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25.06.17
ROUNDUP 2: Italien stellt weitere Milliarden für zwei Pleite-​Banken bereit

HubSpot Reports Strong Q4 and Full Year 2016 Results

Dienstag, 14.02.2017 22:10 von

PR Newswire

CAMBRIDGE, Mass., Feb. 14, 2017 /PRNewswire/ -- HubSpot, Inc. (NYSE: HUBS), a leading inbound marketing and sales software company, today announced financial results for the fourth quarter and full year ended December 31, 2016.

Financial Highlights:

Revenue

Fourth Quarter 2016:

  • Total revenue was $76.4 million, up 44% compared to the fourth quarter of 2015.
  • Subscription revenue was $72.4 million, up 46% compared to the fourth quarter of 2015.
  • Professional services and other revenue was $4.0 million, up 15% compared to the fourth quarter of 2015.

Full Year 2016:

  • Total revenue was $271.0 million, up 49% compared to 2015.
  • Subscription revenue was $254.8 million, up 52% compared to 2015.
  • Professional services and other revenue was $16.2 million, up 15% compared to 2015.

Operating Loss

Fourth Quarter 2016:

  • GAAP operating margin was (18.1%) for the quarter, compared to (19.7%) in the fourth quarter of 2015.
  • Non-GAAP operating margin was (5.9%) for the quarter, an improvement of approximately 2 percentage points from (8.3%) in the fourth quarter of 2015.
  • GAAP operating loss was ($13.8) million for the quarter, compared to ($10.4) million in the fourth quarter of 2015.
  • Non-GAAP operating loss was ($4.5) million for the quarter, compared to ($4.4) million in the fourth quarter of 2015.

Full Year 2016:

  • GAAP operating margin was (16.5%) for 2016, compared to (25.5%) in 2015.
  • Non-GAAP operating margin was (4.4%) for 2016, an improvement of approximately 9 percentage points from (13.8%) in 2015.
  • GAAP operating loss was ($44.7) million for 2016, compared to ($46.5) million in 2015.
  • Non-GAAP operating loss was ($11.9) million for 2016, compared to ($25.1) million in 2015.

Net Loss

Fourth Quarter 2016:

  • GAAP net loss was ($13.8) million, or ($0.39) per share for the quarter, compared to ($10.3) million, or ($0.30) per share, in the fourth quarter of 2015.
  • Non-GAAP net loss was ($4.5) million, or ($0.13) per share for the quarter, compared to ($4.2) million, or ($0.12) per share, in the fourth quarter of 2015.
  • Fourth quarter weighted average shares outstanding were 35.7 million compared to 34.2 million shares in the fourth quarter of 2015.

Full Year 2016:

  • GAAP net loss was ($45.6) million, or ($1.29) per share for 2016, compared to ($46.1) million, or ($1.39) per share, in 2015.
  • Non-GAAP net loss was ($12.8) million, or ($0.36) per share for 2016, compared to ($24.6) million, or ($0.74) per share, in 2015.
  • 2016 weighted average shares outstanding were 35.2 million compared to 33.2 million shares in 2015.

Balance Sheet and Cash Flow

  • The company's cash and cash equivalents and investments balance was $150.1 million as of December 31, 2016.
  • During the fourth quarter, the company generated $2.3 million of operating cash flow compared to $2.6 million of operating cash flow during the fourth quarter of 2015.
  • During the full year ended December 31, 2016, the company generated $19.4 million of operating cash flow compared to using ($0.4) million of operating cash flow during the year ended December 31, 2015.

Additional Recent Business Highlights

  • Grew total marketing customers to 23,226 at December 31, 2016, up 28% from December 31, 2015.
  • Increased average subscription revenue per customer during the fourth quarter of 2016 to $12,592 from $11,135 in the fourth quarter of 2015.

"2016 was an exciting year for HubSpot. We expanded our global footprint, added a record number of new customers and made significant strides in our goal to become non-GAAP operating income positive by year-end 2017.  But even more importantly, we took steps towards evolving HubSpot from a single product company to a multi-product company with the goal of becoming the mid-market platform for growth," said Brian Halligan, HubSpot co-founder and CEO. "As we head into 2017, I think the bold bets we're making in delivering on that goal through our full growth stack will set us up for success into the future."

Business Outlook

Based on information available as of February 14, 2017, HubSpot is issuing guidance for the first quarter and full year of 2017 as indicated below.

