HubSpot Inc (HUBS) 2023 Q1 法說會逐字稿

Good afternoon, and thank you for attending today's HubSpot Q1 Fiscal Year 2023 Earnings Conference Call. My name is Daniel, and I will be the moderator for today's call. (Operator Instructions) It is now my pleasure to hand the conference over to our host, Chuck MacGlashing, Head of Investor Relations. Mr. MacGlashing, you may proceed.

下午好，感謝您參加今天的 HubSpot 2023 財年第一季度收益電話會議。我叫丹尼爾，我將擔任今天電話會議的主持人。 （操作員說明）現在我很高興將會議交給我們的主持人，投資者關係主管 Chuck MacGlashing。 MacGlashing 先生，您可以繼續。

Thanks, operator. Good afternoon, and welcome to HubSpot's First Quarter 2023 Earnings Conference Call. Today, we'll be discussing the results announced in the press release that was issued after the market close.

謝謝，運營商。下午好，歡迎來到 HubSpot 的 2023 年第一季度收益電話會議。今天，我們將討論收盤後發布的新聞稿中公佈的結果。

With me on the call this afternoon is Yamini Rangan, our Chief Executive Officer; Dharmesh Shah, our Co-Founder and CTO; and Kate Bueker, our Chief Financial Officer.

今天下午與我通話的是我們的首席執行官 Yamini Rangan； Dharmesh Shah，我們的聯合創始人兼首席技術官；和我們的首席財務官 Kate Bueker。

Before we start, I'd like to draw your attention to the safe harbor statement included in today's press release. During this call, we'll make statements related to our business that may be considered forward-looking within the meaning of Section 27A of the Securities Exchange Act of 1933 as amended in Section 21E of the Securities Exchange Act of 1934 as amended. All statements other than statements of historical fact are forward-looking statements, including those regarding management's acquisitions of future financial and operational performance and operational expenditures, the expected impact of the restructuring, expected growth, FX movement and business outlook, including our financial guidance for the second fiscal quarter and full year 2023.

在我們開始之前，我想提請您注意今天新聞稿中包含的安全港聲明。在此次電話會議中，我們將發表與我們的業務相關的聲明，這些聲明可能被視為前瞻性聲明，這些聲明符合經修訂的 1934 年證券交易法第 21E 節中修訂的 1933 年證券交易法第 27A 節的含義。除歷史事實陳述外，所有陳述均為前瞻性陳述，包括有關管理層收購未來財務和運營業績以及運營支出、重組的預期影響、預期增長、外匯變動和業務前景的陳述，包括我們對第二財季和 2023 年全年。

Forward-looking statements reflect our views only as of today and as accepted -- as required by law, we undertake no obligation to update or revise these forward-looking statements. Please refer to the cautionary language in today's press release and our Form 10-Q, which will be filed with the SEC this afternoon for a discussion of the risks and uncertainties that could cause actual results to differ materially from expectations.

前瞻性陳述僅反映我們截至今天的觀點並被接受——根據法律要求，我們不承擔更新或修改這些前瞻性陳述的義務。請參閱今天新聞稿中的警示性語言和我們將於今天下午提交給美國證券交易委員會的 10-Q 表格，以討論可能導致實際結果與預期大不相同的風險和不確定性。

During the course of today's call, we'll refer to certain non-GAAP financial measures as defined by Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed and a reconciliation of the differences between such measures can be found within our first quarter 2023 earnings press release in the Investor Relations section of our website.

在今天的電話會議中，我們將參考條例 G 定義的某些非 GAAP 財務指標。GAAP 財務指標與使用或討論的每個非 GAAP 財務指標最直接可比，以及這些指標之間差異的調節可以在我們網站投資者關係部分的 2023 年第一季度收益新聞稿中找到。

Now it's my pleasure to turn over the call to HubSpot's Chief Executive Officer, Yamini Rangan. Yamini.

現在，我很高興將電話轉給 HubSpot 的首席執行官 Yamini Rangan。亞米尼。

Thank you so much, Chuck, and welcome to everyone joining us on the call.

非常感謝，查克，歡迎大家加入我們的電話會議。

Today, I want to focus on our start to 2023, share observations on the current macro environment and provide some perspective on what generative AI means for HubSpot and our customers.

今天，我想重點關注我們到 2023 年的開端，分享對當前宏觀環境的觀察，並就生成式人工智能對 HubSpot 和我們的客戶意味著什麼提供一些看法。

Let's start with our Q1 results. We had a solid start to the year with revenue growing 30% in constant currency year-over-year. We delivered more than 4 points of margin expansion year-over-year, bringing operating margins to over 13%. Total customers grew by 23% to over 177,000 customers globally, fueled by net customer additions of over 9,900 in the quarter. I'm pleased with our momentum coming into the year and the focused execution by the HubSpot team. These results show that our product innovation is in high gear and that our bimodal go-to-market strategy is working. Our focus with our bimodal strategy remains clear. We want to drive volume at the lower end of the market while driving increased value upmarket.

讓我們從第一季度的結果開始。我們今年開局良好，收入按固定匯率計算同比增長 30%。我們的利潤率同比增長超過 4 個百分點，營業利潤率超過 13%。在本季度客戶淨增 9,900 多人的推動下，全球客戶總數增長了 23%，達到 177,000 多人。我對我們進入這一年的勢頭以及 HubSpot 團隊的專注執行感到滿意。這些結果表明，我們的產品創新正在高速進行，我們的雙模式上市戰略正在發揮作用。我們對雙峰戰略的關注仍然很明確。我們希望在提升高端市場價值的同時推動低端市場的銷量。

In Q1, we continue to gain momentum in both segments of the market. On the lower end, we saw a significant uptick in our net customer additions. This was driven by strength in free sign-ups and pricing optimization plays we ran in our starter edition. In addition to that, HubSpot is powerful, yet easy to use, and we are increasingly becoming the platform of choice for scaling companies.

在第一季度，我們繼續在這兩個市場領域獲得發展勢頭。在低端，我們看到淨客戶增加顯著增加。這是由我們在入門版中運行的免費註冊和定價優化遊戲的優勢推動的。除此之外，HubSpot 功能強大且易於使用，我們正日益成為擴展公司的首選平台。

Looking upmarket, we continue to see our multi-hub value proposition resonating. More Professional and Enterprise customers are starting with multiple hubs and over 45% of our ARR installed base is now on 3 or more hubs. Upmarket customers are increasingly looking for 2 things: a single source of truth, that provides full visibility across their entire customer journey and clear cost savings in this environment.

展望高端市場，我們繼續看到我們的多中心價值主張產生共鳴。更多的專業和企業客戶開始使用多個集線器，我們超過 45% 的 ARR 安裝基數現在使用 3 個或更多集線器。高端客戶越來越多地尋求兩件事：單一的事實來源，提供對整個客戶旅程的全面可見性，並在此環境中明顯節省成本。

HubSpot's connected platform delivers both. Specifically, Sales Hub continued to gain momentum in Q1 as customers look to build tighter alignment between marketing and sales to drive more efficiency across the front office. Take Liquidity Services a B2B e-commerce marketplace, as an example. After adopting Sales Hub and Marketing Hub, they were able to eliminate 8 other tools, reducing their overall cost by 50%. They were able to connect their marketing and sales data to get better insights and drive an increase in their conversions and campaign effectiveness. This is a great example of our customers, driving growth with multi-hub, while saving time and budget.

