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HubSpot

Logo: HubSpot, Public domain, via Wikimedia Commons5

American software company

HubSpot, Inc. is an American customer relationship management firm and data broker. It is headquartered in Cambridge, Massachusetts. As of 2024, HubSpot is an unregistered data broker.3 It was founded by Dharmesh Shah and Brian Halligan.1 Its chief executive is Yamini Rangan (since 2021).1 It employed 8,246 people in 2024.1 Its revenue was $2.6 billion in 2024.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2006Founded1

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  • TickerHUBS on NYSE1
  • IndustrySaaS, analytics, automation, cloud computing, customer relationship management1
  • HeadquartersCambridge1
  • Websitewww.hubspot.com
  • Legal formDelaware corporation, corporation1
  • Incorporated inNY6
  • Business address2 Canal Park, Cambridge, Ma 021416
  • Filer categoryLarge accelerated filer6
  • LEI529900BLNVEW0MVKJB374
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 39500454

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HubSpot, Inc. is an American customer relationship management firm and data broker. It is headquartered in Cambridge, Massachusetts.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

83.8%Gross margin9
0.2%Operating margin9
1.5%Net margin9
19.2%Revenue growth, 20259
2.2%Return on equity9
$707.6MFree cash flow9

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Subscription and Circulation brought in 98% of the revenue HubSpot broke down this way in fiscal 2025.

  1. Subscription and Circulation$3.1B998%up 19% from 2024
  2. Service$67.3M92%up 16% from 2024
Products and services by year
Products and services202320242025
Subscription and Circulation$2.1B$2.6B$3.1B
Service$46.8M$58.0M$67.3M

Regions

Americas brought in 60% of the revenue HubSpot broke down this way in fiscal 2025.

  1. Americas$1.9B960%up 18% from 2024
  2. Europe$1.0B932%up 22% from 2024
  3. Asia Pacific$248.1M98%up 16% from 2024
Regions by year
Regions202320242025
Americas$1.3B$1.6B$1.9B
Europe$668.3M$825.6M$1.0B
Asia Pacific$180.4M$213.1M$248.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue16¢$508.5M
  • Research and development29¢$905.9M
  • Other costs53¢$1.6B
  • Income tax1¢$23.6M
  • Profit1¢$45.9M

Out of $3.1B in revenue.9

Where each dollar of operating cash went, fiscal 2025

  • Capital spending7¢$53.2M
  • Share buybacks66¢$500.0M
  • Kept or used elsewhere27¢$207.5M

Out of $760.7M of cash from operations.9

Financial statements

Revenue101112139$3.1B in 2025+364% since 2019
0$1.0B$2.0B$3.0B$4.0B2019: $674.9M$674.9M20192020: $883.0M$883.0M2020+31%2021: $1.3B$1.3B2021+47%2022: $1.7B$1.7B2022+33%2023: $2.2B$2.2B2023+25%2024: $2.6B$2.6B2024+21%2025: $3.1B$3.1B2025+19%
Gross profit101112139$2.6B in 2025+381% since 2019
0$1.0B$2.0B$3.0B2019: $544.9M$544.9M20192020: $716.1M$716.1M2020+31%2021: $1.0B$1.0B2021+45%2022: $1.4B$1.4B2022+37%2023: $1.8B$1.8B2023+29%2024: $2.2B$2.2B2024+22%2025: $2.6B$2.6B2025+17%
Operating income101112139$7.4M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M2019: -$47.0M-$47.0M20192020: -$50.8M-$50.8M2020+8%2021: -$54.8M-$54.8M2021+8%2022: -$102.9M-$102.9M2022+88%2023: -$200.9M-$200.9M2023+95%2024: -$67.6M-$67.6M2024−66%2025: $7.4M$7.4M2025
Net income101112139$45.9M in 2025
-$200.0M-$100.0M0$100.0M2019: -$53.7M-$53.7M20192020: -$85.0M-$85.0M2020+58%2021: -$77.8M-$77.8M2021−8%2022: -$107.3M-$107.3M2022+38%2023: -$164.5M-$164.5M2023+53%2024: $4.6M$4.6M20242025: $45.9M$45.9M2025+892%