First Quarter 2017:

  • Total revenue is expected to be in the range of $78.5 million to $79.5 million.
  • Non-GAAP operating loss is expected to in the range of ($3.5) million to ($2.5) million. This excludes stock-based compensation expense of approximately $8.9 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 ($0.08). This excludes stock-based compensation expense of approximately $8.9 million and amortization of acquired intangible assets of approximately $16 thousand. This assumes approximately 36.2 million weighted common shares outstanding.

Full Year 2017:

  • Total revenue is expected to be in the range of $349.0 million to $353.0 million.
  • Non-GAAP operating loss is expected to in be in the range of ($11.5) million to ($7.5) million. This excludes stock-based compensation expense of approximately $43.3 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 ($0.30) to ($0.22). This excludes stock-based compensation expense of approximately $43.3 million and amortization of acquired intangible assets of approximately $16 thousand. This assumes approximately 36.7 million weighted common shares outstanding.

Conference Call Information

HubSpot will host a conference call on Tuesday, February 14, 2017, at 4:30 p.m. Eastern Time (ET) to discuss its fourth quarter and full year 2016 financial results and business outlook.  To access this call, dial (877) 201-0168 (domestic) or (647) 788-4901 (international).  The conference ID is 49709414. Additionally, a live webcast of the conference call will be available in the "Investors" section of the HubSpot's web site at www.hubspot.com.

Following the conference call, a replay will be available until 11 pm on February 21, 2017 at (855) 859-2056 (domestic) or (404) 537-3406 (international). The replay pass code is 49709414. 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 23,000 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 loss, operating margin, subscription margin, expense, expense as a percentage of revenue, and net loss attributable to common stockholders for the fourth quarter ended December 31, 2016 and 2015. 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 first 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 Quarterly Report on Form 10-Q filed on November 2, 2016 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)











December 31,



December 31,




2016



2015


Assets









Current assets:









Cash and cash equivalents


$

59,702



$

55,580


Short-term investments



54,648




48,972


Accounts receivable — net of allowance for doubtful accounts of $617 and $371 at December 31, 2016 and December 31, 2015, respectively



38,984




25,142


Deferred commission expense



9,025




8,114


Restricted cash



162





Prepaid hosting costs



5,299




3,047


Prepaid expenses and other current assets



8,433




4,899


Total current assets



176,253




145,754


Long-term investments



35,718




40,566


Property and equipment, net



30,201




18,161


Capitalized software development costs, net



6,523




4,655


Restricted cash



321




363


Other assets



950




1,007


Intangible assets, net



16




100


Goodwill



9,773




9,773


Total assets


$

259,755



$

220,379


Liabilities and stockholders' equity









Current liabilities:









Accounts payable


$

4,350



$

2,588


Accrued compensation costs



11,415




11,371


Other accrued expenses



15,237




12,313


Capital lease obligations



796




542


Deferred rent



159




86


Deferred revenue



95,426




64,407


Total current liabilities



127,383




91,307


Capital lease obligations, net of current portion



275




277


Deferred rent, net of current portion



10,079




6,345


Deferred revenue, net of current portion



1,171




732


Asset retirement obligations



591




-


Other long-term liabilities



1,556




10


Total liabilities



141,055




98,671


Commitments and contingencies









Stockholders' equity:









Common stock



36




34


Additional paid-in capital



365,444




322,833


Accumulated other comprehensive loss



(864)




(805)


Accumulated deficit



(245,916)




(200,354)


Total stockholders' equity



118,700




121,708


Total liabilities and stockholders' equity


$

259,755



$

220,379


 


Consolidated Statements of Operations

(in thousands, except per share data)











Three Months Ended December 31,



Year Ended December 31,




2016



2015



2016



2015


Revenues:

















Subscription


$

72,418



$

49,618



$

254,775



$

167,920


Professional services and other



4,026




3,508




16,192




14,023


Total revenue



76,444




53,126




270,967




181,943


Cost of Revenues:

















Subscription



11,632




9,377




41,182




32,271


Professional services and other



5,255




4,330




20,683




15,652


Total cost of revenues



16,887




13,707




61,865




47,923


Gross profit



59,557




39,419




209,102




134,020


Operating expenses:

















Research and development



12,815




8,671




45,997




32,457


Sales and marketing



47,116




31,572




162,647




112,629


General and administrative



13,446




9,625




45,120




35,408


Total operating expenses



73,377




49,868




253,764




180,494


Loss from operations



(13,820)




