1、HUBSPOT INCFORM 10-K(Annual Report)Filed 02/16/23 for the Period Ending 12/31/22 Address25 FIRST STREET2ND FLOORCAMBRIDGE,MA,02141Telephone(888)482-7768CIK0001404655SymbolHUBSSIC Code7372-Services-Prepackaged SoftwareIndustrySoftwareSectorTechnologyFiscal Year12/31http:/www.edgar- Copyright 2023,EDG
2、AR Online,a division of Donnelley Financial Solutions.All Rights Reserved.Distribution and use of this document restricted under EDGAR Online,a division of Donnelley Financial Solutions,Terms of Use.UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549 FORM 10-K(MARK ONE)ANNUAL REPORT
3、PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCAL YEAR ENDED DECEMBER 31,2022 ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-36680 HubSpot,Inc.(Exact name of regis
4、trant as specified in its charter)Delaware 20-2632791(State or other jurisdiction ofincorporation or organization)(I.R.S.EmployerIdentification No.)25 First StreetCambridge,Massachusetts,02141(Address of principal executive offices)(888)482-7768(Registrants telephone number,including area code)Secur
5、ities registered pursuant to Section 12(b)of the Act:Title of each class Trading symbol(s)Name of each exchange on which registeredCommon Stock,par value$0.001 per share HUBS New York Stock Exchange Securities registered pursuant to Section 12(g)of the Act:None.Indicate by check mark if the registra
6、nt is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.YES NO Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)of the Act.YES NO Indicate by check mark whether the registrant(1)has filed all reports required to b
7、e filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months(or for such shorter period that the registrant was required to file such reports),and(2)has been subject to such filing requirements for the past 90 days.YES NO Indicate by check mark whether the regi
8、strant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(232.405 of this chapter)during the preceding 12 months(or for such shorter period that the registrant was required to submit such files).YES NO Indicate by check mark wheth
9、er the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or an emerging growth company.See the definitions of“large accelerated filer,”“accelerated filer,”“smaller reporting company,”and“emerging growth company”in Rule 12b-2 of the Excha
10、nge Act:Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company 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 accou
11、nting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its managements assessment of the effectiveness of its internal controls over financial reporting under Section 404(b)of the Sarbanes-Oxley Act
12、(15 U.S.C 7262(b)by the registered public accounting firm that prepared or issued its audit report YES NO If securities are registered pursuant to Section 12(b)of the Act,indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an err
13、or to previously issued financial statements.YES NO Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrants executive officers during the relevant recovery period pursuant to 2
14、40.10D-1(b).YES NO Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).YES NO The aggregate market value of common stock held by non-affiliates of the registrant,based on the closing price of the registrants common stock on June 30,2022,as r
15、eported by the New York Stock Exchange on such date was approximately$13,710,448,147.Shares of the registrants common stock held by each executive officer,director and holder of 5%or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates.This calc
16、ulation does not reflect a determination that certain persons are affiliates of the registrant for any other purpose.On February 10,2023,the registrant had 49,392,241 shares of common stock outstanding.1 DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrants definitive Proxy Statement for it
17、s 2023 Annual Meeting of Stockholders are incorporated by reference in Part III of this Annual Report on Form 10-K.Such Proxy Statement will be filed with the U.S.Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.Except with respect to i
18、nformation specifically incorporated by reference in this Form 10-K,the Proxy Statement is not deemed to be filed as part of this Form 10-K.2 HUBSPOT,INC.TABLE OF CONTENTS Page No.PART I ITEM 1.Business 7ITEM 1A.Risk Factors 15ITEM 1B.Unresolved Staff Comments 44ITEM 2.Properties 44ITEM 3.Legal Proc
19、eedings 44ITEM 4.Mine Safety Disclosures 44 PART II ITEM 5.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities 45ITEM 6.Reserved 46ITEM 7.Managements Discussion and Analysis of Financial Condition and Results of Operations 47ITEM 7A.Quantitative
20、 and Qualitative Disclosures About Market Risk 65ITEM 8.Financial Statements and Supplementary Data 66ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 101ITEM 9A.Controls and Procedures 101ITEM 9B.Other Information 102ITEM 9C.Disclosure Regarding Foreign J
21、urisdictions that Prevent Inspections 102 PART III ITEM 10.Directors,Executive Officers and Corporate Governance 103ITEM 11.Executive Compensation 103ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 103ITEM 13.Certain Relationships and Related Tr
22、ansactions,and Director Independence 103ITEM 14.Principal Accounting Fees and Services 103 PART IV ITEM 15.Exhibits,Financial Statement Schedules 104ITEM 16.10-K Summary 104SIGNATURES 108 3 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTSThis Annual Report on Form 10-K contains forward-looking stat
23、ements 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 Annual Report
24、 on Form 10-K 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
25、,”“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 Annual Report on Form 1
26、0-K include,but are not limited to,statements about:our future financial and operational performance and operational expenditures,including our expectations regarding our revenue,cost of revenue,gross margin and operating expenses;maintaining and expanding our customer base and increasing our averag
27、e subscription revenue per customer;the impact of competition in our industry and innovation by our competitors;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,
28、foreign currency movement,macroeconomic stability,and the COVID-19 pandemic 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 future financial performance;our anticipated areas of investments,in
29、cluding sales and marketing,research and development,customer service and support,data center infrastructure and service capabilities,and expectations relating to such investments;our predictions about industry and market trends;our ability to anticipate and address the evolution of technology and t
30、he technological needs of our customers,to roll-out upgrades to our existing software platform and to develop new and enhanced applications to meet the needs of our customers;our ability to maintain our brand and inbound marketing,selling and servicing thought leadership position;the impact of our c
31、orporate culture and our ability to attract,hire and retain necessary qualified employees to expand our operations;the anticipated effect on our business of litigation to which we are or may become a party;our ability to successfully acquire and integrate companies and assets;our plans regarding dec
32、laring or paying cash dividends in the foreseeable future;andour ability to stay abreast of new or modified laws and regulations that currently apply or become applicable to our business both in the United States and internationally.4 We caution you that the foregoing list may not contain all of the
33、 forward-looking statements made in this Annual Report on Form 10-K.You should not rely upon forward-looking statements as predictions of future events.We have based the forward-looking statements contained in this Annual Report on Form 10-K primarily on our current expectations and projections abou
34、t future events and trends that we believe may affect our business,financial condition,results of operations and prospects.The outcome of the events described in these forward-looking statements is subject to risks,uncertainties and other factors described in“Risk Factors”and elsewhere in this Annua
35、l Report on Form 10-K.Moreover,we operate in a very competitive and rapidly changing environment.New risks and uncertainties emerge from time to time,and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Ann
36、ual Report on Form 10-K.The results,events and circumstances reflected in the forward-looking statements may not be achieved or occur,and actual results,events or circumstances could differ materially from those described in the forward-looking statements.The forward-looking statements made in this
37、Annual Report on Form 10-K relate only to events as of the date on which the statements are made.We undertake no obligation to update any forward-looking statements made in this Annual Report on Form 10-K to reflect events or circumstances after the date of this Annual Report on Form 10-K or to refl
38、ect new information or the occurrence of unanticipated events,except as required by law.We may not actually achieve the plans,intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements.Our forward-looking statement
39、s do not reflect the potential impact of any future acquisitions,mergers,dispositions,joint ventures,or investments we may make.In this Annual Report on Form 10-K,the terms“HubSpot,”“we,”“us,”and“our”refer to HubSpot,Inc.and its subsidiaries,unless the context indicates otherwise.5 Risk Factor Summa
40、ry The risk factors detailed in Item 1A entitled“Risk Factors”in this Annual Report on Form 10-K are the risks that we believe are material to our investors and a reader should carefully consider them.Those risks are not all of the risks we face and other factors not presently known to us or that we
41、 currently believe are immaterial may also affect our business if they occur.The following is a summary of the risk factors detailed in Item 1A:We are dependent upon customer renewals,the addition of new customers,increased revenue from existing customers and the continued growth of the market for a
42、 CRM Platform.We face significant competition from both established and new companies offering marketing,sales,customer service,operations and content management software and other related applications,as well as internally developed software,which may harm our ability to add new customers,retain ex
43、isting customers and grow our business.Failure to effectively develop and expand our marketing,sales,customer service,operations,and content management capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our platform.If we fail to adapt and resp
44、ond effectively to rapidly changing technology,evolving industry standards and changing customer needs or requirements,our CRM Platform may become less competitive.Our ability to introduce new products and features is dependent on adequate research and development resources.If we do not adequately f
45、und our research and development efforts,we may not be able to compete effectively and our business and operating results may be harmed.We are exposed to fluctuations in currency exchange rates that could adversely affect our financial results.The current economic downturn may lead to decreased dema
46、nd for our products and services and otherwise harm our business and results of operations.Interruptions or delays in service from our third-party data center providers could impair our ability to deliver our platform to our customers,resulting in customer dissatisfaction,damage to our reputation,lo
47、ss of customers,limited growth,and reduction in revenue.If our CRM Platform has outages or fails due to defects or similar problems,and if we fail to correct any defect or other software problems,we could lose customers,become subject to service performance or warranty claims or incur significant co
48、sts.If our or our customers security measures are compromised or unauthorized access to data of our customers or their customers is otherwise obtained,our CRM Platform may be perceived as not being secure,our customers may be harmed and may curtail or cease their use of our platform,our reputation m
49、ay be damaged and we may incur significant liabilities.We have a history of losses and may not achieve profitability in the future.We may experience quarterly fluctuations in our operating results due to a number of factors,which makes our future results difficult to predict and could cause our oper
50、ating results to fall below expectations or our guidance.If we do not accurately predict subscription renewal rates or otherwise fail to forecast our revenue accurately,or if we fail to match our expenditures with corresponding revenue,our operating results could be adversely affected.Our ability to
51、 raise capital in the future may be limited,and our failure to raise capital when needed could prevent us from growing.Our Restructuring Plan and associated organizational changes may not adequately reduce our operating costs or improve operating margins,may lead to additional workforce attrition,an
52、d may cause operational disruptions.6 PART 1ITEM I.BUSINESSOverviewWe help scaling companies deliver a delightful customer experience through our cloud-based customer relationship management(“CRM”)Platform.Our CRM Platform includes marketing,sales,service,operations and a content management system,(
53、“CMS”),as well as other tools,integrations and a native payment solution,that enable companies to attract,engage,and delight customers throughout the customer experience.Additionally,we provide education,services and support to help customers be successful with our CRM Platform.We focus on selling t