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Total revenue$3.1B$2.6B$2.2B
Total cost of revenue$508.5M$393.3M$338.4M
Gross profit$2.6B$2.2B$1.8B
Research and development$905.9M$778.7M$617.7M
Sales and marketing$1.4B$1.2B$1.1B
General and administrative$326.0M$300.3M$249.6M
Restructuring$4.0M$4.0M$96.8M
Total operating expenses$2.6B$2.3B$2.0B
Income (loss) from operations$7.4M-$67.6M-$200.9M
Interest income$66.2M$82.7M$58.8M
Interest expense-$876.0K-$3.7M-$3.8M
Other (expense) income, net-$3.3M$17.3M-$4.7M
Total other income$62.1M$96.3M$50.4M
Income (loss) before income tax expense$69.5M$28.7M-$150.6M
Income tax expense-$23.6M-$24.0M-$13.9M
Net income (loss)$45.9M$4.6M-$164.5M
Net income (loss) per share, basic$0.88$0.09-$3.30
Net income (loss) per share, diluted$0.86$0.09-$3.30
Weighted average common shares used in computing basic net income (loss) per share:52.5M shares51.2M shares49.9M shares
Weighted average common shares used in computing diluted net income (loss) per share:53.2M shares51.8M shares49.9M shares

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Corporate structure

HubSpot sits at the top of its group. 8 entities, 7 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of HubSpot

  • HubSpot Cambridge, Massachusetts, United States
    • HubSpot Asia Pte. Ltd. Subsidiary · Singapore, Singapore
    • HubSpot Australia Pty Ltd Subsidiary · Sydney, Australia
    • HubSpot Canada Inc. Subsidiary · Toronto, Ontario, Canada
    • HUBSPOT IRELAND LIMITED Subsidiary · Dublin, Ireland
      • HubSpot Germany GmbH Subsidiary · Berlin, Germany
      • HubSpot UK Holdings Limited Subsidiary · London, United Kingdom
    • State of Subsidiary · Delaware, United States
    • Cacheflow Owned
    • clearbit Owned
    • Dashworks Owned
    • Frame AI Owned
    • Mindstream Owned
    • PieSync Owned
    • The Hustle Owned

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What HubSpot reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$537.8M9 Dec 31, 2025$374.1M9 Dec 31, 2024+43.8%
Property and equipment, before depreciation$317.7M9 Dec 31, 2025$260.7M9 Dec 31, 2024+21.9%
Accumulated depreciation$175.9M9 Dec 31, 2025$146.6M9 Dec 31, 2024+20.0%
Property and equipment, net$141.9M9 Dec 31, 2025$114.2M9 Dec 31, 2024+24.3%
Operating-lease assets (leased space)$200.8M9 Dec 31, 2025$216.2M9 Dec 31, 2024−7.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$882.2M9 Dec 31, 2025$512.7M9 Dec 31, 2024+72.1%
Marketable securities, current$821.6M9 Dec 31, 2025$1.6B9 Dec 31, 2024−47.2%
Marketable securities, non-current$136.7M9 Dec 31, 2025$154.2M9 Dec 31, 2024−11.4%
Debt securities available for sale$958.2M9 Dec 31, 2025$1.7B9 Dec 31, 2024−44.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$291.5M9 Dec 31, 2025$209.5M9 Dec 31, 2024+39.1%
Finite-lived intangibles, gross$72.6M9 Dec 31, 2025$62.0M9 Dec 31, 2024+17.0%
Accumulated amortization$37.4M9 Dec 31, 2025$24.5M9 Dec 31, 2024+52.8%
Finite-lived intangibles, net$35.2M9 Dec 31, 2025$37.6M9 Dec 31, 2024−6.2%

Properties, in its own words

Our corporate headquarters are located in Cambridge, Massachusetts, where we currently occupy approximately 205,000 square feet of office space under lease agreements that expire through 2035. We also maintain a number of international offices across the world. We believe that our existing facilities and offices are adequate to meet our needs for the foreseeable future.