HubSpot 的互聯平台同時提供這兩種服務。具體而言，銷售中心在第一季度繼續獲得發展勢頭，因為客戶希望在營銷和銷售之間建立更緊密的聯繫，以提高整個前台的效率。以 Liquidity Services B2B 電子商務市場為例。在採用 Sales Hub 和 Marketing Hub 後，他們能夠消除 8 個其他工具，將總體成本降低 50%。他們能夠連接他們的營銷和銷售數據以獲得更好的洞察力並推動他們的轉化率和活動效果的增加。這是我們客戶的一個很好的例子，通過多中心推動增長，同時節省時間和預算。

We also saw Operations Hub come up in more deals as customers focused on consolidation. They see the clear value of a solution that can connect systems, automate processes and demonstrate value, especially in this economic environment. In fact, over 2/3 of our top 25 deals closed in Q1 adopted Ops Hub, leveraging multiple hubs boost efficiency, and I'm excited by the value our customers are seeing from our connected platform. As you can see, our bimodal strategy is working, and we will continue to maintain our pace of product innovation.

我們還看到 Operations Hub 出現在更多交易中，因為客戶關注整合。他們看到了可以連接系統、自動化流程和展示價值的解決方案的明確價值，尤其是在這種經濟環境中。事實上，我們在第一季度完成的前 25 大交易中有超過 2/3 採用了 Ops Hub，利用多個中心提高了效率，我對客戶從我們的互聯平台中看到的價值感到興奮。如您所見，我們的雙峰戰略正在奏效，我們將繼續保持產品創新的步伐。

Next, I want to shift gears and share what we're seeing in the macro environment. Overall, we continue to operate in a tough environment, and we're not out of the woods yet. While we see our top-of-funnel activity improving, sales cycles remain long and budgets remain under scrutiny. Decisions by committee have become the norm with multiple executives involved in sales cycles. It is clear based on my conversations with customers that they're continuing to tighten their belts in terms of budget, and we can see this in optimization across seats, contact tiers and portals. Decision-makers are focused on budget optimization and continue to spend cautiously. Now despite these challenges, we have a solid playbook for executing and driving sustainable growth. We remain focused on product innovation and consistent execution.

接下來，我想換檔並分享我們在宏觀環境中看到的情況。總的來說，我們繼續在艱難的環境中運營，我們還沒有走出困境。雖然我們看到我們的漏斗頂部活動有所改善，但銷售週期仍然很長，預算仍在審查中。委員會的決定已經成為常態，因為有多位高管參與了銷售週期。根據我與客戶的談話，很明顯他們在預算方面繼續勒緊褲腰帶，我們可以在席位、聯繫層和門戶網站的優化中看到這一點。決策者專注於預算優化，並繼續謹慎支出。現在，儘管面臨這些挑戰，我們還是有一套可靠的策略來執行和推動可持續增長。我們仍然專注於產品創新和一致的執行。

On the product side, we're cranking. One of our strategic objectives is to become the market share leader in marketing, sales and service for scaling companies and we remain focused on delivering depth of features in order to get there. In Q1, with Marketing Hub, we moved customer journey analytics to general availability and the strong adoption and usage we're seeing gives me confidence that we are driving meaningful innovation that serves marketeers needs today.

在產品方面，我們正在努力。我們的戰略目標之一是成為規模化公司在營銷、銷售和服務方面的市場份額領導者，我們仍然專注於提供功能的深度以實現這一目標。在第 1 季度，我們通過 Marketing Hub 將客戶旅程分析推向普遍可用性，我們看到的廣泛採用和使用讓我相信我們正在推動有意義的創新，以滿足當今營銷人員的需求。

With Sales Hub, we significantly enhanced the sequences tools for upmarket customers with selective treating and advanced permissioning and removed generative AI e-mail functionality to beta. We also launched a key Service Hub Enterprise feature with multiple knowledge bases. This has been a top product request from upmarket customers who need to be able to support various audiences, products or brands. And in payments and commerce, we introduced a [dual] subscriptions and moved payable invoices to private beta. I'm thrilled with the progress we are making on our journey to become the #1 CRM for scaling companies.

借助 Sales Hub，我們通過選擇性處理和高級許可顯著增強了面向高端客戶的序列工具，並將生成的 AI 電子郵件功能移除到測試版。我們還推出了具有多個知識庫的關鍵服務中心企業功能。這是需要能夠支持各種受眾、產品或品牌的高端客戶的首要產品要求。在支付和商務方面，我們引入了[雙重]訂閱並將應付發票移至私人測試版。我對我們在成為規模化公司排名第一的 CRM 的過程中取得的進展感到非常興奮。

On the go-to-market side, our strategy has been to focus on total cost of ownership for customers and communicating the value of HubSpot. Our quick time to value and connected platform message is clearly resonating as customers look to become more effective and efficient. We're driving enablement across both our direct and partner channels and we are keenly focused on value-centric conversations. Looking ahead, we'll continue to navigate this macro environment by following our playbook to drive product innovation and consistent strong execution.

在上市方面，我們的戰略一直是關注客戶的總體擁有成本並傳達 HubSpot 的價值。隨著客戶希望變得更加有效和高效，我們快速實現價值和互聯平台的信息顯然引起了共鳴。我們正在通過我們的直接渠道和合作夥伴渠道推動支持，並且我們非常專注於以價值為中心的對話。展望未來，我們將繼續遵循我們的劇本來推動產品創新和始終如一的強大執行力，從而駕馭這一宏觀環境。

Now I want to double click on innovation and share how we're thinking about generative AI and why we are well positioned to add even more value for our customers. We are in the early stages of a transformative shift. Generative AI is rapidly changing the landscape in 3 fundamental ways. It helps businesses generate content, generate insights and generate code, all using natural language. This will be a massive opportunity for SMBs and scaling companies. Activities that once took them time, money and deep expertise no longer do with GenAI. And this shift will enable SMBs to reach more customers, serve them at record speed with unprecedented relevance.

現在，我想雙擊創新並分享我們如何思考生成式 AI 以及為什麼我們能夠很好地為我們的客戶增加更多價值。我們正處於轉型轉變的早期階段。生成式人工智能正在以 3 種基本方式迅速改變格局。它幫助企業生成內容、生成見解和生成代碼，所有這些都使用自然語言。對於中小型企業和規模化公司來說，這將是一個巨大的機會。曾經花費他們時間、金錢和深厚專業知識的活動不再適用於 GenAI。這種轉變將使中小型企業能夠接觸到更多的客戶，以前所未有的相關性以創紀錄的速度為他們提供服務。

So what does this really mean for marketing sales and service professionals. In the simplest terms, we believe AI will guide go-to-market teams and make them more effective. This will fuel a new era of AI-guided growth for our customers. When we bring together the power of foundational models with the deep contextual data in HubSpot CRM, we can help go-to-market teams drive better results.

那麼這對營銷銷售和服務專業人士來說究竟意味著什麼。用最簡單的話來說，我們相信人工智能將指導進入市場的團隊並使他們更有效。這將為我們的客戶開啟人工智能引導增長的新時代。當我們將基礎模型的力量與 HubSpot CRM 中的深度上下文數據結合在一起時，我們可以幫助進入市場的團隊取得更好的結果。

Marketers can use GenAI to guide them in creating more effective blog posts, e-mail campaigns and social content. Salespeople can use it to guide them to write better prospecting e-mails and deliver more relevant insights for customers. And service professionals can use GenAI to anticipate customer needs, suggest resolutions and offer proactive support. We believe AI won't replace go-to-market teams. It will guide them to drive better outcomes. While there will be efficiency benefits, we're even more excited about effectiveness gains and the ability to drive guided growth for customers.