54、o mid-market business-to-business(“B2B”)companies,which we define as companies that have between 2 and 2,000 employees.We sell our CRM Platform on a subscription basis.In 2022,our total revenue was$1.7 billion and we incurred a net loss of$112.7 million.As of December 31,2022,we had 7,433 full-time
55、employees and 167,386 Customers,as defined in our Key Business Metrics in Item 7,of varying sizes in more than 120 countries.Our company was formed as a limited liability company in Delaware on April 4,2005.We converted to a Delaware corporation on June 7,2007.Our principal executive offices are loc
56、ated at 25 First Street,Cambridge,Massachusetts,and our main telephone number is 888-482-7768.Our website address is https:/.Information contained on or that can be accessed through our website does not constitute part of this Annual Report on Form 10-K,and inclusions of our website address in this
57、Annual Report on Form 10-K are inactive textual references only.The HubSpot ApproachOur CRM Platform features a central database of lead and customer interactions and integrated applications designed to help businesses attract visitors to their websites,convert visitors into leads,close leads into c
58、ustomers,transact with those customers,and delight them so they become promoters of those businesses.Designed to Help Companies Grow Better.Our CRM Platform was architected from the ground up to enable businesses to transform their marketing,sales,services,operations and content management playbook
59、to meet the demands of customers today.Our CRM Platform includes a system of record for maintaining a unified view of the customer experience,a system of engagement for efficiently engaging customers through search engine optimization(“SEO”),web content,social,blogging,email,marketing automation,mes
60、saging,support ticketing,knowledge base,commerce,conversation routing,video hosting,and an end-to-end payment solution which enables customers to streamline their payment process with fewer tools.Ease of Use of a Single,Extensible Platform.We provide a set of integrated applications on a common plat
61、form,which offers businesses ease of use and simplicity.Our CRM Platform has one login,one user interface,one database,and one team for support.Our CRM Platform starts free and grows with our customers.It is designed to scale its power and technical sophistication without losing its ease-of-use.In a
62、ddition to being a comprehensive suite itself,our CRM Platform seamlessly integrates with hundreds of external applications,making it easy to extend the functionality of our CRM Platform and customize it for any business.Power of a Unified Customer View.At the core of our CRM Platform is a single CR
63、M database for each business that captures its lead and customer activity throughout the customer lifecycle.Our CRM Platform creates a unified timeline incorporating all the interactions with a particular customer.In contrast to many CRM suites which are cobbled together,we have crafted a set of cor
64、e functionalities,including reporting,content,messaging,data,and automation,which runs across our product lines,which we refer to as Hubs.Scalability.Our CRM Platform was designed and built to serve a large number of customers with demanding use cases.Our CRM Platform currently processes billions of
65、 data points each week,and we use leading global cloud infrastructure providers and our own automation technology to dynamically allocate capacity to handle processing workloads of all sizes.We have built our CRM Platform on modern,scalable distributed technologies.We built the infrastructure to sup
66、port hundreds of microservices and can easily add new features and capabilities to the CRM Platform.We utilize a variety of open-source distributed systems including HBase,Kafka,Vitess,and Elasticsearch to scale our data collection and processing.Our scalability gives us flexibility for future growt
67、h and enables us to service a large variety of businesses of different sizes across different industries.Extensible and Open Architecture.Our CRM Platform features a variety of open application programming interfaces(“APIs”)that allows easy integration of our platform with other applications.We enab
68、le our customers to connect our platform to their other applications,such as ecommerce,event management and videoconferencing applications.By connecting third-party applications,our customers can leverage our centralized inbound database to perform additional functions and analysis.7 Our Competitive
69、 StrengthsWe believe that our market leadership position is based on the following key strengths:Leading Platform.We have designed and built a world-class CRM Platform.We believe our customers choose our CRM Platform over others because of its powerful,integrated,and easy-to-use applications.We buil
70、t HubSpot on a single,unified,and intuitive platform,which we believe contrasts positively with many other CRM suites.Market Leadership and Strong Brand.We are a recognized thought leader in the cloud-based marketing,sales,customer service,operations,and content management software industry with a l
71、eading brand.Our founders,Brian Halligan and Dharmesh Shah,wrote the best-selling marketing book Inbound Marketing:Get Found Using Google,Social Media and Blogs.Our marketing,sales,service,operations,and content management experience attracts,engages,and delights customers by being more relevant,mor
72、e helpful,more personalized,and less interruptive than traditional marketing and sales tactics.Our INBOUND event is one of the largest inbound industry conference events.In 2022,we had nearly 45,000 registered attendees.Large and Growing Solutions Partner Program.A Solutions Partner is a service pro
73、vider that helps businesses with strategy,execution,and implementation of go-to-market activities and technology solutions.Our Solutions Partners promote our brand and offer our CRM Platform to their clients.Solutions Partners and customers referred to us by our Solutions Partners represented approx
74、imately 33%of our Customers as of December 31,2022,and approximately 45%of our revenue for the year ended December 31,2022.These Solutions Partners help us to promote the vision of the inbound experience,efficiently reach new mid-market businesses at scale,and provide our mutual customers with more
75、diverse and higher-touch services.Freemium Pricing Strategy.Our freemium model attracts customers who begin using our CRM Platform through our free products and then upgrade to our paid Hubs.Through our freemium products,our customers are able to receive value from HubSpot before converting to a pai
76、d product or engaging with sales.Mid-Market Focus.We believe we have significant competitive advantages reaching mid-market businesses and efficiently reach this market at scale as a result of our inbound methodology,freemium pricing strategy,and our Solutions Partner channel.Powerful Network Effect
77、s.We have built a large and growing ecosystem around our CRM Platform and company.Tens of thousands of our Customers integrate third-party applications with our CRM Platform.We believe this ecosystem drives more businesses and professionals to embrace the inbound playbook.As our engaged audience gro
78、ws,more Solutions Partners collaborate with us,more third-party developers integrate their applications with our CRM Platform,and more professionals complete our certification programs,all of which help to drive more businesses to adopt our CRM Platform.Our Growth StrategyThe key elements to our gro
79、wth strategy are:Grow Our Customer Base.The market for our CRM Platform is large and underserved.Mid-market businesses are particularly underserved by existing point application vendors and often lack sufficient resources to implement complex solutions.Our all-in-one CRM Platform allows mid-market b
80、usinesses to efficiently adopt and execute an effective inbound marketing,sales,customer service,operations,and content management strategy to help them expand and grow.We will continue to leverage our inbound go-to-market approach,freemium pricing strategy and our network of Solutions Partners to k
81、eep growing our business.Increase Revenue from Existing Customers.With 167,386 Customers in more than 120 countries spanning many industries,we believe we have a significant opportunity to increase revenue from our existing customers.We plan to increase revenue from our existing customers by expandi
82、ng their use of our CRM Platform by upselling additional offerings and features,including our end-to-end payment solution,adding additional users,and cross-selling our marketing,sales,service,operations,and content management products to existing customers through touchless or low touch in-product p
83、urchases.Our scalable pricing model allows us to capture more spend as our customers grow,increase the number of their customers and prospects managed on our CRM Platform,and offer additional functionality available from our higher price tiers and add-ons,providing us with a substantial opportunity
84、to increase the lifetime value of our customer relationships.Keep Expanding Internationally.There is a significant opportunity for our CRM Platform outside of the United States.As of December 31,2022,approximately 53%of our Customers were located outside of the United States and these Customers gene
85、rated approximately 46%of our total revenue for the year ended December 31,2022.We sell to those international Customers from our U.S.,European,Asia Pacific,and South American based operations.We intend to grow our presence in international markets through additional investments in local sales,marke
86、ting and professional service capabilities,as well as by leveraging our Solutions Partner network.We have significant website traffic from regions outside the United States,and we believe that markets outside the United States represent a significant growth opportunity.8 Continue to Innovate and Exp
87、and Our CRM Platform.Mid-market businesses are increasingly realizing the value of having an integrated marketing,sales,customer service,operations,and content management platform.We believe we are well positioned to capitalize on this opportunity by introducing new products and applications to exte
88、nd the functionality of our CRM Platform.Selectively Pursue Acquisitions.We plan to selectively pursue acquisitions of complementary businesses,technologies and teams that would allow us to add new features and functionalities to our CRM Platform and accelerate the pace of our innovation.Our CRM Pla
89、tformOur CRM Platform features integrated applications and tools that enable companies to create a cohesive and adaptable customer experience.Each Hub can be used standalone,with our CRM Platform,a third party CRM,and/or in conjunction with any version of the other Hubs.Our Hubs are available in bot
90、h free and paid tiers(i.e.,Starter,Professional and Enterprise)with gradually increasing levels of functionality that support the needs of our customers as they see success with our tools and their businesses grow.Businesses that want to use software outside of our CRM Platform can leverage our ecos
91、ystem of third-party integrations from our platform application partners.We make it easy to find and install new or existing software solutions that complement our CRM Platform.Over 1,300 integrations and applications are available for our users,across a wide range of categories,including integratio
92、ns with leading social media,email,sales,video,analytics,content and webinar tools.Customers can build custom applications and integrations on top of our CRM Platform themselves,or through third party developers in our ecosystem.HubSpot CRMThe core of our CRM Platform is a single database of lead an
93、d customer information that allows businesses to track their interactions with contacts and customers,manage their customer activities,and report on their pipeline and sales.This allows a complete view of lead and customer interactions across all of our integrated Hubs,giving our CRM Platform substa
94、ntial power.This integration makes it possible to personalize every aspect of the customer interaction across web content,social media engagement,and email messages across devices,including mobile.The integrated Hubs on our CRM Platform have a common user interface and are accessed through a single
95、login.Marketing HubMarketing Hub is an all-in-one toolset for marketers to attract,engage,and nurture new leads towards sales readiness over the entire customer lifecycle.Features include:marketing automation and email,social media,SEO,and reporting and analytics.Sales HubSales Hub is designed to en
96、hance the productivity and effectiveness of sales teams.Businesses can empower their teams with tools that deliver a personalized experience for prospects with less work for sales representatives.Features include:email templates and tracking,conversations and live chat,meeting and call scheduling,le
97、ad and website visit alerts,lead scoring,sales automation,pipeline management,quoting,forecasting,and reporting.Service HubService Hub is our customer service software designed to help businesses manage,respond and connect with customers.Features include:conversations and live chat functionality,con
98、versational bots,tickets and help desk,automation and routing,knowledge base,team emails,feedback and reporting tools,and customer goals.CMS HubOur content management system(“CMS”)Hub combines the power of customer relationship management and a content management system into one integrated platform.