Item 2 of the 10-K filed Feb 11, 2026.17

Stakes and holdings (Wikidata)

  • Cacheflow
  • Dashworks
  • Frame AI
  • Mindstream
  • PieSync
  • The Hustle
  • clearbit

Things Wikidata records the company as owning, with the share when stated.1

The story

Founded by Brian Halligan and Dharmesh Shah in 2006.1

In 2010, HubSpot acquired Oneforty, the Twitter app store founded by Laura Fitton. The company also introduced new software for personalizing websites for each visitor. According to Forbes, HubSpot started out targeting small companies but "moved steadily upmarket to serve larger businesses of up to 1000 employees."

HubSpot filed for an IPO with the Securities and Exchange Commission on August 25, 2014, requesting to be listed on the New York Stock Exchange under the ticker symbol HUBS.

In July 2017, HubSpot acquired Kemvi, which applies artificial intelligence and machine learning to help sales teams.

On January 31, 2023, HubSpot announced the first layoffs in the company's history. Affecting approximately 500 employees, this layoff eliminated 7% of its total workforce. On the same day, HubSpot also announced plans to restructure its Cambridge campus, centralizing operations within a nearby office the company had already been leasing.

Hubspot announced its acquisition of B2B intelligence firm Clearbit in November 2023. Later that year in September, HubSpot announced the launch of HubSpot AI, an AI-powered service for marketing, sales and service departments, and the relaunch of Sales Hub.

In April 2024, Reuters reported that Google was considering a bid to acquire HubSpot. The report led to shares of the company spiking by 5%. This news garnered a mixed response from industry leaders and users, 48% said they would be triggered to consider alternative software. In July, it was reported that Google had given up on its effort to acquire the company.

In December, 2024, HubSpot acquired Frame AI.

In November 2025, the company acquired XFunnel, an Israeli startup developing tools for AI-driven search and "answer engine" optimization.

Read the full text

In February 2026, HubSpot acquired the creator-led entrepreneurship publication Starter Story.

From Wikipedia’s article on HubSpot, shared under CC BY-SA 4.0.7

Leadership

Who has led HubSpot, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Brian Halligan2015–2021
  2. Yamini Rangan2021–now

Chair

  1. Brian Halligan2021–now

President

  1. J. Donald Sherman2015–2020

Chief financial officer

  1. Kathryn Bueker2018–now

Chief operating officer

  1. J. Donald Sherman2015–2020
2010201520202025
Board members and other officers (26)

Products and brands

  • Net Promoter Score
  • Sales development
  • Sales software
  • analytics
  • application programming interface
  • artificial intelligence
  • automation technology
  • business-to-business
  • cloud computing
  • content creation
  • customer data platform
  • customer relationship management software
  • customer retention
  • data visualization software
  • e-commerce
  • email marketing
  • enterprise resource planning
  • lead generation
  • live chat
  • marketing automation
  • top-line growth
  • web application

Listed on Wikidata.1

Subsidiaries and ownership

Also owns

  • Cacheflow
  • Dashworks
  • Frame AI
  • Mindstream
  • PieSync
  • The Hustle
  • clearbit

Subsidiaries (Exhibit 21)

  • State of Delaware, United States8

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Employees over time

  • 20248,2461

Timeline

  1. Oct 9, 20268-K Executive or director change48
  2. Oct 6, 20268-K Results of operations; Exit or restructuring costs; Regulation FD disclosure49
  3. Aug 5, 20268-K Results of operations; Executive or director change; Regulation FD disclosure50
  4. Jun 16, 20268-K Executive or director change; Shareholder vote51
  5. May 7, 20268-K Results of operations52
  6. Apr 1, 20268-K Executive or director change; Regulation FD disclosure53
  7. Mar 11, 20268-K Bylaws or fiscal year changed54
  8. Feb 11, 20268-K Results of operations55
  9. Nov 5, 20258-K Results of operations; Executive or director change; Regulation FD disclosure56
  10. Aug 6, 20258-K Results of operations57
  11. Jun 10, 20258-K Bylaws or fiscal year changed; Shareholder vote58
  12. May 9, 20258-K Results of operations; Executive or director change; Other events59
  13. Sep 7, 2021New chief executive Yamini Rangan becomes CEO1
  14. Mar 25, 2015New chief executive Brian Halligan becomes CEO19
  15. 2006Founded Founded1

