HUBSPOT CAMBRIDGE, Mass., Nov. 1, 2017 /PRNewswire/ -- HubSpot, Inc. (NYSE: HUBS), a leading CRM, marketing, sales and customer experience platform, today announced financial results for the third quarter ended September 30, 2017.
Financial Highlights:
Revenue
-- Total revenue was $97.7 million, up 38% compared to the third quarter of
2016.
-- Subscription revenue was $93.2 million, up 40% compared to the third
quarter of 2016.
-- Professional services and other revenue was $4.6 million, up 12%
compared to the third quarter of 2016.
Operating Income (Loss)
-- GAAP operating margin was (12.4%) for the quarter, compared to (14.1%)
in the third quarter of 2016.
-- Non-GAAP operating margin was 0.5% for the quarter, an improvement of
approximately 2.3 percentage points from (1.8%) in the third quarter of
2016.
-- GAAP operating loss was ($12.1) million for the quarter, compared to
($10.0) million in the third quarter of 2016.
-- Non-GAAP operating income was $0.5 million for the quarter, compared to
a loss of ($1.2) million in the third quarter of 2016. Non-GAAP
operating income (loss) excludes stock-based compensation expense,
amortization of acquired intangible assets, and acquisition related
expenses.
Net Income (Loss)
-- GAAP net loss was ($10.6) million, or ($0.29) per basic and diluted
share for the quarter, compared to ($10.5) million, or ($0.30) per basic
and diluted share, in the third quarter of 2016.
-- Non-GAAP net income was $1.3 million, or $0.03 per basic and diluted
share for the quarter, compared to a net loss of ($1.8) million, or
($0.05) per basic and diluted share, in the third quarter of 2016.
Non-GAAP net income (loss) per share excludes stock-based compensation
expense, amortization of acquired intangible assets, acquisition related
expenses, non-cash interest expense for amortization of debt discount
and debt issuance costs, and the deferred income tax benefit from
convertible notes and business combination.
-- Third quarter weighted average basic and diluted shares outstanding for
GAAP net loss per share was 37.0 million, compared to 35.4 million basic
and diluted shares in the third quarter of 2016.
-- Third quarter weighted average basic and diluted shares outstanding for
non-GAAP net income per share was 37.0 million and 39.4 million,
respectively, compared to 35.4 million weighted average basic and
diluted shares in the third quarter of 2016.
Balance Sheet and Cash Flow
-- The company's cash, cash equivalents and investments balance was $527.5
million as of September 30, 2017.
-- During the third quarter, the company generated $1.8 million of free
cash flow compared to $1.5 million during the third quarter of 2016.
Additional Recent Business Highlights
-- Grew total customers to 37,450 at September 30, 2017, up 47% from
September 30, 2016.
-- Total average subscription revenue per customer was $10,332 during the
third quarter of 2017.
"Q3 was yet another strong quarter for HubSpot and we're thrilled with the results," said Brian Halligan, Co-founder & CEO. "We delivered strong revenue growth, positive profitability and continue to see increasing adoption of our growth stack among our customer base. All of this reinforces what I saw at our annual INBOUND event in September -- this global movement is just getting started. And it's our mission at HubSpot to lead that movement every step of the way."
Business Outlook
Based on information available as of November 1, 2017, HubSpot is issuing guidance for the fourth quarter of 2017 and raising guidance for full year 2017 as indicated below.
Fourth Quarter 2017:
-- Total revenue is expected to be in the range of $101 million to $102
million.
-- Non-GAAP operating income is expected to be in the range of $1.5 million
to $2.5 million. This excludes stock-based compensation expense of
approximately $12.4 million, amortization of acquired intangible assets
of approximately $50 thousand and acquisition related expenses of
approximately $819 thousand.
-- Non-GAAP net income per common share is expected to be in the range of
$0.06 to $0.08. This excludes stock-based compensation expense of
approximately $12.4 million, amortization of acquired intangible assets
of approximately $50 thousand, acquisition related expenses of
approximately $819 thousand, non-cash interest expense for the
amortization of debt discount and debt issuance costs of approximately
$4.9 million, and the deferred income tax benefit from convertible notes
of approximately $2.5 million. This assumes approximately 39.9 million
weighted average diluted shares outstanding.