99、Our content tools enable businesses to create new and edit existing web content while also personalizing their websites for different visitors and optimizing their websites to convert more visitors into leads and customers.Features include:website pages,business blogging,smart content,landing pages
100、and forms,SEO tools,forms and lead flow,web analytics reporting,calls-to-action,and file manager.Operations HubOperations Hub is designed to help businesses unify customer data in a connected platform,automate business processes,and eliminate time-consuming data cleanup,and query and transform data
101、to enable customer insights and connections.Features include:programmable automation,data sync,data curation,and data quality tools.9 Built within the CRM Platform,we offer an end-to-end payment solution,Payments,which enables customers to accept payments from their customers in less time and with f
102、ewer tools.With Payments,customers can buy and pay directly on a website,an email,or chat and native integration with the quotes feature in Sales Hub allows our customers to get paid immediately when a quote is accepted.Our ServicesWe complement our product offerings with professional services,custo
103、mer success and support,which we view as critical elements of ensuring the long-term retention of our customers.The majority of our services and support is offered over email,phone,chat applications and via web meeting technology rather than in-person,which is a more efficient business model for us
104、and our customers.Professional Services.We offer professional services to educate and train customers on how to leverage our CRM Platform to transform how their business attracts,engages and delights customers.Depending on which Hubs and services a customer purchases,they receive onboarding guidance
105、 or one-on-one training from one of our on-boarding,inbound consultants,or technical consultants by web meetings.They can purchase additional group training and education in online or in-person classes(when offered).We also offer in-app training modules that customers can use as part of their on-boa
106、rding.Our professional services are also available to customers who need additional assistance on a one-time or ongoing basis for an additional fee.Depending on the scope of work and the services a customer needs help with,we might recommend they work with our Solutions Partner ecosystem.Customer Su
107、ccess.Our customers have access to a Customer Success Manager(“CSM”),Channel Consultant(CC)or Customer Success Team(“CST”)which are responsible for our customers long term success,retention and growth on our CRM Platform.Depending on the customer spend,they will either have a dedicated CSM,or be ser
108、viced by a CST in a team based approach.Our CSMs or CST address the unique needs and goals of our customers through a series of ongoing interactions and strategy calls on how to best use our CRM Platform.Our CCs play a similar role as our CSMs and CST,but focus on the growth and success of our Solut
109、ions Partners.The Solutions Partners customers have oversight through CSM and work collaboratively with the CC to help the Solutions Partners customers get the most value from our platform and the Solutions Partners services.Support.In addition to assistance provided by our online articles and custo
110、mer discussion forums,we offer phone and/or email and chat based support,which is included in the cost of a subscription for our Hubs.Phone,email and chat support is available starting at the Professional product level for all Hubs while email and chat based support is available for Starter Hubs.We
111、strive to maintain an exceptional quality of customer service.We continuously monitor key customer service metrics such as phone hold time,ticket response time and ticket resolution rates,and we monitor the customer satisfaction of our customer support interactions.We believe our customer support is
112、 an important reason why businesses choose our CRM Platform and recommend it to their colleagues.Our CustomersAs of December 31,2022,we had 167,386 Customers in more than 120 countries,representing many industries.No single customer represented more than ten percent of our revenue in 2022,2021,or 20
113、20.Our TechnologyOur Customers have chosen us as their CRM Platform,which we architected and built to be secure,highly distributed and highly scalable.Since our founding,we have embraced rapid,iterative product development lifecycles,cloud automation and open-source technologies,including big data p
114、latforms,to power marketing,sales,service,operations,and content management programs and provide insights not previously possible or available.Our CRM Platform is a multi-tenant,single code-based,globally available software-as-a-service delivered through APIs,web browsers or mobile applications.Our
115、commitment to a highly available,reliable,and scalable platform for businesses of all sizes is accomplished through the use of these technologies.Platform Approach.We built HubSpot on a single platform with reusable and composable libraries,allowing us to rapidly address new feature areas and bring
116、new products to market that have a consistent user experience and data model.We have built this platform with scale in mind,supporting thousands of components including hundreds of microservices,Modern Database Architecture.We process billions of data points weekly across various channels,including
117、social media,email,SEO and website visits,and continue to drive nearly real-time analytics across these channels.This is possible because we built our database from the ground up using distributed big data technologies such as HBase,Elasticsearch and Kafka to both process and analyze the large amoun
118、ts of data we collect.We also utilize Vitess to operate MySQL at scale,allowing our engineers to choose the best datastore for each task.10 Agility.Our infrastructure and development and software release processes allow us to update our platform for specific groups of customers or our entire custome
119、r base at any time.This means we can rapidly innovate and deliver new functionality frequently,without waiting for quarterly or annual release cycles.We typically deploy updates to our software platform thousands of times a day,enabling us to gather immediate customer feedback and improve our produc
120、t quickly and continuously.Cost leverage.Because our CRM Platform was built on an almost exclusive footprint of open-source software and designed to operate in cloud-based data centers,we have benefited from large-scale price reductions by these cloud computing service providers as they continue to
121、innovate and compete for market share.As our processing volume continues to grow,we continue to receive larger volume discounts on a per-unit basis for costs such as storage,bandwidth and computing capacity.We also believe that our extensive use of open-source software will provide additional levera
122、ge as we scale our CRM Platform and infrastructure.Scalability.By leveraging leading cloud infrastructure providers along with our automated technology stack,we are able to scale workloads of varying sizes at any time.This allows us to handle customers of all sizes and demands without traditional op
123、erational limitations such as network bandwidth,computing cycles,or storage capacity as we can scale our platform on-demand.Reliability.Customer data is distributed and processed across multiple data centers within a region to provide redundancy.We built our CRM platform on a distributed computing a
124、rchitecture with reduced single points of failure and we operate across data center boundaries daily.In addition to datacenter level redundancy,this architecture supports multiple live copies of each data set along with snapshot capabilities for faster,point-in-time data recovery instead of traditio
125、nal backup and restore methodologies.Security.We leverage industry standard network and perimeter defense technologies,distributed denial-of-service,protection systems(including web application firewalls)and enterprise grade domain name system,services across multiple vendors.Our data-center provide
126、rs operate and certify to high industry compliance levels.Due to the broad footprint of our customer base,we regularly test and evaluate our platform with trusted third-party vendors to ensure the security and integrity of our services.Marketing and SalesWe believe we are a global leader in implemen
127、ting an inbound experience in marketing and sales.We believe that our marketing and sales model provides us with a competitive advantage,especially when targeting mid-market businesses,because we can attract and engage these businesses efficiently and at scale.Inbound Marketing.Our marketing team at
128、tracts new leads and users each month through our industry-leading blog,podcast network,email newsletter and other content,free tools,large social media following,high search engine rankings and personalized website and email content.In addition,we are generating leads for new and add-on product pur
129、chases through content and offers delivered through our CRM Platform to existing customers.Inbound Direct Sales.Our sales representatives throughout the world use phone,email,and web meetings to interact with prospects and customers.The majority of revenue generated by our sales representatives orig
130、inates with inbound leads produced by our marketing efforts.In addition,our freemium products and in-product cross-sell offerings help close new business with little or no interaction by our sales representatives.Inbound Channel Sales.In addition to our direct sales team,we have sales representative
131、s that manage relationships with our worldwide network of Solutions Partners who both use our platform for their own businesses and also,on a commissioned basis,refer customers to us.These Solutions Partners collaborate with us not only to leverage our software platform and educational resources,but
132、 also to build their own business by offering new services and shifting their revenue mix to include recurring revenue streams.Governmental RegulationsWe operate globally and are subject to numerous U.S.federal,state,and foreign laws and regulations covering a wide variety of subject matters.Our com
133、pliance with these laws and regulations may be onerous and could,individually or in the aggregate,increase our cost of doing business,impact our competitive position relative to our peers,and/or otherwise have anadverse impact on our business,reputation,financial condition,and operating results.For
134、information about governmental regulations applicable to our business,refer to“Risk Factors”in Item 1A.Human Capital Management Helping millions of organizations grow better requires a truly remarkable team.We take a thoughtful approach to talent attraction and retention in order to build a company
135、culture where people can do their best work.Thats why our culture is rooted in what we think employees want from employers today:autonomy,flexibility,transparency,and a commitment to diversity.11 HubSpot is proud to be named the#2 Best Place to Work in 2022 and#4 Best Place to Work in 2021 by the Gl
136、assdoor Employees Choice Awards.Based on employees reviews and feedback,this recognition is a strong testament to the innovative culture we are building.We have also been recognized as a top workplace in 2022 by Great Place to Work,and honored to be mentioned in a number of categories by Comparablys
137、 workplace awards in 2022 including Best CEO for Women,Best Global Culture,and a Best Company for Employee Happiness.As of December 31,2022,we had 7,433 full-time employees,or HubSpotters.Of these,1,271 were in the Americas,1,346 were in Europe,318 were in the Asia Pacific region and 4,498 were 100%