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.04 a share, on Nov 5, 2025.60

When it reported results

  1. Oct 6, 2026Reported quarterly or annual results49
  2. Aug 5, 2026Reported quarterly or annual results50
  3. May 7, 2026Reported quarterly or annual results52
  4. Feb 11, 2026Reported quarterly or annual results55
  5. Nov 5, 2025Reported quarterly or annual results56
  6. Aug 6, 2025Reported quarterly or annual results57
  7. May 9, 2025Reported quarterly or annual results59
  8. May 8, 2025Reported quarterly or annual results61

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

631 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 387 insider forms, 31 large holders, 152 other. The latest 20:

  1. Oct 13, 2026SCHEDULE 13G EDGAR
  2. Oct 9, 20268-K EDGAR
  3. Oct 6, 20268-K EDGAR
  4. Oct 5, 2026SCHEDULE 13G/A EDGAR
  5. Oct 5, 20264 EDGAR
  6. Oct 5, 20264 EDGAR
  7. Oct 5, 20264 EDGAR
  8. Oct 5, 20264 EDGAR
  9. Sep 17, 20264 EDGAR
  10. Sep 15, 2026144 EDGAR
  11. Sep 2, 20264 EDGAR
  12. Sep 2, 20264 EDGAR
  13. Sep 2, 20264 EDGAR
  14. Sep 2, 20264 EDGAR
  15. Sep 2, 20264 EDGAR
  16. Aug 20, 20264 EDGAR
  17. Aug 18, 2026144 EDGAR
  18. Aug 10, 20264 EDGAR
  19. Aug 6, 20264 EDGAR
  20. Aug 6, 20263 EDGAR

The 631 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

168 open-market trades by officers, directors and large owners since October 2021: 8 buys and 160 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 15, 2026Halligan BrianDirectorSale8,500$245.64$2.1MForm 4
Aug 18, 2026Halligan BrianDirectorSale8,500$219.50$1.9MForm 4
Aug 10, 2026Dischler GeraldDirectorBuy925$215.93$199.7KForm 4
Aug 4, 2026FISHER ERIKA ASHLEYChief Legal OfficerSale702$235.22$165.1KForm 4
Jul 21, 2026Halligan BrianDirectorSale8,500$221.09$1.9MForm 4
Jun 16, 2026Halligan BrianDirectorSale8,500$184.42$1.6MForm 4
May 19, 2026Halligan BrianDirectorSale8,500$220.00$1.9MForm 4
May 12, 2026Shah DharmeshChief Technology OfficerBuy10,000$181.37$1.8MForm 4
May 12, 2026Rangan YaminiChief Executive Officer & PresBuy2,750$189.84$522.1KForm 4
May 11, 2026NORRINGTON LORRIE MDirectorBuy1,313$190.42$250.0KForm 4
May 4, 2026FISHER ERIKA ASHLEYChief Legal OfficerSale915$236.66$216.5KForm 4
Apr 21, 2026Halligan BrianDirectorSale8,292$230.72$1.9MForm 4
Mar 17, 2026Halligan BrianDirectorSale8,500$262.75$2.2MForm 4
Feb 17, 2026Halligan BrianDirectorSale8,261$253.00$2.1MForm 4
Feb 4, 2026FISHER ERIKA ASHLEYChief Legal OfficerSale841$238.01$200.2KForm 4
Feb 3, 2026FISHER ERIKA ASHLEYChief Legal OfficerSale589$251.88$148.4KForm 4
Jan 20, 2026Halligan BrianDirectorSale8,500$303.38$2.6MForm 4
Dec 16, 2025Halligan BrianDirectorSale8,500$366.99$3.1MForm 4
Nov 18, 2025Halligan BrianDirectorSale8,500$368.11$3.1MForm 4
Nov 3, 2025Halligan BrianDirectorSale235$493.30$115.9KForm 4