營銷人員可以使用 GenAI 來指導他們創建更有效的博客文章、電子郵件活動和社交內容。銷售人員可以使用它來指導他們編寫更好的潛在客戶電子郵件並為客戶提供更相關的見解。服務專業人員可以使用 GenAI 來預測客戶需求、提出解決方案並提供主動支持。我們相信人工智能不會取代上市團隊。它將指導他們取得更好的成果。雖然會有效率上的好處，但我們對效率提升和為客戶推動引導式增長的能力感到更加興奮。

While we are in the early stages of GenAI, HubSpot has unique differentiators. First, we have unique data and broad distribution. HubSpot CRM data is unified and cohesive making it easier for AI to ingest and drive relevance. Second, we're at the center of our customers' workflows. HubSpot is where work gets done. So we can bring relevance to generate content and insights across the entire front office. We're not another AI point solution, we are an all-in-one CRM platform powered by AI.

雖然我們處於 GenAI 的早期階段，但 HubSpot 具有獨特的差異化優勢。首先，我們擁有獨特的數據和廣泛的分佈。 HubSpot CRM 數據統一且具有凝聚力，使 AI 更容易吸收和推動相關性。其次，我們處於客戶工作流程的中心。 HubSpot 是完成工作的地方。因此，我們可以帶來相關性，以在整個前台辦公室生成內容和見解。我們不是另一個 AI 點解決方案，我們是一個由 AI 提供支持的一體化 CRM 平台。

Third, we've always had a human-centric approach in companies with a human feedback loop are at an advantage with AI. We made a ton of progress in Q1 with the launches of content assistant in public beta and ChatSpot in public alpha. Since our launch in March, we've had over 40,000 users sign up for ChatSpot, and the early feedback has been very positive. Content assistant has thousands of users to date, and we are seeing customers leveraging it daily for creating marketing e-mails, blog posts, landing pages and more.

第三，在具有人類反饋迴路的公司中，我們一直採用以人為本的方法，這些方法在 AI 方面具有優勢。我們在第一季度取得了很大進展，推出了公開測試版的內容助手和公開阿爾法版的 ChatSpot。自 3 月份推出以來，已有超過 40,000 名用戶註冊了 ChatSpot，早期的反饋非常積極。迄今為止，內容助手擁有數以千計的用戶，我們每天都看到客戶利用它來創建營銷電子郵件、博客文章、登錄頁面等。

We're ambitiously integrating AI across our entire CRM platform so our customers don't have to become AI expert to reap the transformational benefits. I'm incredibly excited that the opportunity AI is creating to deliver even more value for our customers. Reflecting on the quarter, I'm pleased with the progress we made on our path to becoming a CRM platform of choice for scaling companies. Our teams maintained the pace of product innovation and drove strong execution, which was just fantastic to see.

我們雄心勃勃地將 AI 集成到我們的整個 CRM 平台，這樣我們的客戶不必成為 AI 專家即可獲得轉型收益。我非常興奮人工智能正在創造機會為我們的客戶提供更多價值。回顧本季度，我很高興我們在成為規模化公司的首選 CRM 平台的道路上取得了進展。我們的團隊保持了產品創新的步伐並推動了強有力的執行，這真是太棒了。

With that, I'll turn the call over to Kate to take you through Q1 results in more detail.

有了這個，我會把電話轉給凱特，讓你更詳細地了解第一季度的結果。

Thanks, Yamini. Let's turn to our Q1 2023 financial results. Revenue grew 30% year-over-year in constant currency and 27% on an as-reported basis. Subscription revenue grew 27% year-over-year, while services and other revenue increased 12% on an as-reported basis. Domestic revenue grew 27% year-over-year, while international revenue growth was 33% in constant currency and 26% as reported. International revenue represented 46% of total revenue.

謝謝，亞米尼。讓我們來看看我們 2023 年第一季度的財務業績。按固定匯率計算，收入同比增長 30%，按報告基礎增長 27%。訂閱收入同比增長 27%，而服務和其他收入同比增長 12%。國內收入同比增長 27%，而國際收入按固定匯率計算增長 33%，據報導增長 26%。國際收入佔總收入的 46%。

We added over 9,900 net new customers in the quarter, bringing our total customer count to over 177,000, up 23% year-over-year. Starter customer acquisition continued to fuel our strong net adds again in Q1. Average subscription revenue per customer grew 6% year-over-year in constant currency and 3% on an as-reported basis to $11,400. Our ASRPC growth was driven by continued multi-hub adoption by our Professional and Enterprise customers, offset by the large volume of Starter customers we added at the low end of our bimodal strategy.

我們在本季度增加了超過 9,900 名淨新客戶，使我們的客戶總數超過 177,000 名，同比增長 23%。入門客戶的獲取繼續推動我們在第一季度再次實現強勁的淨增長。每個客戶的平均訂閱收入按固定匯率計算同比增長 6%，按報告基礎增長 3% 至 11,400 美元。我們的 ASRPC 增長是由我們的專業和企業客戶持續採用多中心驅動的，被我們在雙峰戰略低端添加的大量入門客戶所抵消。

Gross retention remained healthy in the high 80s for the quarter. Net revenue retention was 104%, down 3 points sequentially, driven by further customer optimization of HubSpot spend as well as slower expansion across seats, contact tiers and portals. While we expect pressure on net revenue retention in the near term to persist, we continue to believe we can maintain net revenue retention above 100%. Calculated billings were $533 million in the quarter, growing 28% year-over-year in constant currency and 26% as reported. The remainder of my comments will refer to non-GAAP measures.

本季度的總保留率保持在 80 年代的高位。淨收入保留率為 104%，連續下降 3 個百分點，這是由於 HubSpot 支出的進一步客戶優化以及席位、聯繫層和門戶網站的擴張放緩。雖然我們預計短期內淨收入保留率的壓力將持續存在，但我們仍然相信我們可以將淨收入保留率維持在 100% 以上。本季度計算的賬單額為 5.33 億美元，按固定匯率計算同比增長 28%，據報導同比增長 26%。我的其餘評論將涉及非 GAAP 措施。

Operating margin was 13%, up 4 points compared to the year ago period. Operating margins benefited from restructuring actions we implemented at the end of January, which impacted our head count and facilities costs, including a temporary pause in overall hiring in Q1. Net income was $62 million or $1.20 per fully diluted share. Free cash flow was $85 million or 17% of revenue, and our cash and marketable securities totaled $1.6 billion at the end of March.

營業利潤率為 13%，比去年同期上升 4 個百分點。營業利潤率受益於我們在 1 月底實施的重組行動，這影響了我們的員工人數和設施成本，包括第一季度暫停整體招聘。淨收益為 6200 萬美元或每股完全攤薄收益 1.20 美元。自由現金流為 8500 萬美元，佔收入的 17%，截至 3 月底，我們的現金和有價證券總計 16 億美元。

And with that, let's review our guidance for the second quarter and full year of 2023. As Yamini highlighted, we continue to operate in a difficult macro environment with customer behavior that is similar to what we saw in the second half of 2022. Budgets are tight, decision by committee has become the norm, and customers are spending cautiously on new products while looking for ways to optimize existing spend. Our guidance assumes that these weak macroeconomic conditions persist throughout 2023.