138、remote.In January 2023,we made the difficult decision to begin implementing a restructuring plan(the“Restructuring Plan”),part of which consisted of a reduction of headcount by approximately 7%.Culture and Values.As a company with a hybrid working model,connection is core to our culture.We are focus
139、ed on fostering authentic connection by offering the tools,resources,and opportunities to help our employees grow both personally and professionally.Our Culture Code underpins our culture and outlines our core company values,including,autonomy,flexibility,high performance,and HEART.HEART is at the c
140、enter of who we are and represents the five traits we value the most in HubSpotters:Humility,Empathy,Adaptability,Remarkableness and Transparency.A copy of our Culture Code can be found at:https:/ Belonging.Diversity,inclusion,and belonging(DI&B)is a core part of our mission.We are focused not just
141、on increasing representation,but on striving for equity in systems,resources,and access to opportunities.We have incorporated DI&B into our policies and practices,education and events,and launched various initiatives to further our goal of being a more diverse,inclusive,and equitable workplace.Our D
142、I&B initiatives include,but are not limited to:programs to increase our slate of diverse candidates,anti-racism training for employees and managers,key external partnerships,employee resource groups,and programs and initiatives to enhance the diversity and inclusion experience for candidates and emp
143、loyees.In addition,our annual HubSpot Diversity,Inclusion,and Belonging Report is a detailed analysis of our gender,ethnicity,and age data,as well as self-reported identities including parents,military veterans,disabilities,first-generation identity,and those who are gender diverse.A copy of our DI&
144、B report can be found at:https:/ and Benefits.We provide competitive compensation and benefits for our employees globally.Our compensation packages may include base salary,commission or semi-annual bonuses,and stock-based compensation.We also offer general employee medical and dental plans,unlimited
145、 vacation and an annual global week of rest,life and disability insurance,employee stock purchase plan,and Section 401(k)plan matching contributions.We evaluate both compensation and benefit offerings on an annual basis and we make adjustments as needed.We are also committed to making meaningful,lon
146、g-term change from pay opacity to pay clarity.This includes providing access to compensation ranges for all of our employees,anchoring compensation to one predefined major city per country and publishing compensation ranges for all job postings in the U.S.Learning and growth.We believe in life-long
147、learning and invest in employee development at every stage.We offer hands-on,regionalized on-boarding,one-on-one mentorship,year-round manager trainings and an annual mini-MBA Fellows program.We also offer several programs focused on BIPOC(Black,Indigenous,Person of Color)retention and career develo
148、pment,including a stay interview program,a global mentorship program for employees of color,and a structured mentoring and career coaching program for Black employees.In addition,we offer several self-paced courses for all employees through LearnHubSpot,our internal,online learning management system
149、 designed by our Learning and Development team.Hybrid Culture and Enablement.We offer a hybrid working model,with employees choosing annually between three options:home,office,flex.home employees will work the majority of the time from home,office employees will go into a HubSpot office three or mor
150、e days per week,and flex employees will go into a HubSpot office two or fewer days per week.We also offer manager trainings focused on building connection and psychological safety.Mental Health and Well-Being.We offer a mental wellness platform as a global benefit for employees.In order to prevent a
151、nd battle burnout and its root causes,we also offer a company holiday week for all employees to take time off and recharge,and programming for employees to listen,learn,and identify ways to prioritize their mental health at work.Social Impact.We aim to bring the best of HubSpot to help nonprofits th
152、at are committed to improving education and entrepreneurship in our communities around the world.We provide a range of opportunities for our employees to get involved with nonprofit organizations through HubSpot Helps,our community impact program,including:a dedicated employee volunteering platform,
153、financial and in-kind donations,and flagship events.We are also committed to closing the 12 racial wealth gap and developing the next generation of Black business leaders by investing in partnerships and organizations that can drive real change for Black communities.Employee Engagement and Feedback.
154、We administer a quarterly employee engagement survey,known as our eNPS,to assess and understand the employee experience and engagement at the company level.The survey also enables us to provide data to leaders across the organization,empowering them to identify,address,and monitor feedback at the de
155、partment level.Our eNPS process includes a Global Inclusion Index survey which we measure annually,allowing us to track progress and collect feedback on our diversity,inclusion,and belonging efforts over time.CompetitionOur market is evolving,highly competitive and fragmented,and we expect competiti
156、on to increase in the future.We believe the principal competitive factors in our market are:vision for the market,product strategy and pace of innovation;inbound marketing focus and domain expertise;integrated all-in-one CRM Platform;breadth and depth of product functionality;ease of use;scalable,op
157、en architecture;time to value and total cost of ownership;integration with third-party applications and data sources;use of CRM data to make strategic business decisions;name recognition and brand reputation;and“freemium”go-to-market motion.We believe we compete favorably with respect to all of thes
158、e factors.We face intense competition from other software companies that develop marketing,sales,service,and content management software.Our competitors offer various point applications that provide certain functions and features that we provide,including:cloud-based marketing automation providers;c
159、ontent management systems;email marketing software vendors;sales force automation and CRM software vendorscustomer service platform vendors;andlarge-scale enterprise suites.In addition,instead of using our CRM Platform,some prospective customers may elect to combine disparate point applications,such
160、 as content management,marketing automation,analytics,social media management,ticketing,and conversational bots.We expect that we will develop and introduce,or acquire,applications serving customer-facing and other front office functions.Intellectual PropertyOur ability to protect our intellectual p
161、roperty,including our technology,will be an important factor in the success and continued growth of our business.We protect our intellectual property through trade secrets law,copyrights,trademarks,patents,and 13 contracts.Some of our technology relies upon third-party licensed intellectual property
162、.We have 11 issued U.S.Patents and 19 patents applications pending.We intend to pursue and are pursuing additional patent protection to the extent we believe it would be beneficial and cost-effective.In addition to the foregoing,we have established business procedures designed to maintain the confid
163、entiality of our proprietary information,including the use of confidentiality agreements and assignment of inventions agreements with employees,independent contractors,consultants,and companies with which we conduct business.Despite our efforts to protect our intellectual property,unauthorized parti
164、es may still copy or otherwise obtain and use our technology.In addition,we intend to continue to expand our international operations,and effective intellectual property,copyright,trademark and trade secret protection may not be available or may be limited in foreign countries.Any significant impair
165、ment of our intellectual property rights could harm our business or our ability to compete.Financial Information About SegmentsWe operate as one operating segment.Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chie
166、f operating decision maker(“CODM”),which is our chief executive officer,in deciding how to allocate resources and assess performance.The CODM evaluates our financial information and resources and assesses the performance of these resources on a consolidated basis.Since we operate in one operating se
167、gment,all required financial segment information can be found in the consolidated financial statements.See Footnote 10 within the consolidated financial statements for information by geographic area.Available InformationOur website is located at http:/,and our investor relations website is located a
168、t https:/ of our Annual Reports on Form 10-K,Quarterly Reports on Form 10-Q,Current Reports on Form 8-K,and amendments to these reports filed or furnished pursuant to Sections 13(a)and 15(d)of the Securities Exchange Act of 1934,as amended,are available,free of charge,on our investor relations websi
169、te as soon as reasonably practicable after such reports are filed with,or furnished to,the Securities and Exchange Commission,or the SEC.The SEC also maintains a website at http:/www.sec.gov that contains our SEC filings and other information regarding issuers that file electronically with the SEC.W
170、e webcast our earnings calls and certain events we participate in or host with members of the investment community on our investor relations website.Additionally,we provide notifications of news or announcements regarding our financial performance,including SEC filings,investor events,press and earn
171、ings releases,and blogs as part of our investor relations website.We have used,and intend to continue to use,our investor relations website as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.Further corporate governance inform
172、ation,including our certificate of incorporation,bylaws,governance guidelines,board committee charters,and code of business conduct and ethics,is also available on our investor relations website under the heading“Corporate Governance.”The contents of our websites are not intended to be incorporated
173、by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC,and any references to our websites are intended to be inactive textual references only.14 Item 1A.RISK FACTORSAn investment in our common stock involves a high degree of risk.You should carefull
174、y consider the risks described below and the other information in this Annual Report on Form 10-K and in our other public filings before making an investment decision.Our business,prospects,financial condition,or operating results could be harmed by any of these risks,as well as other risks not curr
175、ently known to us or that we currently consider immaterial.If any such risks and uncertainties actually occurs,our business,financial condition or operating results could differ materially from the plans,projections and other forward-looking statements included in the section titled“Managements Disc
176、ussion and Analysis of Financial Condition and Results of Operations”and elsewhere in this report and in our other public filings.The trading price of our common stock could decline due to any of these risks,and,as a result,you may lose all or part of your investment.Risks Related to Our Business an
177、d StrategyWe are dependent upon customer renewals,the addition of new customers,increased revenue from existing customers and the continued growth of the market for a CRM Platform.We derive,and expect to continue to derive,a substantial portion of our revenue from the sale of subscriptions to our CR
178、M Platform.The market for inbound marketing,sales,service,operations and content management products is still evolving,and competitive dynamics may cause pricing levels to change as the market matures and as existing and new market participants introduce new types of point applications and different