All 168 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Yamini Rangan52$700.0K$20.1M69
2025Erika Fisher41$458.3K$12.0M69
2025Kate Bueker55$538.3K$9.4M69
2025Dharmesh Shah58$1$4.7M69
2025Brian Halligan58$3.3M$3.3M69
2024Yamini Rangan52$641.7K$24.9M69
2024Kate Bueker55$518.3K$10.2M69
2024Dharmesh Shah58$1$5.2M69
2024Brian Halligan58$1$3.6M69
2023Chief Executive Officer$1$25.9M69
2023Chief Financial Officer$497.5K$9.2M69
2023Director; Former Executive Chairperson$1$5.5M69
2023Chief Technology Officer$1$4.8M69

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.3,459,461$631.4M0.0%−639,046
Vanguard Portfolio Management LLC2,511,352$458.3M0.0%−350,093
Aqr Capital Management LLC2,418,126$441.3M0.2%+789,957
Vanguard Capital Management LLC2,226,554$406.4M0.0%−45,034
Two Sigma Investments, LP1,819,744$332.1M0.3%+475,123
Fmr LLC1,692,362$308.9M0.0%−55,909
Pictet Asset Management Holding SA1,655,750$302.2M0.3%−532,441
Arrowstreet Capital, Limited Partnership1,320,054$240.9M0.1%+416,495
State Of Michigan Retirement System1,188,887$217.0M1.0%+1,082,487
Morgan Stanley1,147,358$209.4M0.0%−119,929
Qube Research & Technologies Ltd1,004,155$183.3M0.2%+649,766
State Street Corp967,807$176.6M0.0%−282,417
Geode Capital Management, LLC936,254$170.9M0.0%−67,041
Jpmorgan Chase & Co843,855$156.1M0.0%−1,811,455
Capital World Investors826,051$150.8M0.0%−133,798
D. E. Shaw & Co., Inc.620,536$113.3M0.1%+570,570
Connor, Clark & Lunn Investment Management Ltd.617,344$112.7M0.2%+313,631
Jane Street Group, LLC600,004$109.5M0.1%+45,579
Millennium Management LLC579,391$105.7M0.1%−320,788
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC487,542$89.0M0.0%−40,196
Assenagon Asset Management S.A.453,636$82.8M0.1%+357,251
Squarepoint Ops LLC428,964$78.3M0.2%+202,378
Bank Of America Corp /de/384,493$70.2M0.0%+74,185
UBS Group AG383,311$70.0M0.0%−67,073
First Trust Advisors LP380,373$69.4M0.0%+64,358

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

8 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Nov 19, 2025Josh GottheimerDemocratic, HouseSale$1,001 - $15,000+50.5%Report
Mar 28, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+97.9%Report
Feb 21, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−95.8%Report
Jul 1, 2024Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000+101.2%Report
Jun 22, 2023Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000+130.7%Report
Jan 27, 2023Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−123.7%Report
Mar 8, 2022Josh GottheimerDemocratic, HouseSale$1,001 - $15,000+127.8%Report
Sep 29, 2020Gilbert Ray Cisneros, Jr.Democratic, HouseSale$1,001 - $15,000+152.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How HubSpot is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHUBSPOT INC2
  • CIK0001404655
  • Employer ID (EIN)20-263279117
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inDelaware17
  • Fiscal year endsDecember 312
  • Industry code (SIC)7372 Services-Prepackaged Software2
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance2
  • Business address2 Canal Park, Cambridge, MA 021412
  • Phone(888) 482-77682
  • Shares outstanding49,866,201 as of Jul 31, 202615
  • Public float$28.3B as of Jun 30, 202517
  • AuditorPricewaterhouseCoopers LLP, Boston, Massachusetts PCAOB ID 238; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceJun 25, 20072
  • Filings1,543 in all: 4 (1,057), 144 (126), 8-K (95), SC 13G/A (44), 10-Q (36), 3 (29), SC 13G (19), DEFA14A (15)2
    All 37 form types