有了這個，讓我們回顧一下我們對 2023 年第二季度和全年的指導。正如 Yamini 強調的那樣，我們繼續在困難的宏觀環境中運營，客戶行為與我們在 2022 年下半年看到的類似。預算是緊，委員會的決定已成為常態，客戶在尋找優化現有支出的方法的同時謹慎地購買新產品。我們的指引假設這些疲弱的宏觀經濟狀況將持續整個 2023 年。

For the second quarter, total as-reported revenue is expected to be in the range of $503 million to $505 million, up 19% year-over-year at the midpoint. We expect foreign exchange to be about a point of headwind to as-reported revenue growth in the quarter. Non-GAAP operating profit is expected to be between $54 million and $56 million. Non-GAAP diluted net income per share is expected to be between $0.98 and $1. This assumes 52.4 million fully diluted shares outstanding. And for the full year of 2023, total as-reported revenue is now expected to be in the range of $2.08 billion to $2.088 billion, up 20% year-over-year at the midpoint. Non-GAAP operating profit is now expected to be between $275 million and $279 million.

對於第二季度，報告的總收入預計在 5.03 億美元至 5.05 億美元之間，中點同比增長 19%。我們預計外匯將對本季度報告的收入增長產生不利影響。非 GAAP 營業利潤預計在 5400 萬美元至 5600 萬美元之間。非 GAAP 每股攤薄淨收益預計在 0.98 美元至 1 美元之間。這假設有 5240 萬股完全稀釋的流通股。對於 2023 年全年，報告的總收入現在預計在 20.8 億美元至 20.88 億美元之間，按中點計算同比增長 20%。非 GAAP 營業利潤現在預計在 2.75 億美元至 2.79 億美元之間。

We now expect foreign exchange to have a neutral impact to as-reported revenue and operating profit margin for the full year of 2023. Non-GAAP diluted net income per share is now expected to be between $4.80 and $4.85. This assumes 52.3 million fully diluted shares outstanding. As you adjust your models, keep in mind the following: we expect CapEx as a percentage of revenue to be roughly 5% and free cash flow to be about $245 million for the full year of 2023, with seasonally stronger free cash flow in Q4.

我們現在預計外匯將對 2023 年全年的報告收入和營業利潤率產生中性影響。非 GAAP 攤薄每股淨收益現在預計在 4.80 美元至 4.85 美元之間。這假設有 5230 萬股完全稀釋的流通股。在調整模型時，請記住以下幾點：我們預計 2023 年全年資本支出佔收入的百分比約為 5%，自由現金流約為 2.45 億美元，第四季度的自由現金流呈季節性增長。

And with that, I will hand things back over to Yamini for her closing remarks.

然後，我將把事情交還給 Yamini，讓她發表閉幕詞。

Thank you so much, Kate. I want to close with our commitment to driving durable, profitable growth long term. Looking ahead, we remain focused on foundational investments that will help us scale. As I shared during our last earnings call, we are doubling down on better development and high performance, better hybrid connection for our people, employees all over the world and better systems and automation internally. These initiatives will enable us to drive more efficiency long term and deliver even more value for our customers. I believe we have the right strategy and the right team to navigate this environment and emerge stronger. I want to thank our customers, our employees, our partners and our shareholders for the continued support on this journey.

非常感謝你，凱特。最後，我想以我們對推動持久、盈利的長期增長的承諾作為結束。展望未來，我們仍然專注於有助於我們擴大規模的基礎投資。正如我在上次財報電話會議上分享的那樣，我們正在加倍努力，以實現更好的發展和高性能，為我們的員工、世界各地的員工提供更好的混合連接，以及更好的內部系統和自動化。這些舉措將使我們能夠長期提高效率，並為我們的客戶提供更多價值。我相信我們擁有正確的戰略和正確的團隊來駕馭這種環境並變得更強大。我要感謝我們的客戶、我們的員工、我們的合作夥伴和我們的股東對這一旅程的持續支持。

With that, operator, let's open up the call for questions.

有了這個，接線員，讓我們打開問題電話。

(Operator Instructions) The first question comes from the line of Keith Bachman of BMO.

（操作員說明）第一個問題來自 BMO 的 Keith Bachman。

Many thanks and congrats on a solid quarter and guide. I wanted to focus my question on generative AI. You talked about some of the activities and certainly enjoyed Dharmesh's video some time ago. But I wanted to hear how do you plan on monetizing it as you look out over the horizon? So is it a skew? Is it a pricing activity? How do you think about monetization? And as part of that is, when do you think some of these activities will be moved from beta to production environment? In other words, when might investors begin to see the benefits of AI in your financial results?

非常感謝並祝賀一個堅實的季度和指導。我想把我的問題集中在生成人工智能上。你談到了一些活動，並且肯定很喜歡 Dharmesh 前段時間的視頻。但我想听聽您展望未來時打算如何將其貨幣化？那麼它是傾斜的嗎？是定價活動嗎？您如何看待貨幣化？作為其中的一部分，您認為其中一些活動何時會從測試版轉移到生產環境？換句話說，投資者什麼時候會開始在您的財務業績中看到人工智能的好處？

Keith, thanks a lot for your question. This is Yamini. Very excited about generative AI. It is very transformative. And if you kind of like step back, HubSpot got started when there was a fairly big shift that was happening in how people buy. And that led to us coming up and helping customers on how to market and sell. And we think generative AI is as transformative. And this is going to really cause our customers to think about how they market and sell. And so we think there is a lot of exciting potential.

基思，非常感謝你的問題。這是亞米尼。對生成式 AI 非常興奮。這是非常具有變革性的。如果你想退後一步，HubSpot 是在人們的購買方式發生相當大的轉變時開始的。這導致我們出現並幫助客戶了解如何營銷和銷售。我們認為生成式 AI 具有變革性。這將真正讓我們的客戶思考他們如何營銷和銷售。所以我們認為有很多令人興奮的潛力。

In terms of the monetization question, we have a very clear first principle when it comes to monetization. We focus on delivering customer value first. And from there on, monetization will follow. And we think that this is pretty early days in terms of monetizing. Having said that, we're iterating fast, we are getting tons of feedback, especially with ChatSpot as well as content assistant that we just talked about, and we are improving these use cases so we can continue to innovate for our customers and really help them get much maximum value with this transformative technology. As we do this, some of the features are just going to become table stakes. They will just be part of our core products and part of how we drive customer engagement and adoption within the core product.

就貨幣化問題而言，我們在貨幣化方面有一個非常明確的首要原則。我們專注於首先提供客戶價值。從那時起，貨幣化將隨之而來。我們認為，就貨幣化而言，這還處於早期階段。話雖如此，我們正在快速迭代，我們收到了大量反饋，尤其是 ChatSpot 以及我們剛剛談到的內容助手，我們正在改進這些用例，以便我們可以繼續為客戶創新並真正提供幫助他們通過這種變革性技術獲得了最大價值。當我們這樣做時，一些功能將成為賭注。它們將只是我們核心產品的一部分，也是我們在核心產品中推動客戶參與和採用的方式的一部分。

Now if there are more specialized use cases, then maybe it goes into higher value additions like Pro and Enterprise and will increase our ASP longer term, and that's how we're thinking about monetization. First, we want to focus on delivering value for the product.

現在，如果有更多專門的用例，那麼它可能會進入更高的附加值，如 Pro 和 Enterprise，並且會長期增加我們的 ASP，這就是我們考慮貨幣化的方式。首先，我們要專注於為產品創造價值。

You asked the last question, which was when do we plan to get this into the hands of customers? Well, we launched pretty quickly within the market in March. It's alpha and beta. We're getting a lot of the feedback and the teams are pretty excited. We are having a lot of hackathons internally, and there's a long list of use cases that our teams are working on. So I think you'll see us maintain and even accelerate our pace of innovation, where we'll be introducing features in weeks, not months or quarters. So lots of exciting developments here.