179、 approaches to enable businesses to address their respective needs.As a result,we may be forced to reduce the prices we charge for our platform and may be unable to renew existing customer agreements or enter into new customer agreements at the same prices and upon the same terms that we have histor
180、ically.In addition,our growth strategy involves a scalable pricing model(including freemium versions of our products)intended to provide us with an opportunity to increase the value of our customer relationships over time as we expand their use of our platform,sell to other parts of their organizati
181、ons,cross-sell our sales products to existing marketing product customers and vice versa through touchless or low touch in product purchases,and upsell additional offerings and features.If our cross-selling efforts are unsuccessful or if our existing customers do not expand their use of our platform
182、 or adopt additional offerings and features,our operating results may suffer.Our subscription renewal rates may decrease,and any decrease could harm our future revenue and operating results.Our customers have no obligation to renew their subscriptions for our platform after the expiration of their s
183、ubscription periods,substantially all of which are one year or less.In addition,our customers may seek to renew for lower subscription tiers,for fewer contacts or seats,or for shorter contract lengths.Also,customers may choose not to renew their subscriptions for a variety of reasons.Our renewal rat
184、es may decline or fluctuate as a result of a number of factors,including limited customer resources,pricing changes,the prices of services offered by our competitors,adoption and utilization of our platform and add-on applications by our customers,adoption of our new products,customer satisfaction w
185、ith our platform,mergers and acquisitions affecting our customer base,reductions in our customers spending levels or declines in customer activity as a result of economic downturns or uncertainty in financial markets.If our customers do not renew their subscriptions for our platform or decrease the
186、amount they spend with us,our revenue will decline and our business will suffer.In addition,a subscription model creates certain risks related to the timing of revenue recognition and potential reductions in cash flows.A portion of the subscription-based revenue we report each quarter results from t
187、he recognition of deferred revenue relating to subscription agreements entered into during previous quarters.In addition,we do not record deferred revenue beyond amounts invoiced as a liability on our balance sheet.A decline in new or renewed subscriptions in any period may not be immediately reflec
188、ted in our reported financial results for that period,but may result in a decline in our revenue in future quarters.If we were to experience significant downturns in subscription sales and renewal rates,our reported financial results might not reflect such downturns until future periods.15 We face s
189、ignificant competition from both established and new companies offering marketing,sales,customer service,operations,and content management software and other related applications,as well as internally developed software,which may harm our ability to add new customers,retain existing customers and gr
190、ow our business.The marketing,sales,customer service,operations,and content management software market is evolving,highly competitive and significantly fragmented.With the introduction of new technologies and the potential entry of new competitors into the market,we expect competition to persist and
191、 intensify in the future,which could harm our ability to increase sales,maintain or increase renewals and maintain our prices.We face intense competition from other software companies that develop marketing,sales,customer service,operations,and content management software and from marketing services
192、 companies that provide interactive marketing services.Competition could significantly impede our ability to sell subscriptions to our CRM Platform on terms favorable to us.Our current and potential competitors may develop and market new technologies that render our existing or future products less
193、competitive,or obsolete.In addition,if these competitors develop products with similar or superior functionality to our platform,we may need to decrease the prices or accept less favorable terms for our platform subscriptions in order to remain competitive.If we are unable to maintain our pricing du
194、e to competitive pressures,our margins will be reduced and our operating results will be negatively affected.Our competitors include:cloud-based marketing automation providers;email marketing software vendors;sales force automation and CRM software vendors;large-scale enterprise suites;customer serv
195、ice software providers;andcontent management systems.In addition,instead of using our platform,some prospective customers may elect to combine disparate point applications,such as content management,marketing automation,CRM,analytics and social media management.We expect that new competitors,such as
196、 enterprise software vendors that have traditionally focused on enterprise resource planning or other applications supporting back office functions,will develop and introduce applications serving customer-facing and other front office functions.This development could have an adverse effect on our bu
197、siness,operating results and financial condition.In addition,sales automation and CRM vendors could acquire or develop applications that compete with our sales and CRM offerings.Some of these companies have acquired social media marketing and other marketing software providers to integrate with thei
198、r broader offerings.Our current and potential competitors may have significantly more financial,technical,marketing and other resources than we have,be able to devote greater resources to the development,promotion,sale and support of their products and services,may have more extensive customer bases
199、 and broader customer relationships than we have,and may have longer operating histories and greater name recognition than we have.As a result,these competitors may respond faster to new technologies and undertake more extensive marketing campaigns for their products.In a few cases,these vendors may
200、 also be able to offer marketing,sales,customer service and content management software at little or no additional cost by bundling it with their existing suite of applications.To the extent any of our competitors has existing relationships with potential customers for either marketing software or o
201、ther applications,those customers may be unwilling to purchase our platform because of their existing relationships with our competitor.If we are unable to compete with such companies,the demand for our CRM Platform could substantially decline.In addition,if one or more of our competitors were to me
202、rge or partner with another of our competitors,our ability to compete effectively could be adversely affected.Our competitors may also establish or strengthen cooperative relationships with our current or future strategic distribution and technology partners or other parties with whom we have relati
203、onships,thereby limiting our ability to promote and implement our platform.We may not be able to compete successfully against current or future competitors,and competitive pressures may harm our business,operating results and financial condition.We have experienced rapid growth and organizational ch
204、ange in recent periods and expect growth of headcount and operations over the long-term.If we fail to manage growth and organizational change effectively,we may be unable to execute our business plan,maintain high levels of service or address competitive challenges adequately.Prior to the implementa
205、tion of our Restructuring Plan in January 2023,our headcount and operations grew substantially.For example,we had 7,433 full-time employees as of December 31,2022,as compared with 5,895 as of December 31,2021.To date,we 16 have opened several international offices.This growth has placed,and will con
206、tinue to place,a significant strain on our management,administrative,operational and financial infrastructure.While we expect to continue to grow headcount and operations over the long-term,in January 2023,we authorized a workforce reduction impacting approximately 7%of our workforce and began exist
207、ing select leases to consolidate our office space.We may be unable to effectively manage the organizational changes we are making in connection with the Restructuring Plan,which could result in difficulty or delays in delivering our products to customers,declines in quality or customer satisfaction,
208、increases in costs,difficulties in introducing new products and services or enhancing existing products and services,reputational harm,loss of customers,or operational difficulties in executing sales strategies,any of which could adversely affect our business performance and operating results.We ant
209、icipate future growth will be required over the long term to address increases in our product offerings and continued expansion.Our success will depend in part upon our ability to recruit,hire,train,manage and integrate qualified managers,technical personnel and employees in specialized roles within
210、 our company,including in technology,sales and marketing.Furthermore,as more of our employees work remotely from geographic areas across the globe on a permanent basis pursuant to our hybrid workplace model,which provides our employees with the option to be fully remote,work full-time from one of ou
211、r offices,or have the flexibility to work both in the office and remotely,we may need to reallocate our investment of resources and closely monitor a variety of local regulations and requirements,including local tax laws.We may experience unpredictability in our expenses and employee work culture.If
212、 we experience any of these effects in connection with future growth,if our new employees perform poorly,or if we are unsuccessful in recruiting,hiring,training,managing and integrating new employees,or retaining our existing employees,it could materially impair our ability to attract new customers,
213、retain existing customers and expand their use of our platform,all of which would materially and adversely affect our business,financial condition and results of operations.In addition,our information technology infrastructure,operational,financial and management systems and procedures may not be ab
214、le to effectively manage changes to our headcount,operations and office space that result from the Restructuring Plan.Our Plan will increase our short-term costs,which will make it more difficult for us to address any future revenue shortfalls by reducing expenses in the short-term.If we fail to suc
215、cessfully manage organizational changes in connection with the Restructuring Plan or our future growth,we will be unable to successfully execute our business plan,which could have a negative impact on our business,results of operations or financial condition.Failure to effectively develop and expand
216、 our marketing,sales,customer service,operations,and content management capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our platform.To increase Customers and achieve broader market acceptance of our CRM Platform,we will need to continue to
217、expand our marketing,sales,customer service,operations,and content management capabilities,including our sales force and third-party channel partners.We will continue to dedicate significant resources to inbound sales and marketing programs.The effectiveness of our inbound sales and marketing and th