    SCHEDULE 13G/A (13), 10-K (12), DEF 14A (12), 4/A (11), S-8 (11), 5 (9), ARS (5), FWP (5), UPLOAD (5), CORRESP (4), DRS/A (3), REGDEX (3), S-1/A (3), SCHEDULE 13G (3), 144/A (2), 3/A (2), 424B4 (2), 424B5 (2), D (2), EFFECT (2), PRE 14A (2), S-1 (2), 5/A (1), 8-A12B (1), 8-K/A (1), CERTNYS (1), D/A (1), DRS (1), S-3ASR (1)

  • Latest filingsAnnual report (10-K) Feb 11, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Apr 27, 2026
    Latest 8-K (8-K) Oct 9, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareHUBSNew York Stock Exchange

From the cover page of the 10-K filed Feb 11, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks HubSpot names in Item 1A of its 10-K filed Feb 11, 2026: 58 risks under these headings, as written.17

  • Risks Related to Our Business and Strategy
  • 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 customer platform.
  • Our subscription renewal rates may decrease, and any decrease could harm our future revenue and operating results.
  • We face significant competition from both established and new companies in the software market in which we operate, which may harm our ability to add new customers, retain existing customers and grow our business.
  • We have experienced rapid growth and organizational change 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.
  • Failure to effectively develop and expand our customer platform capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our platform.
  • The rate of growth of our business depends on the continued participation and level of service of our Solutions Partners.
  • If we fail to maintain our thought leadership position, our business may suffer.
  • If we fail to further enhance our brand and maintain our existing strong brand awareness, our ability to expand our customer base will be impaired and our financial condition may suffer.
  • If we fail to adapt and respond effectively to rapidly changing technology, evolving industry standards and changing customer needs or requirements, our customer platform may become less competitive.
  • If we fail to offer high-quality customer support, our business and reputation may suffer.
  • We may not be able to scale our business quickly enough to meet our customers’ growing needs and if we are not able to grow efficiently, our operating results could be harmed.
The other 47 risks
  • Our ability to introduce new products and features, including new products and features that utilize AI, is dependent on adequate research and development resources. If we do not adequately fund our research and development efforts, we may not be able to compete effectively and our business and operating results may be harmed.
  • Changes in the sizes or types of businesses that purchase our platform or in the applications within our customer platform purchased or used by our customers could negatively affect our operating results.
  • We are subject to risks associated with our strategic investments, including partial or complete loss of invested capital. Significant changes in the fair value of this portfolio, including changes in the valuation of our investments in privately held companies, could negatively impact our financial results.
  • Because our long-term growth strategy involves further expansion of our sales to customers outside the United States, our business will be susceptible to risks associated with international operations.
  • Social and ethical issues relating to the use of new and evolving technologies, such as AI, in our offerings may result in reputational harm and liability.
  • Risks Related to Employee Matters
  • If we cannot maintain our company culture as we experience changes in our workforce, we could lose the innovation, teamwork, passion and focus on execution that we believe contribute to our success and our business may be harmed.
  • We rely on our management team and other key employees, and the loss of one or more key employees could harm our business.
  • The failure to attract and retain additional qualified personnel could prevent us from executing our business strategy.
  • Risks Related to Global Economic Conditions
  • We are exposed to fluctuations in currency exchange rates that could adversely affect our financial results.
  • Weakened global economic conditions may harm our industry, business and results of operations.
  • Economic uncertainty may lead to decreased demand for our products and services and otherwise harm our business and results of operations.
  • Risks Related to Our Technical Operations Infrastructure and Dependence on Third Parties
  • 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, loss of customers, limited growth and reduction in revenue.
  • If our customer 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 costs.
  • If our information technology systems, including our customer platform, have outages or fail due to defects or similar problems, and if we fail to correct any defect or other software problems, it could disrupt our internal operations or services provided to customers, and could reduce our revenue, increase our expenses, damage our reputation and adversely affect our cash flows and stock price.
  • We are dependent on the continued availability of third-party data hosting and transmission services.
  • If we do not or cannot maintain the compatibility of our customer platform with third-party applications that our customers use in their businesses, our revenue will decline.
  • We rely on data provided by third parties, the loss of which could limit the functionality of our platform and disrupt our business.