您問了最後一個問題，即我們計劃什麼時候將它交到客戶手中？好吧，我們在 3 月份在市場上推出得相當快。它是阿爾法和貝塔。我們收到了很多反饋，團隊都非常興奮。我們在內部舉辦了很多黑客馬拉松，我們的團隊正在處理一長串用例。所以我認為你會看到我們保持甚至加快創新步伐，我們將在幾週內推出新功能，而不是幾個月或幾個季度。這裡有很多令人興奮的發展。

The next question comes from the line of Mark Murphy of JPMorgan.

下一個問題來自摩根大通的馬克墨菲。

Congrats on the great execution during the quarter. Yamini, I'm noticing that HubSpot just has such a huge list of free products at this point. There's free CRM, free CMS, free form builder, free business templates. So much is free, but your margins are expanding despite that. I'm wondering if you could comment on just how large and energetic that on-ramp is from free customers at the top of the funnel. And then for Kate, is it boosting kind of your multiyear visibility because it feels like you have these millions of little seeds that are there, that are kind of just starting to sprout and you can probably project forward and look at how it would turn into revenue.

祝賀本季度的出色執行。 Yamini，我注意到 HubSpot 目前有如此龐大的免費產品列表。有免費的 CRM、免費的 CMS、免費的表單生成器、免費的業務模板。這麼多是免費的，但儘管如此，您的利潤仍在擴大。我想知道您是否可以評論漏斗頂部的免費客戶的入口坡道有多大和充滿活力。然後對於凱特來說，它是否提高了你多年的知名度，因為感覺就像你有數以百萬計的小種子，它們剛剛開始發芽，你可能可以向前看，看看它會如何變成收入。

Mark, I'll get started with the question and then Kate can answer. I love that question because it really gets to the heart of our strategy.

馬克，我會開始提問，然后凱特可以回答。我喜歡這個問題，因為它確實觸及了我們戰略的核心。

When HubSpot got started, we had the deep conviction that we want to add as much value for our customers as possible and continue to get the most adoption from small, medium as well as scaling businesses and the free tools is really part of that strategy to get the widest possible top of the funnel. And by the way, the free tools have a ton of value. I mean, you talked about free CMS. That adds a lot of value in a company getting a digital presence and getting started. There are a number of other growth tools. And that's clearly the strategy.

當 HubSpot 開始時，我們堅信我們希望為我們的客戶增加盡可能多的價值，並繼續從中小型企業和規模化企業中獲得最多的採用，而免費工具確實是該戰略的一部分，以獲得盡可能寬的漏斗頂部。順便說一句，免費工具具有巨大的價值。我的意思是，您談到了免費的 CMS。這為公司獲得數字化存在和起步增加了很多價值。還有許多其他增長工具。這顯然是戰略。

And tying this maybe to something that I just talked about, which is the bimodal strategy. When you have a really wide funnel, which is what free tools like this creates then we work to continue to deliver value. And so the number of Starter customers and the conversion from free sign-ups to paid customers increases. And we've been looking at this over the past few quarters. We're very happy with how that conversion continues to happen. And then even from our Starter customers, how they continue to get value in terms of Pro and Enterprise. So it's really our strategy for delivering value that works. And Kate, maybe you want to address the second part of the question there.

並將這與我剛才談到的東西聯繫起來，這就是雙峰戰略。當你有一個非常廣泛的漏斗時，這就是像這樣的免費工具所創造的，那麼我們就會努力繼續提供價值。因此，Starter 客戶的數量以及從免費註冊到付費客戶的轉化都會增加。在過去的幾個季度裡，我們一直在關注這個問題。我們對這種轉變如何繼續發生感到非常高興。然後甚至從我們的入門客戶那裡，他們如何繼續獲得專業版和企業版的價值。因此，這確實是我們提供有效價值的戰略。凱特，也許你想在這裡解決問題的第二部分。

Yes. Sure thing. Thanks, Mark. I think there's a lot of reasons to really love the strategy of our product-led growth. I would not say that increased visibility over the long term is one of them. That said, it's a really great low-cost way to get lots of customers using HubSpot really early in their business life cycle. And we think it creates a lot of interesting dynamics over and above just the economics, which I can talk about.

是的。當然可以。謝謝，馬克。我認為有很多理由真正喜歡我們以產品為主導的增長戰略。我不會說從長遠來看提高知名度是其中之一。也就是說，這是讓大量客戶在其業務生命週期的早期使用 HubSpot 的一種非常好的低成本方式。我們認為它創造了很多有趣的動態，而不僅僅是經濟學，我可以談談。

It creates a nice moat, a competitive moat for us against low-end disruption. It also enhances pretty dramatically the value of our overall platform just based on the scale of customers at the low end. Now some portion of those Starter customers will upgrade to Pro and Enterprise over time. I think you already know that. Oftentimes, that happens with a bit of a softer sales cycle that we also like. But this is really just one of many motions that will drive our growth over time.

它創造了一條很好的護城河，一條有競爭力的護城河，讓我們能夠抵禦低端顛覆。它還基於低端客戶的規模，極大地提高了我們整個平台的價值。現在，隨著時間的推移，這些 Starter 客戶中的一部分將升級到 Pro 和 Enterprise。我想你已經知道了。通常，這種情況會發生在我們也喜歡的較疲軟的銷售週期中。但這實際上只是推動我們隨著時間的推移發展的眾多議案之一。

The next question comes from Samad Samana of Jefferies.

下一個問題來自 Jefferies 的 Samad Samana。

Great quarter, guys. Yamini, I feel like for the last couple, you've talked a lot more about upmarket customers and how much the portfolio is attracting larger customers. And I think Sales Hub has been an integral part of that and the maturity of the product seems to be really unlocking this kind of next tier of customer size. I'm just curious if you think that that's an even bigger key than Marketing Hub's maturity to unlocking those larger customers that you've been talking more and more about.

偉大的季度，伙計們。 Yamini，我覺得對於最後一對，你更多地談論了高端客戶以及產品組合在多大程度上吸引了更大的客戶。我認為 Sales Hub 是其中不可或缺的一部分，產品的成熟度似乎真正釋放了這種下一層的客戶規模。我很好奇你是否認為這比 Marketing Hub 的成熟度更重要，可以解鎖你一直在談論的那些更大的客戶。

Thank you so much for that question. We're really happy with Sales Hub as well as what it unlocks upmarket. And I think Marketing Hub is $1 billion-plus kind of product line that's got the ability to go to multibillion and Sales Hub is a $500 million-plus business that can grow into multiple billions, and both of them are kind of going at plan. We're super happy with that.

非常感謝你提出這個問題。我們對 Sales Hub 及其解鎖高端市場的產品非常滿意。而且我認為 Marketing Hub 是價值超過 10 億美元的產品線，有能力達到數十億美元，而 Sales Hub 是價值超過 5 億美元的業務，可以增長到數十億美元，而且它們都在按計劃進行。我們對此非常滿意。

Now specifically looking at Sales Hub, we've been on the steady march over the past few years to build the functionality that a true upmarket business needs to have as a system of record. And I think we've reached that point. We have hit that critical mass for an upmarket customer. We are a viable alternative to other legacy enterprise options within the market and Sales Hub is now a legitimate front door to HubSpot. And this is for couple of reasons, right?

現在特別關注 Sales Hub，在過去幾年中，我們一直在穩步前進，以構建真正的高端企業需要作為記錄系統的功能。我認為我們已經達到了這一點。我們已經達到了高端客戶的臨界質量。我們是市場上其他傳統企業選擇的可行替代方案，Sales Hub 現在是 HubSpot 的合法前門。這是出於幾個原因，對吧？

On the product side, we're now serving larger customers and more sophisticated use cases. The steady drumbeat of product releases that you've been hearing from us are just all aimed at expanding our upmarket TAM, and these are custom objects and CRM customization, deeper permissioning, more features for admin. All of that is working. In addition to that, over the last couple of quarters, we're also adding our ability to serve more sophisticated use cases, right? I just talked about sequencing. That's something upmarket customers have needed much more ability to do in addition to that sales intelligence forecasting, all of these are areas within the product. So huge kudos to the product team for keeping the pace of innovation that serves upmarket customers really well.