Full Year 2017:
-- Total revenue is expected to be in the range of $370 million to $371
million, up from our previously guided range of $362.8 million to $364.8
million dollars.
-- Non-GAAP operating income is expected to in be in the range of $5.7 to
$6.7 million, up from our previously guided range of breakeven to $2.0
million. This excludes stock-based compensation expense of approximately
$46.8 million amortization of acquired intangible assets of
approximately $104 thousand, and acquisition related expenses of
approximately $1.3 million.
-- Non-GAAP net income per common share is expected to be in the range of
$0.19 to $0.21, up from our previously guided range of $0.03 to $0.07.
This excludes stock-based compensation expense of approximately $46.8
million, amortization of acquired intangible assets of approximately
$104 thousand, acquisition related expenses of approximately $1.3
million, non-cash interest expense for the amortization of debt discount
and debt issuance costs of approximately $12.4 million, and the deferred
income tax benefit from convertible notes and business combination of
approximately $11.6 million. This assumes approximately 39.2 million
weighted average diluted shares outstanding.
HubSpot's estimates of stock-based compensation, amortization of acquired intangible assets, and acquisition-related expenses in future periods assume, among other things, the occurrence of no additional acquisitions, investments or restructurings, and no further revisions to stock-based compensation and related expenses.
Conference Call Information
HubSpot will host a conference call on Wednesday, Nov 1, 2017, at 4:30 p.m. Eastern Time (ET) to discuss its third quarter 2017 financial results and business outlook. To access this call, dial (866) 393-4306 (domestic) or (734) 385-2616 (international). The conference ID is 99807970. Additionally, a live webcast of the conference call will be available in the "Investor" section of HubSpot's web site at www.hubspot.com.
Following the conference call, a replay will be available until 11 p.m. ET on Nov 8, 2017 at (855) 859-2056 (domestic) or (404) 537-3406 (international). The replay pass code is 99807970. 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 CRM, marketing, sales, and customer experience platform. Over 37,000 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 three and nine months ended September 30, 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 fourth 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 acquire and integrate companies and assets; 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 August 2, 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)
September 30, December 31,
2017 2016
---- ----
Assets
Current assets:
Cash and cash
equivalents $176,743 $59,702
Short-term investments 315,130 54,648
Accounts receivable
-net of allowance for
doubtful accounts of
$622 and $617 48,790 38,984
at September 30, 2017
and December 31,
2016, respectively
Deferred commission
expense 11,228 9,025
Restricted cash - 162
Prepaid hosting costs 1,411 5,299
Prepaid expenses and
other current assets 17,726 8,433
------ -----
Total current assets 571,028 176,253
Long-term investments 35,669 35,718
Property and
equipment, net 40,601 30,201
Capitalized software
development costs,
net 8,566 6,523
Restricted cash 5,106 321
Other assets 4,044 950
Intangible assets 6,362 16
Goodwill 14,950 9,773
------ -----
Total assets $686,326 $259,755
======== ========
Liabilities and
stockholders' equity
Current liabilities:
Accounts payable $4,749 $4,350
Accrued compensation
costs 11,611 11,415
Other accrued expenses 25,753 16,033
Deferred rent 157 159
Deferred revenue 118,366 95,426
------- ------
Total current
liabilities 160,636 127,383
Deferred rent, net of
current portion 18,173 10,079
Deferred revenue, net
of current portion 1,792 1,171
Other long-term
liabilities 3,626 2,422
Convertible senior