(10,449)




(44,662)




(46,474)


Other income (expense):

















Interest income



262




151




854




390


Interest expense






(46)




(265)




(185)


Other (expense) income



(56)




241




(956)




628


Total other income (expense)



206




346




(367)




833


Loss before income tax provision



(13,614)




(10,103)




(45,029)




(45,641)


Income tax provision



(215)




(149)




(533)




(412)


Net loss


$

(13,829)



$

(10,252)



$

(45,562)



$

(46,053)


Net loss per share, basic and diluted


$

(0.39)



$

(0.30)



$

(1.29)



$

(1.39)


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



35,672




34,172




35,197




33,222


 


Consolidated Statements of Cash Flows

(in thousands)











Three Months Ended December 31,



Year  Ended December 31,




2016



2015



2016



2015


Operating Activities:

















Net loss


$

(13,829)



$

(10,252)



$

(45,562)



$

(46,053)


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

















Depreciation and amortization



3,185




1,832




11,177




7,343


Stock-based compensation



9,274




6,015




32,675




21,308


Provision for deferred income taxes



32




(95)




(133)




(50)


Amortization of bond premium discount



100




233




647




671


Noncash rent expense



1,275




1,582




3,968




1,793


Unrealized currency translation



227




(89)




81




(329)


Changes in assets and liabilities

















Accounts receivable



(8,959)




(5,533)




(14,099)




(11,249)


Prepaid expenses and other assets



(2,740)




(2,096)




(6,126)




(3,373)


Deferred commission expense



(373)




(1,470)




(453)




(2,119)


Accounts payable



250




(424)




983




(508)


Accrued expenses



267




2,552




4,004




7,085


Deferred rent



(32)




13




(107)




392


Deferred revenue



13,596




10,372




32,311




24,666


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



2,273




2,640




19,366




(423)


Investing Activities:

















Purchases of investments



(7,808)




(19,746)




(52,131)




(113,615)


Maturities and sales of investments



7,452




19,018




50,840




23,018


Purchases of property and equipment



(2,439)




(6,245)




(15,789)




(8,427)


Capitalization of software development costs



(1,576)




(1,189)




(5,749)




(4,314)


Acquisition of a business












(600)


Restricted cash



(128)




222




(128)




(166)


Net cash and cash equivalents used in investing activities



(4,499)




(7,940)




(22,957)




(104,104)


Financing Activities:

















Secondary offering  proceeds, net of offering costs paid of $583












33,669


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



(548)




(390)




(2,368)




(8,607)


Proceeds related to issuance of common stock under stock plans



2,439




2,827




11,584




12,083


Repayments of capital lease obligations



(215)




(99)




(743)




(206)


Net cash and cash equivalents provided by financing activities



1,676




2,338




8,473




36,939


Effect of exchange rate changes on cash



(1,187)




(267)




(760)




(553)


Net (decrease) increase  in cash and cash equivalents



(1,737)




(3,229)




4,122




(68,141)


Cash and cash equivalents, beginning of period



61,439




58,809




55,580




123,721


Cash and cash equivalents, end of period


$

59,702



$

55,580



$

59,702



$

55,580


 

Reconciliation of non-GAAP operating loss and
operating margin

Three Months Ended 
December 31,


Year Ended
December  31,



2016


2015


2016


2015


(in thousands, except percentages)


























GAAP operating loss

$

(13,820)


$

(10,449)


$

(44,662)


$

(46,474)


Stock-based compensation


9,274



6,015



32,675



21,308


Amortization of acquired intangible assets


20



26



84



96


Non-GAAP operating loss

$

(4,526)


$

(4,408)


$

(11,903)


$

(25,070)















GAAP operating margin


(18.1%)



(19.7%)



(16.5%)



(25.5%)


Non-GAAP operating margin


(5.9%)



(8.3%)



(4.4%)



(13.8%)















 

Reconciliation of non-GAAP net loss


Three Months Ended
December 31,


Year Ended
December  31,




2016


2015


2016


2015


(in thousands, except per share amounts)




























GAAP net loss


$

(13,829)


$

(10,252)


$

(45,562)


$

(46,053)


Stock-based compensation



9,274



6,015



32,675



21,308


Amortization of acquired intangibles



20



26



84



96


Non-GAAP net loss


$

(4,535)


$

(4,211)


$

(12,803)


$

(24,649)
















Non-GAAP net loss per share, basic and diluted

$

(0.13)


$

(0.12)


$

(0.36)


$

(0.74)


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


35,672



34,172



35,197



33,222


 

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








(in thousands, except percentages)











Three Months Ended December 31.