在產品方面，我們現在正在為更大的客戶和更複雜的用例提供服務。您從我們這裡聽到的穩定的產品發布節奏都是為了擴展我們的高端 TAM，這些是自定義對象和 CRM 自定義、更深入的許可、更多的管理員功能。所有這些都在起作用。除此之外，在過去的幾個季度中，我們還增加了服務於更複雜用例的能力，對吧？我剛剛談到了排序。除了銷售智能預測之外，高端客戶還需要更多的能力來做到這一點，所有這些都是產品中的領域。非常感謝產品團隊保持創新的步伐，為高端客戶提供很好的服務。

In addition to that, our go-to-market side, the investments that we have made in upskilling our reps as well as the partner ecosystem is working. Our sales teams live and breathe in our product every single day. So it's very easy for the show Sales Hub demo and how that actually works with Marketing Hub and drives their own productivity and partners are very much enrolled in this journey of us going upmarket. So look, the momentum really comes down to meeting the needs of our customers in this moment, and we're very happy with what we're seeing and how we are able to deliver for our customers.

除此之外，我們的上市方面，我們在提升銷售代表技能方面所做的投資以及合作夥伴生態系統正在發揮作用。我們的銷售團隊每天都在我們的產品中生活和呼吸。因此，展示 Sales Hub 演示以及它如何與 Marketing Hub 實際合作並提高他們自己的生產力和合作夥伴非常容易參與我們走向高端市場的旅程。所以看，這一刻的勢頭真的取決於滿足客戶的需求，我們對我們所看到的以及我們如何為客戶提供服務感到非常滿意。

The next question comes from the line of Elizabeth Porter of Morgan Stanley.

下一個問題來自摩根士丹利的伊麗莎白波特。

I wanted to hit on the really impressive kind of net customer adds and get a better sense for where the incremental demand is coming from kind of beyond that initial expectation for around $7,000 a quarter. So are you seeing HubSpot actually displace other vendors? Or is there still a lot of greenfield deployments at the low end that you're landing and that can just how durable is this trend?

我想抓住真正令人印象深刻的淨客戶增加，並更好地了解增量需求來自哪裡，這超出了最初的預期，即每季度約 7,000 美元。那麼您是否看到 HubSpot 實際上取代了其他供應商？還是在您著陸的低端仍然有很多未開發的部署，這種趨勢的持久性如何？

Yes. Thanks, Elizabeth. I think in general, these are really small, early-stage companies that are, in large part, trying our free tools and converting from free tools into Starter. And so I would think most of them are coming from a more greenfield place than HubSpot displacing someone else. If I look at the quarter-over-quarter trend in net customer adds, like we are obviously very excited about the 9,900 new ads. The vast majority of the increase quarter-over-quarter is coming at that starter tier. And there are a couple of things that are driving it. Yamini talked about the healthy volume. We are seeing free sign-ups as a result of our strong top-of-funnel demand. We are also continuing to test pricing optimization levers as we do, frankly, on a regular basis, and that is also working.

是的。謝謝，伊麗莎白。我認為總的來說，這些都是非常小的早期公司，在很大程度上，他們正在試用我們的免費工具並將免費工具轉換為 Starter。因此，我認為他們中的大多數人都來自比 HubSpot 取代其他人更綠地的地方。如果我看一下淨客戶增加的季度環比趨勢，我們顯然對 9,900 個新廣告感到非常興奮。環比增長的絕大部分來自入門級。有幾件事在推動它。 Yamini 談到了健康的音量。由於我們強大的漏斗頂部需求，我們看到免費註冊。坦率地說，我們還在繼續定期測試定價優化槓桿，這也很有效。

That said, Q1 always has tended to be seasonally strong. I do not expect that we're going to stay at 9,000 customer ads, but we do feel good about net adds continuing to remain strong. I would advise 7,000 to 8,000 range over the next couple of quarters, with the biggest variable there being how the Starter additions behave.

也就是說，第一季度一直傾向於季節性強勁。我不認為我們會保持在 9,000 個客戶廣告，但我們確實對淨增加繼續保持強勁感到滿意。我建議在接下來的幾個季度內增加 7,000 到 8,000 個，其中最大的變數是 Starter 添加的行為方式。

The next question comes from the line of Joshua Reilly of Needham & Company.

下一個問題來自 Needham & Company 的 Joshua Reilly。

Nice job on the quarter here. Can you give us a sense of how the direct versus the partner business is performing over the last couple of quarters here. I think last year, you made the comment that the partner business was performing stronger into the downturn. And what are just the dynamics or additional color there?

這個季度幹得不錯。你能給我們介紹一下直接業務與合作夥伴業務在過去幾個季度的表現如何嗎？我想去年，你曾評論說合作夥伴業務在經濟低迷時期表現更強勁。那裡的動態或附加顏色是什麼？

Josh, thank you for the question. This is Yamini. Both direct and partner are executing as planned. We've shared in the past that our strategy with a partner ecosystem is we want to be able to scale both selling as well as servicing with partners. And in the last couple of years, as we have gone upmarket and as we have really transitioned from being a marketing automation company to a CRM platform, we've really spent a lot of time as well as energy and efforts with our partners to bring them along that journey, and that strategy is working.

喬希，謝謝你的提問。這是亞米尼。直接和合作夥伴都按計劃執行。我們過去曾分享過，我們與合作夥伴生態系統的戰略是我們希望能夠擴大與合作夥伴的銷售和服務。在過去的幾年裡，隨著我們進入高端市場，我們已經真正從一家營銷自動化公司轉變為 CRM 平台，我們真的花了很多時間、精力和努力與我們的合作夥伴一起帶來他們一路走來，這個策略正在奏效。

So as you look at like Q1, the partner ecosystem performed well. When you talk to partners, I know many of you talk to partners, you'll hear them talk about multi-hub deployments and as well as leading us a little bit upmarket. So they are helping us in that journey. And there's just a lot more joint co-selling. And if you step back and think about what do customers want as they, in this environment, make decisions, they want high returns and low risk and therefore, jointly executing with partners and having clear migration implementation and change management plans are really working. The direct side is going along with that. And so there's still the healthy balance of about 40% of our installed base coming from our partners and the rest is from our direct and both are executing really well.

所以當你看 Q1 時，合作夥伴生態系統表現良好。當您與合作夥伴交談時，我知道你們中的許多人都在與合作夥伴交談，您會聽到他們談論多中心部署以及引領我們走向高端市場。所以他們在這段旅程中幫助了我們。而且還有更多的聯合銷售。如果你退一步想想客戶在這種環境下做決定時想要什麼，他們想要高回報和低風險，因此，與合作夥伴共同執行並製定明確的遷移實施和變更管理計劃確實有效。直接的一面也隨之而來。因此，我們仍然有大約 40% 的安裝基礎來自我們的合作夥伴，其餘部分來自我們的直接安裝，並且兩者都執行得非常好。

The next question comes from Rishi Jaluria of RBC.

下一個問題來自 RBC 的 Rishi Jaluria。

Nice to see continued strong execution. I wanted to ask another generative AI question and kind of go back. Yamini, during your prepared remarks, you talked about the ability for people (inaudible) business just to use generative AI on the back end to generate code. I want to think about from your perspective, how do you see your ability to use generative AI? Maybe to iterate features and functionality faster and potentially narrow the gap with some of the upmarket players that maybe customers want to move on to HubSpot, but some of those features and functionality may be missing. Just how should we think about that?

