HubSpot Reports Q1 2017 Results

• The company's cash, cash equivalents and investments balance was $160.6 million as of March 31, 2017.
• During the first quarter, the company generated $11.6 million of free cash flow compared to a loss of ($4.9) million during the first quarter of 2016. 

Additional Recent Business Highlights

• Grew total customers to 31,262 at March 31, 2017, up over 40% from March 31, 2016.
• Total average subscription revenue per customer was $10,357 during the first quarter of 2017.
• Grew marketing customers to 24,775 at March 31, 2017, up 28% from March 31, 2016.
• Increased marketing average subscription revenue per customer during the first quarter of 2017 to $12,598 from $11,494 in the first quarter of 2016.

"Q1 was another solid quarter for HubSpot and we're very pleased with the results," said Brian Halligan, co-founder and CEO. "Between the strong revenue growth and improved operating leverage we continue to show across the business, we see great signs that our marketing and sales products are really resonating with our customers. In particular, I'm incredibly excited about the impact we're making with our growth stack customers who have adopted both our marketing and sales products and the huge opportunity we have to elevate the value we bring to both established and new customers around the world."

Business Outlook

Based on information available as of May 2, 2017, HubSpot is issuing guidance for the second quarter of 2017 and raising guidance for full year 2017 as indicated below.

Second Quarter 2017:

• Total revenue is expected to be in the range of $85.0 million to $86.0 million.
• Non-GAAP operating loss is expected to be between a loss of ($1.0) million and breakeven. This excludes stock-based compensation expense of approximately $13.2 million.
• Non-GAAP net loss per common share is expected to be between a loss of ($0.02) to breakeven.  This excludes stock-based compensation expense of approximately $13.2 million.  This assumes approximately 36.7 million weighted common shares outstanding.

Full Year 2017:

• Total revenue is expected to be in the range of $355.5 million to $359.5 million, up from our previously guided range of $349 million to $353 million dollars.
• Non-GAAP operating loss is expected to in be in the range of ($5.0) million to ($3.0) million, up from our previously guided range of a loss of ($11.5) million to ($7.5) million. This excludes stock-based compensation expense of approximately $45.2 million and amortization of acquired intangible assets of approximately $16 thousand.
• Non-GAAP net loss per common share is expected to be in the range of ($0.10) to ($0.04), up from our previously guided range of a loss of ($.30) to ($.22).  This excludes stock-based compensation expense of approximately $45.2 million and amortization of acquired intangible assets of approximately $16 thousand.  This assumes approximately 36.9 million weighted common shares outstanding.

Conference Call Information

HubSpot will host a conference call on Tuesday, May 2, 2017, at 4:30 p.m. Eastern Time (ET) to discuss its first quarter 2017 financial results and business outlook.  To access this call, dial (877) 201-0168 (domestic) or (647) 788-4901 (international).  The conference ID is 4752615. Additionally, a live webcast of the conference call will be available in the "Investor" section of the HubSpot's web site at www.hubspot.com.

Following the conference call, a replay will be available until 11 pm on May 11, 2017 at (800) 585-8367 (domestic) or (416) 621-4642 (international). The replay pass code is 4752615. An archived webcast of this conference call will also be available in the "Investor" section of HubSpot's web site at www.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 a leading inbound marketing and sales platform. Over 31,000 total customers in over 90 countries use HubSpot's award-winning software, services, and support to create an inbound experience that will attract, engage, and delight customers. Learn more at www.hubspot.com.

The tables at the end of this press release include a reconciliation of generally accepted accounting principles ("GAAP") to non-GAAP operating income (loss), operating margin, subscription margin, expense, expense as a percentage of revenue, net income (loss), and free cash flow for the first quarter ended March 31, 2017 and 2016. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

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 concerning our financial guidance for the second fiscal quarter of 2017 and full year 2017, our position to execute on our growth strategy in the mid-market, and our ability to expand our leadership position and market opportunity for our inbound platform.  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, our history of losses, our ability to retain existing customers and add new customers, the continued growth of the market for an inbound platform; our ability to differentiate our platform from competing products and technologies; our ability to manage our growth effectively to maintain our high level of service; our ability to maintain and expand relationships with our marketing agency partners; our ability to successfully recruit and retain highly-qualified personnel; the price volatility of our common stock, and other risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K filed on February 16, 2017 and our other 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)
		March 31,				December 31,
		2017				2016
Assets
Current assets:
Cash and cash equivalents		$	69,786			$	59,702
Short-term investments			53,001				54,648
Accounts receivable — net of allowance for doubtful accounts of $748 at March 31, 2017 and $617 at December 31, 2016			34,935				38,984
Deferred commission expense			9,550				9,025
Restricted cash			-				162
Prepaid hosting costs			2,234				5,299
Prepaid expenses and other current assets			10,263				8,433
Total current assets			179,769				176,253
Long-term investments			37,846				35,718
Property and equipment, net			34,697				30,201
Capitalized software development costs, net			7,072				6,523
Restricted cash			4,940				321
Other assets			1,184				966
Goodwill			9,773				9,773
Total assets		$	275,281			$	259,755
Liabilities and stockholders' equity
Current liabilities:
Accounts payable		$	3,257			$	4,350
Accrued compensation costs			8,717				11,415
Other accrued expenses			18,187				15,237
Capital lease obligations			790				796
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