notes 293,563 -
------- ---
Total liabilities 477,790 141,055
------- -------
Commitments and
contingencies
Stockholders'equity:
Common stock 36 36
Additional paid-in
capital 482,964 365,444
Accumulated other
comprehensive income
(loss) 83 (864)
Accumulated deficit (274,547) (245,916)
-------- --------
Total
stockholders'equity 208,536 118,700
------- -------
Total liabilities and
stockholders' equity $686,326 $259,755
======== ========
Consolidated Statements of Operations
(in thousands, except per share data)
For the Three Months Ended September 30, For the Nine Months Ended September 30,
---------------------------------------- ---------------------------------------
2017 2016 2017 2016
---- ---- ---- ----
Revenues:
Subscription $93,164 $66,505 $255,030 $182,357
Professional services and other 4,562 4,084 14,041 12,166
----- ----- ------ ------
Total revenue 97,726 70,589 269,071 194,523
------ ------ ------- -------
Cost of revenues:
Subscription 12,933 10,655 36,834 29,550
Professional services and other 6,077 5,157 17,839 15,428
----- ----- ------ ------
Total cost of revenues 19,010 15,812 54,673 44,978
------ ------ ------ ------
Gross profit 78,716 54,777 214,398 149,545
------ ------ ------- -------
Operating expenses:
Research and development 18,828 12,100 48,087 33,182
Sales and marketing 57,904 41,193 155,284 115,531
General and administrative 14,110 11,435 41,730 31,674
------ ------ ------ ------
Total operating expenses 90,842 64,728 245,101 180,387
------ ------ ------- -------
Loss from operations (12,126) (9,951) (30,703) (30,842)
------- ------ ------- -------
Other expense:
Interest income 1,274 224 2,311 604
Interest expense (5,063) (97) (7,947) (277)
Other expense (26) (365) (251) (900)
--- ---- ---- ----
Total other expense (3,815) (238) (5,887) (573)
------ ---- ------ ----
Loss before income tax benefit (expense) (15,941) (10,189) (36,590) (31,415)
Income tax benefit (expense) 5,358 (326) 8,411 (318)
----- ---- ----- ----
Net loss $(10,583) $(10,515) $(28,179) $(31,733)
======== ======== ======== ========
Net loss per share, basic and diluted $(0.29) $(0.30) $(0.77) $(0.91)
Weighted average common shares used in computing basic and diluted net loss
per share: 37,047 35,393 36,639 35,038
Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2017 2016 2017 2016
---- ---- ---- ----
Operating Activities:
Net loss $(10,583) $(10,515) $(28,179) $(31,733)
Adjustments to reconcile net loss to net cash and cash
equivalents provided by operating activities
Depreciation and amortization 4,146 2,769 11,123 7,992
Stock-based compensation 12,110 8,695 34,419 23,401
Benefit for deferred income taxes (5,581) - (9,125) (165)
Amortization of debt discount and issuance costs 4,799 - 7,482 -
(Accretion) amortization of bond discount premium (692) 136 (747) 547
Noncash rent expense 1,344 744 4,343 2,693
Unrealized currency translation (153) (82) (348) (146)
Changes in assets and liabilities, net of acquisition
Accounts receivable (9,671) (4,755) (8,510) (5,140)
Prepaid expenses and other assets 2,555 (762) (5,363) (3,386)
Deferred commission expense (110) (77) (2,011) (80)
Accounts payable 1,883 431 1,556 733
Accrued expenses (131) 1,800 6,838 3,737
Deferred rent (21) (41) 3,581 (75)
Deferred revenue 7,906 6,929 20,561 18,715
----- ----- ------ ------
Net cash and cash equivalents provided by operating activities 7,801 5,272 35,620 17,093
----- ----- ------ ------
Investing Activities:
Purchases of investments (267,359) (23,212) (572,636) (44,323)
Maturities of investments 276,000 22,045 313,060 43,388
Purchases of property and equipment (4,017) (2,081) (15,089) (13,350)
Capitalization of software development costs (1,966) (1,661) (5,306) (4,173)
Acquisition of a business and purchase of technology (9,415) - (9,415) -
Purchases of strategic investments (2,200) - (2,800) -
Restricted cash - - (4,587) -
--- --- ------ ---