  • Privacy concerns and end users’ acceptance of Internet behavior tracking may limit the applicability, use and adoption of our customer platform.
  • If our or our customers’ security measures are compromised or unauthorized access to data of our customers or their customers is otherwise obtained, our customer 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 may be damaged and we may incur significant liabilities.
  • Risks Related to Intellectual Property
  • Our business may suffer if it is alleged or determined that our technology infringes the intellectual property rights of others.
  • If we fail to adequately protect our proprietary rights, in the United States and abroad, our competitive position could be impaired and we may lose valuable assets, experience reduced revenue and incur costly litigation to protect our rights.
  • Our use of “open source” software could negatively affect our ability to offer our platform and subject us to possible litigation.
  • Risks Related to Government Regulation
  • We are subject to governmental regulation and other legal obligations, particularly related to privacy, data protection and information security, and our actual or perceived failure to comply with such obligations could harm our business. Compliance with such laws could also impair our efforts to maintain and expand our customer base and business lines, and thereby decrease our revenue.
  • Our use of new and evolving technologies, such as AI, may present risks and challenges that can impact our business, including by posing cybersecurity and other risks to our confidential and/or proprietary information, including personal information, and as a result we may be exposed to reputational harm and liability.
  • We could face liability, or our reputation might be harmed, as a result of the activities of our customers, the content of their websites or the data they store on our servers.
  • The standards that private entities use to regulate the use of email have in the past interfered with, and may in the future interfere with, the effectiveness of our customer platform and our ability to conduct business.
  • Existing federal, state and foreign laws regulate Internet tracking software, commercial emails and text messages, website owners and other activities, and could impact the use of our customer platform and potentially subject us to regulatory enforcement or private litigation.
  • We are subject to governmental export controls and economic sanctions laws that could impair our ability to compete in international markets and subject us to liability if we are not in full compliance with applicable laws.
  • Risks Related to Taxation
  • We may be subject to additional obligations to collect and remit sales tax and other taxes, and we may be subject to tax liability for past sales, which could harm our business.
  • Changes in tax laws or regulations that are applied adversely to us or our customers could increase the costs of our customer platform and adversely impact our business.
  • We are a multinational organization faced with increasingly complex tax issues in many jurisdictions, and we could be obligated to pay additional taxes in various jurisdictions.
  • We may not be able to utilize a significant portion of our net operating loss carryforwards, which could adversely affect our profitability.
  • Risks Related to Our Operating Results and Financial Condition
  • We have a history of losses and may not become consistently profitable or maintain or increase profitability in the future.
  • From time to time, we may invest funds in social impact investment funds, and may receive no return on our investment or lose our entire investment.
  • 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 operating 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.
  • Changes in accounting standards and subjective assumptions, estimates and judgments by management related to complex accounting matters could significantly affect our financial condition and results of operations.
  • Risks Related to Indebtedness
  • Our credit facility provides our lenders with a first-priority lien against substantially all of our assets, and contains financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition.
  • Risks Related to Our Common Stock
  • Our stock price may be volatile and you may be unable to sell your shares at or above the price you purchased them.
  • If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
  • We cannot guarantee that our share repurchase program will be fully consummated or will enhance long-term stockholder value, and share repurchases could increase the volatility of the trading price of our common stock and diminish our cash reserves.
  • Anti-takeover provisions in our charter documents and Delaware law may delay or prevent an acquisition of our company.
  • General Risks
  • Failure to comply with laws and regulations could harm our business.
  • Adverse litigation results could affect our business.
  • Our ability to raise capital in the future may be limited, and our failure to raise capital when needed could prevent us from growing.
  • Catastrophic events could disrupt our business and adversely affect our financial condition and results of operations.
  • Climate-related risks, regulatory compliance and evolving stakeholder expectations may impact our business.

Legal proceedings

From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the ultimate costs to resolve any pending matter will not have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

The opening of Item 3, Legal Proceedings.17

Sources

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