218、ird-party channel partners has varied over time and may vary in the future and depends on our ability to maintain and improve our CRM Platform.All of these efforts will require us to invest significant financial and other resources.Our business will be seriously harmed if our efforts do not generate
219、 a correspondingly significant increase in revenue.We may not achieve anticipated revenue growth from expanding our sales force if we are unable to hire,develop and retain talented sales personnel,if our new sales personnel are unable to achieve desired productivity levels in a reasonable period of
220、time or if our sales and marketing programs are not effective.The rate of growth of our business depends on the continued participation and level of service of our Solutions Partners.We rely on our Solutions Partners to provide certain services to our customers,as well as pursue sales of our CRM Pla
221、tform to customers.To the extent we do not attract new Solutions Partners,or existing or new Solutions Partners do not refer a growing number of customers to us,our revenue and operating results would be harmed.In addition,if our Solutions Partners do not continue to provide services to our customer
222、s,we would be required to provide such services ourselves either by expanding our internal team or engaging other third-party providers,which would increase our operating costs.If we fail to maintain our inbound thought leadership position,our business may suffer.We believe that maintaining our thou
223、ght leadership position in inbound marketing,sales,services,operations and content management is an important element in attracting new customers.We devote significant resources to develop and maintain our thought leadership position,with a focus on identifying and interpreting emerging trends in th
224、e inbound experience,shaping and guiding industry dialog and creating and sharing the best inbound practices.Our activities related to developing and maintaining our thought leadership may not yield increased revenue,and even if they do,any increased revenue may not offset the expenses we incurred i
225、n such effort.We rely upon the continued services of our management and employees with domain expertise with inbound marketing,sales,services,operations,and content management,and the loss of any key employees in this area could harm our competitive position and reputation.If we fail to successfully
226、 grow and maintain our thought leadership position,we may not attract enough new customers or retain our existing customers,and our business could suffer.17 If we fail to further enhance our brand and maintain our existing strong brand awareness,our ability to expand our customer base will be impair
227、ed and our financial condition may suffer.We believe that our development of the HubSpot brand is critical to achieving widespread awareness of our existing and future inbound experience solutions,and,as a result,is important to attracting new customers and maintaining existing customers.In the past
228、,our efforts to build our brand have involved significant expenses,and we believe that this investment has resulted in strong brand recognition in the B2B market.Successful promotion and maintenance of our brands will depend largely on the effectiveness of our marketing efforts and on our ability to
229、 provide a reliable and useful CRM Platform at competitive prices.Brand promotion activities may not yield increased revenue,and even if they do,any increased revenue may not offset the expenses we incurred in building our brand.If we fail to successfully promote and maintain our brand,our business
230、could suffer.If we fail to adapt and respond effectively to rapidly changing technology,evolving industry standards and changing customer needs or requirements,our CRM Platform may become less competitive.Our future success depends on our ability to adapt and innovate our CRM Platform.To attract new
231、 customers and increase revenue from existing customers,we need to continue to enhance and improve our offerings to meet customer needs at prices that our customers are willing to pay.Such efforts will require adding new functionality and responding to technological advancements,which will increase
232、our research and development costs.If we are unable to develop new applications that address our customers needs,or to enhance and improve our platform in a timely manner,we may not be able to maintain or increase market acceptance of our platform.Our ability to grow is also subject to the risk of f
233、uture disruptive technologies.Access and use of our CRM Platform is provided via the cloud,which,itself,was disruptive to the previous enterprise software model.If new technologies emerge that are able to deliver inbound marketing software and related applications at lower prices,more efficiently,mo
234、re conveniently or more securely,such technologies could adversely affect our ability to compete.If we fail to offer high-quality customer support,our business and reputation may suffer.High-quality education,training and customer support are important for the successful marketing,sale and use of ou
235、r CRM Platform and for the renewal of existing customers.Providing this education,training and support requires that our personnel who manage our online training resource,HubSpot Academy,or provide customer support have specific inbound experience domain knowledge and expertise,making it more diffic
236、ult for us to hire qualified personnel and to scale up our support operations.The importance of high-quality customer support will increase as we expand our business and pursue new customers.If we do not help our customers use multiple applications within our CRM Platform and provide effective ongoi
237、ng support,our ability to sell additional functionality and services to,or to retain,existing customers may suffer and our reputation with existing or potential customers may be harmed.We may not be able to scale our business quickly enough to meet our customers growing needs and if we are not able
238、to grow efficiently,our operating results could be harmed.18 As usage of our CRM Platform grows and as customers use our platform for additional inbound applications,such as sales and services,we will need to devote additional resources to improving our application architecture,integrating with thir
239、d-party systems and maintaining infrastructure performance.In addition,we will need to appropriately scale our internal business systems and our services organization,including customer support and professional services,to serve our growing customer base,particularly as our customer demographics cha
240、nge over time.Any failure of or delay in these efforts could cause impaired system performance and reduced customer satisfaction.These issues could reduce the attractiveness of our CRM Platform to customers,resulting in decreased sales to new customers,lower renewal rates by existing customers,the i
241、ssuance of service credits,or requested refunds,which could impede our revenue growth and harm our reputation.Even if we are able to upgrade our systems and expand our staff,any such expansion will be expensive and complex,requiring managements time and attention.We could also face inefficiencies or
242、 operational failures as a result of our efforts to scale our infrastructure.Moreover,there are inherent risks associated with upgrading,improving and expanding our information technology systems.We cannot be sure that the expansion and improvements to our infrastructure and systems will be fully or
243、 effectively implemented on a timely basis,if at all.These efforts may reduce revenue and our margins and adversely affect our financial results.Our ability to introduce new products and features is dependent on adequate research and development resources.If we do not adequately fund our research an
244、d development efforts,we may not be able to compete effectively and our business and operating results may be harmed.To remain competitive,we must continue to develop new product offerings,applications,features and enhancements to our existing CRM Platform.Maintaining adequate research and developme
245、nt personnel and resources to meet the demands of the market is essential.If we are unable to develop our platform internally due to certain constraints,such as high employee turnover,lack of management ability or a lack of other research and development resources,we may miss market opportunities.Fu
246、rther,many of our competitors expend a considerably greater amount of funds on their research and development programs,and those that do not may be acquired by larger companies that would allocate greater resources to our competitors research and development programs.Our failure to maintain adequate
247、 research and development resources or to compete effectively with the research and development programs of our competitors could materially adversely affect our business.Changes in the sizes or types of businesses that purchase our platform or in the applications within our CRM Platform purchased o
248、r used by our customers could negatively affect our operating results.Our strategy is to sell subscriptions to our CRM Platform to mid-sized businesses,but we have sold and will continue to sell to organizations ranging from small businesses to enterprises.Our gross margins can vary depending on num
249、erous factors related to the implementation and use of our CRM Platform,including the sophistication and intensity of our customers use of our platform and the level of professional services and support required by a customer.Sales to enterprise customers may entail longer sales cycles and more sign
250、ificant selling efforts.Selling to small businesses may involve greater credit risk and uncertainty.If there are changes in the mix of businesses that purchase our platform or the mix of the product plans purchased by our customers,our gross margins could decrease and our operating results could be
251、adversely affected.We have in the past completed acquisitions and may acquire or invest in other companies or technologies in the future,which could divert managements attention,fail to meet our expectations,result in additional dilution to our stockholders,increase expenses,disrupt our operations o
252、r harm our operating results.We have in the past acquired,and we may in the future acquire or invest in,businesses,products or technologies that we believe could complement or expand our platform,enhance our technical capabilities or otherwise offer growth opportunities.We may not be able to fully r
253、ealize the anticipated benefits of historical or any future acquisitions.The pursuit of potential acquisitions may divert the attention of management and cause us to incur various expenses related to identifying,investigating and pursuing suitable acquisitions,whether or not they are consummated.The
254、re are inherent risks in integrating and managing acquisitions.If we acquire additional businesses,we may not be able to assimilate or integrate the acquired personnel,operations and technologies successfully or effectively manage the combined business following the acquisition and our management ma
255、y be distracted from operating our business.We also may not achieve the anticipated benefits from the acquired business due to a number of factors,including:unanticipated costs or liabilities associated with the acquisition;incurrence of acquisition-related costs,which would be recognized as a curre
256、nt period expense;inability to generate sufficient revenue to offset acquisition or investment costs;the inability to maintain relationships with customers and partners of the acquired business;the difficulty of incorporating acquired technology and rights into our platform and of maintaining qualit
257、y and security standards consistent with our brand;delays in customer purchases due to uncertainty related to any acquisition;the need to integrate or implement additional controls,procedures and policies;challenges caused by distance,language and cultural differences;harm to our existing business r