Net cash and cash equivalents used in investing activities (8,957) (4,909) (296,773) (18,458)
------ ------ -------- -------
Financing Activities:
Employee taxes paid related to the net share settlement of stock-based awards (1,057) (478) (3,154) (1,820)
Proceeds related to the issuance of common stock under stock plans 2,924 2,977 10,409 9,145
Repayments of capital lease obligations (269) (209) (787) (528)
Proceeds of the issuance of convertible notes, net of issuance costs paid of $10,767 (12) - 389,233 -
Purchase of note hedge related to convertible notes - - (78,920) -
Proceeds from the issuance of warrants related to convertible notes, net of issuance costs of $200 - - 58,880 -
--- --- ------ ---
Net cash and cash equivalents provided by financing activities 1,586 2,290 375,661 6,797
----- ----- ------- -----
Effect of exchange rate changes on cash and cash equivalents 691 125 2,533 427
--- --- ----- ---
Net increase in cash and cash equivalents 1,121 2,778 117,041 5,859
Cash and cash equivalents, beginning of period 175,622 58,661 59,702 55,580
------- ------ ------ ------
Cash and cash equivalents, end of period $176,743 $61,439 $176,743 $61,439
======== ======= ======== =======
Reconciliation of non-GAAP operating income (loss) and operating Three Months Ended September 30, Nine Months Ended September 30,
margin
2017 2016 2017 2016
---- ---- ---- ----
(in thousands, except percentages)
GAAP operating loss $(12,126) $(9,951) $(30,703) $(30,842)
Stock-based compensation 12,110 8,695 34,419 23,401
Amortization of acquired intangible assets 38 20 54 64
Acquisition related expenses 439 - 439 -
--- --- --- ---
Non-GAAP operating income (loss) $461 $(1,236) $4,209 $(7,377)
==== ======= ====== =======
GAAP operating margin (12.4%) (14.1%) (11.4%) (15.9%)
Non-GAAP operating margin 0.5% (1.8%) 1.6% (3.8%)
Reconciliation of non-GAAP net income (loss) Three Months Ended September Nine Months Ended September
30, 30,
----------------------------- -------------------------------
2017 2016 2017 2016
---- ---- ---- ----
(in thousands, except per share amounts)
GAAP net loss $(10,583) $(10,515) $(28,179) $(31,733)
Stock-based compensation 12,110 8,695 34,419 23,401
Amortization of acquired intangible assets 38 20 54 64
Acquisition related expenses 439 - 439 -
Amortization of debt discount and debt issuance costs 4,799 - 7,482 -
Deferred income tax benefit from convertible notes and business combination (5,552) - (9,093) -
------ --- ------ ---
Non-GAAP net income (loss) $1,251 $(1,800) $5,122 $(8,268)
====== ======= ====== =======
Non-GAAP net income (loss) per share:
Basic $0.03 $(0.05) $0.14 $(0.24)
Diluted $0.03 $(0.05) $0.13 $(0.24)
Shares used in non-GAAP per share calculations
Basic 37,047 35,393 36,639 35,038
Diluted 39,443 35,393 38,763 35,038
Reconciliation of non-GAAP expense and expense as a percentage of revenue
(in thousands, except percentages)
Three Months Ended September 30,
--------------------------------
2017 2016
---- ----
COS, COS, Prof. R&D S&M G&A COS, COS, Prof.
Subscription services & Subscription services &
other other R&D S&M G&A
GAAP expense $12,933 $6,077 $18,828 $57,904 $14,110 $10,655 $5,157 $12,100 $41,193 $11,435
Stock -based compensation (163) (591) (3,110) (5,015) (3,231) (139) (438) (2,341) (3,473) (2,304)
Amortization of acquired intangible assets (38) - - - - (13) - - (7) -
Acquisition related expenses - - (439) - - - - - - -
--- --- ---- --- --- --- --- --- --- ---
Non-GAAP expense $12,732 $5,486 $15,279 $52,889 $10,879 $10,503 $4,719 $9,759 $37,713 $9,131
======= ====== ======= ======= ======= ======= ====== ====== ======= ======
GAAP expense as a percentage of revenue 13.2% 6.2% 19.3% 59.3% 14.4% 15.1% 7.3% 17.1% 58.4% 16.2%
Non-GAAP expense as a percentage of revenue 13.0% 5.6% 15.6% 54.1% 11.1% 14.9% 6.7% 13.8% 53.4% 12.9%
Nine Months Ended September 30,
-------------------------------
2017 2016
---- ----
COS, COS, Prof. R&D S&M G&A COS, COS, Prof.