很高興看到持續強勁的執行力。我想問另一個生成式 AI 問題，然後回去。 Yamini，在你準備好的發言中，你談到了人們（聽不清）業務在後端使用生成 AI 來生成代碼的能力。我想從你的角度思考一下，你如何看待你使用生成式人工智能的能力？也許是為了更快地迭代特性和功能，並可能縮小與客戶可能希望轉向 HubSpot 的一些高端玩家的差距，但其中一些特性和功能可能會缺失。我們應該如何考慮呢？

Yes. Thanks for that question, Rishi. This is Dharmesh. So a couple of things on generative AI with HubSpot. One is we're making the investment to make generative AI part of the HubSpot framework. That gives us 2 things. It gives us kind of short-term speed to market because all of our product teams can now benefit from the generative AI features we're building in the core platform, but we think it has wider portability across the entire suite of application hubs within HubSpot. So that's what gets us to be really excited. And one thing that kind of gives us an advantage in terms of -- versus other companies is that HubSpot grew up with an organically built for SMB platform where all the data is cohesively stored and normalized.

是的。謝謝你提出這個問題，Rishi。這是 Dharmesh。 HubSpot 關於生成人工智能的一些事情。一是我們正在投資使生成人工智能成為 HubSpot 框架的一部分。這給了我們兩件事。它為我們提供了一種短期的上市速度，因為我們所有的產品團隊現在都可以從我們在核心平台中構建的生成人工智能功能中受益，但我們認為它在 HubSpot 的整個應用程序中心套件中具有更廣泛的可移植性.這就是讓我們非常興奮的原因。與其他公司相比，給我們帶來優勢的一件事是，HubSpot 是在為 SMB 平台有機構建的基礎上成長起來的，在該平台上，所有數據都被統一存儲和規範化。

And this becomes very, very important because in order to kind of get the value from generative AI, you need to be able to kind of use the existing data that you have. It's not about having tens of millions of records. It's about having all the data points on individual customers so you can provide context with generative AI models to say, "Oh, we know we can web page do this customer in. We know how many times they interacted with us. We know if they have a support ticket and Service Hub or not. We know exactly all the sales interactions we have. We can take all of that context and use it for a generative AI model.

這變得非常非常重要，因為為了從生成式人工智能中獲得價值，你需要能夠使用你擁有的現有數據。這不是關於擁有數千萬條記錄。這是關於擁有關於單個客戶的所有數據點，這樣你就可以提供帶有生成 AI 模型的上下文，“哦，我們知道我們可以在網頁上做這個客戶。我們知道他們與我們互動了多少次。我們知道他們是否是否有支持票和服務中心。我們確切地知道我們擁有的所有銷售互動。我們可以獲取所有這些上下文並將其用於生成 AI 模型。

And one of the benefits to companies like HubSpot that has this kind of very rapid iteration, get something in the hands of users, as I believe and the team believes that they who can actually get something in users' hands and get that feedback and have a very tight feedback loop are the ones that win. So we think generative AI levels the playing field in terms of the incumbents that are there. And we think HubSpot is uniquely positioned to kind of benefit from generative AI given our organic approach to building the platform and the way we p track HubSpot framework and the primary colors.

像 HubSpot 這樣具有這種非常快速迭代的公司的好處之一是，讓用戶掌握一些東西，正如我相信的那樣，團隊相信他們實際上可以將一些東西交到用戶手中並獲得反饋並擁有一個非常緊密的反饋循環是獲勝者。因此，我們認為生成式 AI 可以根據現有的在位者創造公平的競爭環境。鑑於我們構建平台的有機方法以及我們跟踪 HubSpot 框架和原色的方式，我們認為 HubSpot 具有獨特的優勢，可以從生成人工智能中受益。

The next question comes from the line of Gabriela Borges of Goldman Sachs.

下一個問題來自高盛的 Gabriela Borges。

I will stay on the generative AI topic either for Dharmesh or for Yamini. I wanted to follow up on your comments on leveling the playing field. Do you think over the longer term, this leads to less crowdedness or less competition in the front office stack? And then I wanted to ask directly about the trade-off between efficiency and effectiveness, what are your thoughts on the potential bear case on if marketing people and salespeople become more productive and HubSpot has a seat-based model, how do you think about the risk that seats go down while you're monetizing incremental functionality on the way up, if that makes sense.

對於 Dharmesh 或 Yamini，我將繼續討論生成式 AI 主題。我想跟進您對公平競爭環境的評論。從長遠來看，您認為這會減少前台人員的擁擠程度或減少競爭嗎？然後我想直接問一下效率和有效性之間的權衡，如果營銷人員和銷售人員變得更有效率並且 HubSpot 有一個基於座位的模型，你對潛在的熊案例有什麼看法，你如何看待如果有意義的話，當您在上升過程中通過增量功能獲利時，可能會出現座位下降的風險。

I'll start, and then Dharmesh certainly feel free to join here. We do think of it as leveling the playing field, especially for SMBs. One of the things that we've been very consistent about is taking powerful technologies, sophisticated technology and democratizing that for SMBs. And that's exactly what we are trying to do with generative AI. SMBs typically don't have large teams of AI experts sitting and we want to be able to bring it in with the same power and ease of use. And that will allow our customers to really compete effectively within the market.

我會開始，然後 Dharmesh 當然可以加入這裡。我們確實將其視為公平的競爭環境，尤其是對於 SMB。我們一直非常一致的一件事是採用強大的技術、複雜的技術並為 SMB 實現民主化。而這正是我們試圖用生成式 AI 做的事情。中小型企業通常沒有龐大的 AI 專家團隊，我們希望能夠以同樣的功能和易用性引入它。這將使我們的客戶能夠在市場上真正有效地競爭。

I think the second question you asked was really around how we think about effectiveness versus efficiency. And look, I think it's very hard to predict in the long term or maybe even the next 3 to 5 years, what happens with a lot of the jobs. From our perspective, some jobs are going to become less relevant and more automated. At the same time, AI is probably going to create more jobs and new skills. It's a little too early to predict longer term.

我認為你問的第二個問題實際上是關於我們如何看待有效性與效率。看，我認為很難預測在長期甚至未來 3 到 5 年內，很多工作會發生什麼。從我們的角度來看，一些工作將變得不那麼相關，而會更加自動化。與此同時，人工智能可能會創造更多的就業機會和新技能。現在預測長期還為時過早。

Having said that, our belief is that AI will not replace humans. But humans who use AI will replace humans who don't use AI, and we're in the business of helping humans use AI much better and that's exactly what you're seeing in terms of our strategy. The first stage of our strategy is to help people to drive better outcomes, a lot more in terms of the effectiveness focus. And you can already see this happening with content assistant and ChatSpot and that's empowering our customers to drive better outcomes, not just like save time.

話雖如此，我們相信人工智能不會取代人類。但是使用 AI 的人類將取代不使用 AI 的人類，我們的工作是幫助人類更好地使用 AI，而這正是您在我們的戰略中看到的。我們戰略的第一階段是幫助人們取得更好的成果，更多地關注效率。您已經可以通過內容助手和 ChatSpot 看到這種情況發生，這使我們的客戶能夠獲得更好的結果，而不僅僅是節省時間。

And the next stage is really taking generative AI and really making it applicable across our platform Dharmesh just talked about how we think about it from a framework perspective. It's like one of our primary colors and repeatable tasks can be commoditized and the real value is going to come from that last mile of human intelligence. So we are of the mindset that this is going to drive to better outcomes for everybody within the front office. Dharmesh, anything else that you'd want to add?