258、elationships with business partners and customers as a result of the acquisition;the potential loss of key employees;use of resources that are needed in other parts of our business and diversion of management and employee resources;and 19 use of substantial portions of our available cash or the incu
259、rrence of debt to consummate the acquisition.Acquisitions also increase the risk of unforeseen legal liability,including for potential violations of applicable law or industry rules and regulations,arising from prior or ongoing acts or omissions by the acquired businesses which are not discovered by
260、 due diligence during the acquisition process.Generally,if an acquired business fails to meet our expectations,our operating results,business and financial condition may suffer.Acquisitions could also result in dilutive issuances of equity securities or the incurrence of debt,which could adversely a
261、ffect our business,results of operations or financial condition.In addition,a significant portion of the purchase price of companies we acquire may be allocated to goodwill and other intangible assets,which must be assessed for impairment at least annually.If our acquisitions do not ultimately yield
262、 expected returns,we may be required to make charges to our operating results based on our impairment assessment process,which could harm our results of operations.Because our long-term growth strategy involves further expansion of our sales to customers outside the United States,our business will b
263、e susceptible to risks associated with international operations.A component of our growth strategy involves the further expansion of our operations and customer base internationally.We have formed several international entities and may plan to form additional entities in the future.These internation
264、al operations focus primarily on sales,professional services and support,and select international locations have development teams.Our current international operations and future initiatives will involve a variety of risks,including:difficulties in maintaining our company culture with a dispersed an
265、d distant workforce;more stringent regulations relating to data security and the unauthorized use of,or access to,commercial and personal data,particularly in the European Union;unexpected changes in regulatory requirements,taxes or trade laws;differing labor regulations,especially in the European U
266、nion,where labor laws are generally more advantageous to employees as compared to the United States,including deemed hourly wage and overtime regulations in these locations;challenges inherent in efficiently managing an increased number of employees over large geographic distances,including the need
267、 to implement appropriate systems,policies,benefits and compliance programs;difficulties in managing a business in new markets with diverse cultures,languages,customs,legal systems,alternative dispute systems and regulatory systems;currency exchange rate fluctuations and the resulting effect on our
268、revenue and expenses,and the cost and risk of entering into hedging transactions if we chose to do so in the future;global economic uncertainty caused by global political events;limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations
269、 in other countries;limited or insufficient intellectual property protection;international disputes,wars(such as the conflict between Russia and Ukraine),political instability or terrorist activities;and resulting economic instability;likelihood of potential or actual violations of domestic and inte
270、rnational anticorruption laws,such as the U.S.Foreign Corrupt Practices Act and the U.K.Bribery Act,or of U.S.and international export control and sanctions regulations,which likelihood may increase with an increase of sales or operations in foreign jurisdictions and operations in certain industries
271、;andadverse tax burdens and foreign exchange controls that could make it difficult to repatriate earnings and cash.Our limited experience in operating our business internationally increases the risk that any potential future expansion efforts that we may undertake will not be successful.If in the fu
272、ture,we invest substantial time and resources to expand our international operations and are unable to do so successfully and in a timely manner,our business and operating results will suffer.We continue to implement policies and procedures to facilitate our compliance with U.S.laws and regulations
273、applicable to or arising from 20 ourinternational business.Inadequacies in our past or current compliance practices may increase the risk of inadvertent violations of such laws and regulations,which could lead to financial and other penalties that could damage our reputation and impose costs on us.O
274、ur Restructuring Plan and associated organizational changes may not adequately reduce our operating costs or improve operating margins,may lead to additional workforce attrition,and may cause operational disruptions.In January 2023,we began implementing our Restructuring Plan that is designed to red
275、uce operating costs and enable investment in key opportunities for long-term growth while driving continued profitability.The Restructuring Plan includes a reduction of the Companys current workforce by approximately 7%and a lease consolidation to create higher density across our workspaces.The Comp
276、any estimates that it will incur charges of approximately$72.0 million to$105.0 million in connection with the Restructuring Plan,consisting primarily of cash expenditures.$24.0 million to$31.0 million of the charges under the Restructuring Plan are related to employee severance costs and$48.0 milli
277、on to$74.0 million of the charges are related to lease consolidation.The estimates of the charges and expenditures that we expect to incur in connection with the Restructuring Plan,and timing thereof,are subject to a number of assumptions,including local law requirements in various jurisdictions,and
278、 we may incur costs that are greater than we currently expect in connection with the Restructuring Plan.The Restructuring Plan may yield unintended consequences and costs,such as the loss of institutional knowledge and expertise,employee attrition beyond our intended reduction in force,a reduction i
279、n morale among our remaining employees,greater-than-anticipated costs incurred in connection with implementing the Restructuring Plan,and the risk that we may not achieve the benefits from the Restructuring Plan to the extent or as quickly as we anticipate,all of which may have a material adverse ef
280、fect on our results of operations or financial condition.These restructuring initiatives could place substantial demands on our management and employees,which could lead to the diversion of our managements and employees attention from other business priorities.In addition,while certain positions hav
281、e been eliminated in connection with the Restructuring Plan,certain functions necessary to our reduced operations remain,and we may be unsuccessful in distributing the duties and obligations of departed employees among our remaining employees or to external service providers,which could result in di
282、sruptions to our operations.We may also discover that the workforce reduction and other restructuring efforts will make it difficult for us to pursue new opportunities and initiatives and require us to hire qualified replacement personnel,which may require us to incur additional and unanticipated co
283、sts and expenses.We may further discover that,despite the implementation of our Restructuring Plan,we may require additional capital to continue expanding our business,and we may be unable to obtain such capital on acceptable terms,if at all.Our failure to successfully accomplish any of the above ac
284、tivities and goals may have a material adverse impact on our business,financial condition,and results of operations.Risks Related to Employee MattersIf we cannot maintain our company culture as we experience changes in our workforce,we could lose the innovation,teamwork,passion and focus on executio
285、n that we believe contribute to our success and our business may be harmed.We believe that a critical component to our success has been our company culture,which is based on transparency and personal autonomy.We have invested substantial time and resources in building our team within this company cu
286、lture.In January 2023,we authorized a workforce reduction impacting approximately 7%of our workforce as part of our Restructuring Plan.The workforce reduction may make it more difficult to preserve our company culture and may negatively impact employee morale.In 2020,we made the decision to permanen
287、tly move to a hybrid workplace model,which means our employees have the option to be fully remote,work full-time from one of our offices,or work both in the office and remotely.Preservation of our corporate culture has been made more difficult as a majority of our workforce has been working from hom
288、e in connection with our hybrid workplace model,and may become more difficult due to the changes resulting from the Restructuring Plan.Any failure to preserve our culture could negatively affect our ability to retain and recruit personnel and to effectively focus on and pursue our corporate objectiv
289、es.As we grow and continue to develop our company infrastructure,and experience organizational change,we may find it difficult to maintain these important aspects of our company culture and our business may be adversely impacted.We rely on our management team and other key employees,and the loss of
290、one or more key employees could harm our business.Our success and future growth depend upon the continued services of our management team,including our co-founders,Brian Halligan and Dharmesh Shah,our chief executive officer,Yamini Rangan,and other key employees in the areas of research and developm
291、ent,marketing,sales,services,operations,content management,and general and administrative functions.From time to time,there may be changes in our management team resulting from the hiring or departure of executives,which could disrupt our business.We also are dependent on the continued service of ou
292、r existing software engineers and information technology personnel because of the complexity of our platform,technologies and infrastructure.We may terminate any employees employment at any 21 time,with or without cause,and any employee may resign at any time,with or without cause.We do not have emp
293、loyment agreements with any of our key personnel.The loss of one or more of our key employees could harm our business.The failure to attract and retain additional qualified personnel could prevent us from executing our business strategy.To execute our business strategy,we must attract and retain hig
294、hly qualified personnel.In particular,we compete with many other companies for software developers with high levels of experience in designing,developing and managing cloud-based software,as well as for skilled information technology,marketing,sales and operations professionals,and we may not be suc
295、cessful in attracting and retaining the professionals we need.Also,inbound sales,marketing,services,operations,and content management domain experts are very important to our success and are difficult to replace.We have from time to time in the past experienced,and we expect to continue to experienc
296、e in the future,difficulty in hiring and difficulty in retaining highly skilled employees with appropriate qualifications.In particular,we have experienced a competitive hiring environment in the Greater Boston area,where we are headquartered and will continue to experience a competitive hiring envi