Subscription services & Subscription services &
other other R&D S&M G&A
GAAP expense $36,834 $17,839 $48,087 $155,284 $41,730 $29,550 $15,428 $33,182 $115,531 $31,674
Stock -based compensation (455) (1,707) (9,013) (13,889) (9,355) (363) (1,238) (6,371) (9,368) (6,061)
Amortization of acquired intangible assets (47) - - (7) - (44) - - (20) -
Acquisition related expenses - - (439) - - - - - - -
--- --- ---- --- --- --- --- --- --- ---
Non-GAAP expense $36,332 $16,132 $38,635 $141,388 $32,375 $29,143 $14,190 $26,811 $106,143 $25,613
======= ======= ======= ======== ======= ======= ======= ======= ======== =======
GAAP expense as a percentage of revenue 13.7% 6.6% 17.9% 57.7% 15.5% 15.2% 7.9% 17.1% 59.4% 16.3%
Non-GAAP expense as a percentage of revenue 13.5% 6.0% 14.4% 52.5% 12.0% 15.0% 7.3% 13.8% 54.6% 13.2%
Reconciliation of non-GAAP subscription margin
(in thousands, except percentages)
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- -------------------------------
2017 2016 2017 2016
---- ---- ---- ----
GAAP subscription margin $80,231 $55,850 $218,196 $152,807
Stock -based compensation 163 139 455 363
Amortization of acquired intangible assets 38 13 47 44
--- --- --- ---
Non-GAAP subscription margin $80,432 $56,002 $218,698 $153,214
======= ======= ======== ========
GAAP subscription margin percentage 86.1% 84.0% 85.6% 83.8%
Non-GAAP subscription margin percentage 86.3% 84.2% 85.8% 84.0%
Reconciliation of free cash flow
(in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- -------------------------------
2017 2016 2017 2016
---- ---- ---- ----
GAAP net cash and cash equivalents provided by
operating activities $7,801 $5,272 $35,620 $17,093
Purchases of property and equipment (4,017) (2,081) (15,089) (13,350)
Capitalization of software development costs (1,966) (1,661) (5,306) (4,173)
------ ------ ------ ------
Free cash flow $1,818 $1,530 $15,225 $(430)
====== ====== ======= =====
Non-GAAP Financial Measures
In this release, HubSpot's non-GAAP operating income (loss), operating margin, subscription margin, expense, expense as a percentage of revenue, net income (loss), 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.
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, amortization of acquired intangible assets, acquisition related expenses, non-cash interest expense for the amortization of debt discount and debt issuance costs, and the deferred income tax benefit from convertible notes. 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.
(c) Acquisition related expenses, such
as transaction costs and retention
payments, are expenses that are not
necessarily reflective of
operational performance during a
period. We believe that the
exclusion of this these expenses
provides for a useful comparison of
our operating results to prior
periods and to our peer companies.
(d) In May 2017, the Company issued $400
million of convertible notes due in
2022 with a coupon interest rate of
0.25%. The imputed interest rate of
the convertible senior notes was
approximately 6.95%. This is a
result of the debt discount
recorded for the conversion feature
that is required to be separately
accounted for as equity, and debt
issuance costs, which reduce the
carrying value of the convertible
debt instrument. The debt discount
is amortized as interest expense
together with the issuance costs of
the debt. The expense for the
amortization of debt discount and
debt issuance costs is a non-cash
item, and we believe the exclusion
of this interest expense provides
for a useful comparison of our
operating results to prior periods
and to our peer companies.
(e) The deferred income tax benefit from
the convertible notes issued in May
2017 is a non-cash item created by
the difference in the carrying
amount and tax basis of the
convertible notes. This taxable
temporary difference resulted in
the Company recognizing a $9.4
million deferred tax liability
which was recorded as an adjustment
to additional paid-in capital on
the consolidated balance sheet.
The creation of the deferred tax
liability is recognized as a
component of equity and represents
a source of future taxable income
which supports the realization of a
portion of the income tax benefit
associated with historical net
operating losses. The deferred
income tax benefit from the
convertible notes is a non-cash
item that is unique to the issuance
of the Company's convertible notes,
and we believe the exclusion of
this deferred tax benefit provides
for a useful comparison of our
operating results to prior periods
and to our peer companies.
The deferred income tax benefit from
the business combination entered
into in September 2017 is a non-
cash item created by the difference
in the carrying amount and tax
basis of the assets and liabilities
acquired. This taxable temporary
difference resulted in the Company
recognizing a $2.2 million deferred
tax liability which was recorded as
an adjustment to goodwill on the
consolidated balance sheet. The
creation of the deferred tax
liability represents a source of
future taxable income which
supports the realization of a
portion of the income tax benefit
associated with historical net
operating losses. The deferred
income tax benefit from the
business combination is a non-cash
item that is unique to the business
combination, and we believe the
exclusion of this deferred tax
benefit provides for a useful
comparison of our operating results
to prior periods and to our peer
companies.
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SOURCE HubSpot
