830 1,000,245 Accounts receivable — net of allowance for doubtful accounts of $ 4,903 at June 30, 2024 and $ 5,516 at December 31, 2023 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 — 456,206 Total liabilities 1,755,103 1,737,044 Commitments and contingencies (Note 10) Stockholders' equity: Common stock 51 50 Additional paid-in capital 2,418,608 2,136,908 Accumulated other comprehensive (loss) income ( 4,822 ) 1,827 Accumulated deficit ( 812,938 ) ( 804,437 ) Total stockholders'

View Full Filing

View this 10-Q filing on SEC EDGAR