297、ronment as we recruit for remote talent worldwide.Many of the companies with which we compete for experienced personnel have greater resources than we do.The change by companies to offer a remote or hybrid work environment may increase the competition for such employees from employers outside of our
298、 traditional office locations.The workforce reduction we are implementing as part of our Restructuring Plan may negatively impact our ability to attract,integrate,retain and motivate highly qualified employees,and may harm our reputation with current or prospective employees.In addition,if we choose
299、 to no longer offer a remote or hybrid work environment,we may face more difficulty in retaining our workforce.Further,labor is subject to external factors that are beyond our control,including our industrys highly competitive market for skilled workers and leaders,cost inflation,and workforce parti
300、cipation rates.In addition,if our reputation were to be harmed,whether as a result of media,legislative,or regulatory scrutiny or otherwise,it could make it more difficult to attract and retain personnel that are critical to the success of our business.In addition,in making employment decisions,part
301、icularly in the software industry,job candidates often consider the value of equity incentives they are to receive in connection with their employment.If the price of our stock declines,or experiences significant volatility,our ability to attract or retain key employees will be adversely affected.If
302、 we fail to attract new personnel or fail to retain and motivate our current personnel,our growth prospects could be severely harmed.Risks Related to Global Economic ConditionsWe are exposed to fluctuations in currency exchange rates that could adversely affect our financial results.We face exposure
303、 to movements in currency exchange rates,which may cause our revenue and operating results to differ materially from expectations.As we have expanded our international operations,our exposure to exchange rate fluctuations has increased,in particular with respect to the Euro,British Pound Sterling,Au
304、stralian Dollar,Singapore Dollar,Japanese Yen,Colombian Peso,and Canadian Dollar.Fluctuations in the value of the U.S.dollar versus foreign currencies may impact our operating results when translated into U.S.dollars.Thus,our results of operations and cash flows are subject to fluctuations due to ch
305、anges in foreign currency exchange rates and may be adversely affected in the future due to changes in foreign currency exchange rates.As exchange rates vary,revenue,cost of revenue,operating expenses and other operating results,when re-measured,may differ materially from expectations.In addition,ou
306、r operating results are subject to fluctuation if our mix of U.S.and foreign currency denominated transactions and expenses changes in the future.While we have limited currency exchange exposure to the Russian,Belarusian and Ukrainian currencies,we expect exchange rates with respect to these currenc
307、ies to be volatile and other exchange rates may also be more volatile than normal as a result of the ongoing conflict between Russia and Ukraine.Such volatility,even when it increases our revenues or decreases our expenses,impacts our ability to predict our future results and earnings accurately.Alt
308、hough we may apply certain strategies to mitigate foreign currency risk,these strategies might not eliminate our exposure to foreign exchange rate fluctuations and would involve costs and risks of their own,such as ongoing management time and expertise,external costs to implement the strategies and
309、potential accounting implications.Additionally,as we anticipate growing our business further outside of the United States,the effects of movements in currency exchange rates will increase as our transaction volume outside of the United States increases.Weakened global economic conditions may harm ou
310、r industry,business and results of operations.Our overall performance depends in part on worldwide economic conditions.Global financial developments and downturns seemingly unrelated to us or the software industry may harm us.The United States and other key international economies have been affected
311、 from time to time by falling demand for a variety of goods and services,restricted credit,poor liquidity,reduced corporate profitability,volatility in credit,equity and foreign exchange markets,bankruptcies,inflation and overall uncertainty with respect to the economy,including with respect to tari
312、ff and trade issues.Weak economic conditions or significant uncertainty regarding the stability of financial markets related to stock market volatility,inflation,recession,changes in tariffs,trade agreements or 22 governmental fiscal,monetary and tax policies,among others,could adversely impact our
313、business,financial condition and operating results.Further,weak market conditions have,and could in the future result in,impairment of our investments and long-lived assets.Further,the economies of countries in Europe have been experiencing weakness associated with high sovereign debt levels,weaknes
314、s in the banking sector,uncertainty over the future of the Euro zone and volatility in the value of the pound sterling and the Euro and instability resulting from the ongoing conflict between Russia and Ukraine.The effect of the conflict between Russia and Ukraine,including any resulting sanctions,e
315、xport controls or other restrictive actions that may be imposed against governmental or other entities in,for example,Russia,have in the past contributed and may in the future contribute to disruption,instability and volatility in the global markets.We have operations,as well as current and potentia
316、l new customers,throughout Europe.If economic conditions in Europe and other key markets for our platform continue to remain uncertain or deteriorate further,it could adversely affect our customers ability or willingness to subscribe to our platform,delay prospective customers purchasing decisions,r
317、educe the value or duration of their subscriptions or affect renewal rates,all of which could harm our operating results.More recently,global inflation rates have increased to levels not seen in several decades,which may result in decreased demand for our products and services,increases in our opera
318、ting costs,including our labor costs,constrained credit and liquidity,reduced government spending and volatility in financial markets.The Federal Reserve and other international government agencies have raised,and may again raise,interest rates in response to concerns over inflation risk.Increases i
319、n interest rates on credit and debt that would increase the cost of any borrowing that we may make from time to time and could impact our ability to access the capital markets.Increases in interest rates,especially if coupled with reduced government spending and volatility in financial markets,may h
320、ave the effect of further increasing economic uncertainty and heightening these risks.In an inflationary environment,we may be unable to raise the sales prices of our products and services at or above the rate at which our costs increase,which could/would reduce our profit margins and have a materia
321、l adverse effect on our financial results and net income.We also may experience lower than expected sales and potential adverse impacts on our competitive position if there is a decrease in consumer spending or a negative reaction to our pricing.A reduction in our revenue would be detrimental to our
322、 profitability and financial condition and could also have an adverse impact on our future growth.There continues to be uncertainty in the changing market and economic conditions,including the possibility of additional measures that could be taken by the Federal Reserve and other domestic and intern
323、ational government agencies,related to concerns over inflation risk.A sharp rise in interest rates could have an adverse impact on the fair market value of certain securities in our portfolio and investments in some financial instruments could pose risks arising from market liquidity and credit conc
324、erns,which could adversely affect our financial results.The current economic downturn may lead to decreased demand for our products and services and otherwise harm our business and results of operations.Our overall performance depends,in part,on worldwide economic conditions.In recent months,we have
325、 observed increased economic uncertainty in the United States and abroad.Impacts of such economic weakness include:falling overall demand for goods and services,leading to reduced profitability;reduced credit availability;higher borrowing costs;reduced liquidity;volatility in credit,equity and forei
326、gn exchange markets;and bankruptcies.These developments could lead to inflation,higher interest rates,and uncertainty about business continuity,which may adversely affect our business and our results of operations.As our customers react to global economic conditions and the potential for a global re
327、cession,we may see them reduce spending on our products and take additional precautionary measures to limit or delay expenditures and preserve capital and liquidity.Reductions in spending on our solutions,delays in purchasing decisions,lack of renewals,inability to attract new customers,as well as p
328、ressure for extended billing terms or pricing discounts,would limit our ability to grow our business and could negatively affect our operating results and financial condition.23 Risks Related to Our Technical Operations Infrastructure and Dependence on Third PartiesInterruptions or delays in service
329、 from our third-party data center providers could impair our ability to deliver our platform to our customers,resulting in customer dissatisfaction,damage to our reputation,loss of customers,limited growth and reduction in revenue.We currently serve the majority of our platform functions from third-
330、party data center hosting facilities operated by Amazon Web Services in the United States and Europe.We also have several colocations which host certain critical services(for example,VPN access)in various locations around the world.In addition,we use Cloudflare Global CDN to optimize content deliver
331、y across our locations.Any damage to,or failure of,the systems of our third-party providers could result in interruptions to our platform.Despite precautions taken at our data centers,the occurrence of spikes in usage volume,a natural disaster,such as earthquakes or hurricane,an act of terrorism,van
332、dalism or sabotage,a decision to close a facility without adequate notice,power or telecommunications failures or other unanticipated problems at a facility could result in lengthy interruptions in the availability of our on-demand software.In the event that any of our third-party facilities arrange
333、ments is terminated,or if there is a lapse of service or damage to a facility,we could experience interruptions in our platform as well as delays and additional expenses in arranging new facilities and services.Even with current and planned disaster recovery arrangements,our business could be harmed.Also,in the event of damage or interruption,our insurance policies may not adequately compensate us
0731-84720580
sgpjbg002
工作日 9:30 - 18:00
研報
新質生產力
DeepSeek?
低空經濟
大模型
AI Agent
AI Infra
具身智能
自動駕駛
寵物
銀發經濟
人形機器人
企業出海
算力
微短劇
薪酬
白皮書
創新藥
人工智能
AI產業
信息科技
互聯網
消費經濟
汽車交通
電商零售
傳媒娛樂
醫藥健康
投資金融
能源環境
地產建筑
傳統產業
英文報告
其它
最新報告
中英對照
全文搜索
報告精選
PDF上傳翻譯
多格式文檔互轉
入駐&報告售賣
會員權益
機構報告
券商研報
財報庫
專題合集
英文報告
數據圖表
會議報告
其他資源
行業聚焦
芯片產業
熱點概念
全球咨詢智庫
人工智能
500強
新質生產力
會議峰會
新能源汽車
企業年報
互聯網
公司研究
行業綜觀
消費教育
科技通信
醫藥健康
人力資源
投資金融
汽車產業
物流地產
電子商務
傳統產業
傳媒營銷
其它
2025低空經濟/低空產業報告合集（共49套打包）
2025年智算中心/AIDC/AI數據中心研究報告合集（共37套打包）
AI、科技與通信
廣告、傳媒與營銷
消費、零售與支付
HR、文化與旅游
金融、保險與投資
能源、環境與工業
醫療制藥與大健康
物流、地產與建筑
其他行業
AI ? 科技 ? 通信
數字化
金融財經
智能制造
電商傳媒
地產建筑
醫療醫學
能源化工
其他行業
收藏
下載
2025-05-20
AI查數
行業數據
政策法規
商業模式
產業鏈
競爭格局
市場規模
產業概述
其它
2025年
AI讀財報
年報
一季報
半年報
三季報
IPO招股書
社會責任報告
A股
IPO申報
港股
美股&全球
新三板
掃碼登錄
手機快捷登錄
賬號登錄