2016



2015



COS,
Subscription


COS,
Prof.
services
&
other


R&D


S&M


G&A



COS,
Subscription


COS,
Prof.
services
&
other


R&D


S&M


G&A


GAAP expense

$ 11,632


$ 5,255


$ 12,815


$ 47,116


$ 13,446



$ 9,377


$ 4,330


$ 8,671


$ 31,572


$ 9,625


Stock -based compensation

(149)


(402)


(2,457)


(3,984)


(2,282)



(92)


(365)


(1,497)


(2,380)


(1,681)


Amortization of acquired
intangibles

(13)


 


 


 

(7)


 



 

(20)


 


 


 

(6)


 


Non-GAAP expense

$ 11,470


$ 4,853


$ 10,358


$ 43,125


$ 11,164



$ 9,265


$ 3,965


$ 7,174


$ 29,186


$ 7,944
























GAAP expense as a
percentage of revenue

 

15.2

%

 

6.9

%

 

16.8

%

 

61.6

%

 

17.6

%


 

17.7

%

 

8.2

%

 

16.3

%

 

59.4

%

 

18.1

%

Non-GAAP expense as a
percentage of revenue

 

15.0

%

 

6.3

%

 

13.5

%

 

56.4

%

 

14.6

%


 

17.4

%

 

7.5

%

 

13.5

%

 

54.9

%

 

15.0

%




































































Year Ended December  31,



2016



2015



COS,
Subscription


COS,
Prof.
services
&
other


R&D


S&M


G&A



COS,
Subscription


COS,
Prof.
services
&
other


R&D


S&M


G&A


GAAP expense

$ 41,182


$ 20,683


$ 45,997


$ 162,647


$ 45,120



$ 32,271


$ 15,652


$ 32,457


$ 112,629


$ 35,408


Stock-based compensation

(512)


(1,640)


(8,828)


(13,352)


(8,343)



(341)


(1,216)


(6,327)


(7,658)


(5,766)


Amortization of acquired
intangibles

 

(57)


 


 


 

(27)


 



 

(70)


 


 


 

(26)


 


Non-GAAP expense

$ 40,613


$ 19,043


$ 37,169


$ 149,268


$ 36,777



$ 31,860


$ 14,436


$ 26,130


$ 104,945


$ 29,642
























GAAP expense as a
percentage of revenue

 

15.2

%

7.6

%

 

17.0

%

60.0

%

 

16.7

%


 

17.7

%

 

8.6

%

 

17.8

%

 

61.9

%

 

19.5

%

Non-GAAP expense as a
percentage of revenue

 

15.0

%

7.0

%

 

13.7

%

 

55.1

%

 

13.6

%


 

17.5

%

7.9

%

 

14.4

%

 

57.7

%

 

16.3

%

 

 

Reconciliation of non-GAAP subscription margin

(in thousands, except percentages)




Three Months Ended
December 31,



Year Ended
December  31,




2016


2015



2016


2015

















GAAP subscription margin


$

60,786


$

40,241



$

213,593


$

135,649


Stock-based compensation



149



92




512



341


Amortization of acquired intangible
assets



13



20




57



70


Non-GAAP subscription margin


$

60,948


$

40,353



$

214,162


$

136,060

















GAAP subscription margin percentage



83.9

%


81.1

%



83.8

%


80.8

%

Non-GAAP subscription margin
percentage



84.2

%


81.3

%



84.1

%


81.0

%

  

Non-GAAP Financial Measures

In this release, HubSpot's non-GAAP operating loss, operating margin, subscription margin, expense, expense as a percentage of revenue, net loss, and net loss per common share are not presented in accordance with GAAP and are not intended to be used in lieu of GAAP presentations of results of operations.

Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the company's financial and operational performance. 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. 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. 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 share-based compensation and amortization of acquired intangible assets. We believe investors may want to exclude 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 a non-cash item, and we believe that the exclusion of this amortization expense provides for a useful comparison of our operating results to prior periods and to our peer companies.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hubspot-reports-strong-q4-and-full-year-2016-results-300407363.html

SOURCE HubSpot, Inc.