下一階段是真正採用生成式 AI 並真正使其適用於我們的平台 Dharmesh 剛剛談到了我們如何從框架的角度考慮它。這就像我們的一種原色和可重複的任務可以商品化，真正的價值將來自人類智慧的最後一英里。因此，我們的心態是，這將為前台的每個人帶來更好的結果。 Dharmesh，您還有什麼要補充的嗎？

Yes, I want to add just in terms of kind of the long-term view on generative AI overall. Right now, kind of 95% of the attention calories are in use cases where we take natural language and convert them to something that a human is going to consume, be it a blog post or an image and we'll eventually see video. And I think 95% of the opportunity for companies like HubSpot is actually using natural language comps and generative models to create code, things meant for computers.

是的，我想補充一點關於生成人工智能整體的長期觀點。現在，大約 95% 的注意力卡路里都在我們使用自然語言並將其轉換為人類將要消費的東西的用例中，無論是博客文章還是圖像，我們最終都會看到視頻。我認為像 HubSpot 這樣的公司 95% 的機會實際上是使用自然語言組合和生成模型來創建代碼，這些東西是為計算機準備的。

So we can look at examples like creating a report definition in HubSpot, creating a custom workflow action in Ops Hub, all these things where we can take things that were historically only acceptable to like a small percentage of the users within the company, and we can expand that now so that a larger portion of people can generate sophisticated reports and write custom workflow actions and do data cleansing and all these things. So just put power tools in the hands of many more customers. So we're just very excited about that kind of ability to kind of democratize and make things easy, which is the HubSpot has always been known for.

因此，我們可以查看示例，例如在 HubSpot 中創建報告定義，在 Ops Hub 中創建自定義工作流操作，所有這些我們都可以採用過去只接受公司內一小部分用戶的東西，我們現在可以擴展它，以便更多的人可以生成複雜的報告並編寫自定義工作流操作並進行數據清理和所有這些事情。因此，只需將電動工具交到更多客戶手中即可。所以我們對這種民主化和讓事情變得簡單的能力感到非常興奮，這就是 HubSpot 一直聞名的原因。

(Operator Instructions) The next question is from the line of Brent Bracelin of Piper Sandler.

（操作員說明）下一個問題來自 Piper Sandler 的 Brent Bracelin。

Obviously, really impressed here with the number of net adds and (inaudible), obviously, a pretty challenging backdrop. I wanted to ask maybe a longer-term question around vendor consolidation, which feels like there's a longer-term tailwind here. You talked about one customer consolidating 8 tools, down to the combo of Sales Hub and Marketing Hub. Where are we at in that cross hub cross-sell opportunity relative to the installed base? We're not quite seeing in ARPU yet given the volume increase we're seeing at the low end with Starter but it feels like longer term, there's opportunity. So could you just address vendor consolidation, how meaningful can that be as a PON looking out to '24, '25, '26?

顯然，這裡的淨添加數量和（聽不清）給我們留下了深刻的印象，顯然，這是一個非常具有挑戰性的背景。我想問一個關於供應商整合的長期問題，感覺這裡有一個長期的順風。您談到了一位客戶整合了 8 種工具，包括 Sales Hub 和 Marketing Hub 的組合。相對於已安裝的基礎，我們在那個跨中心交叉銷售機會中處於什麼位置？我們在 ARPU 方面還沒有看到太多，但考慮到我們在 Starter 的低端看到的數量增加，但從長遠來看，這是有機會的。那麼，您能否解決供應商整合問題，作為展望 24 年、25 年、26 年的 PON，這有多大意義？

Yes, it's a great question. And I do think this is a longer-term trend that we are beginning to see. And maybe if you kind of like step back and think about the last couple of years that our customers have come from, our customers took a couple of different paths. Either they had a lot of point solutions, which becomes really hard to be able to manage both from a cost as well as the complexity of the overall stack perspective or they went with maybe legacy enterprise class solutions and they've quoted themselves into a corner.

是的，這是一個很好的問題。我確實認為這是我們開始看到的長期趨勢。也許如果你有點喜歡退後一步，想想我們的客戶來自過去幾年，我們的客戶走了幾條不同的路。要么他們有很多單點解決方案，從成本和整體堆棧角度的複雜性來看，這變得非常難以管理，要么他們可能使用了遺留的企業級解決方案，他們把自己引到了一個角落.

And when I talk to customers now, they want something that is powerful, that is simple that provides the entire visibility across their customers' journey and is cost effective. And if you look at HubSpot, we do all of that. This is why the strength in terms of customer addition, even in the current macro kind of like backdrop is not surprising because it is very clear that we are becoming a platform for SMBs as well as scaling companies.

現在，當我與客戶交談時，他們想要的是功能強大、簡單的東西，可以提供客戶整個旅程的完整可見性，並且具有成本效益。如果你看看 HubSpot，我們會做所有這些。這就是為什麼在客戶增加方面的優勢，即使在當前的宏觀背景下也不足為奇，因為很明顯，我們正在成為中小企業和規模化公司的平台。

Now you asked the question of how this is lay out. It's very early days. when we look at our installed base as well as when we talk to prospects, it's pretty early days in this type of consolidation. And we want to build the best-in-class marketing sales service solutions that can drive value for customers. And so we're going to keep the pace of product innovation. And I think that we still have a long way to go in terms of seeing this consolidation play through.

現在你問的是如何佈局的問題。現在還很早。當我們查看我們的安裝基礎以及與潛在客戶交談時，這種類型的整合還處於早期階段。我們希望構建一流的營銷銷售服務解決方案，為客戶創造價值。因此，我們將保持產品創新的步伐。而且我認為，要實現這種整合，我們還有很長的路要走。

The next question comes from the line of Brad Sills of Bank of America.

下一個問題來自美國銀行的 Brad Sills。

Wonderful. Great start to the year here. I wanted to ask about Operations Hub. Yamini, you called it out as an area of strength. We're certainly hearing that from the channel would love to get your perspective. To me, this seems like a platform. You're running 2 or more hubs, you need the glue to automate workflow across different hubs using Operation Hubs. Is that why you're starting to see the success now with Operations Hub? In other words, you're getting to the point where customers are running -- more customers are running 2 or more hubs, they need that glue. Just any color on what's driving that Operations Hub strength.

精彩的。在這裡開啟新的一年。我想問一下運營中心。 Yamini，你稱它為強項。我們當然從頻道中聽到，很想听聽您的看法。對我來說，這似乎是一個平台。您正在運行 2 個或更多中心，您需要膠水來使用 Operation Hub 跨不同中心自動化工作流程。這就是您現在開始看到 Operations Hub 取得成功的原因嗎？換句話說，你已經到了客戶運行的地步——更多的客戶正在運行 2 個或更多的集線器，他們需要這種膠水。關於推動 Operations Hub 實力的因素的任何顏色。

I love this question, Brad, and you actually gave the answer. You hit it on the head. It is that we are seeing a macro-driven front office unification. And I also think that Operations Hub is like the perfect glue that brings together marketing, sales, other hubs, but give the value, right? I mean if you really think about what it does, it brings data from multiple sources, is able to automate like workflows and [get] the better insights from just more sophisticated data sets. And so you hit the nail on the head in terms of why Operations Hub is seeing an attraction.

我喜歡這個問題，布拉德，你實際上給出了答案。你打了它的頭。我們正在看到宏觀驅動的前台統一。而且我還認為 Operations Hub 就像是將營銷、銷售和其他中心結合在一起的完美粘合劑，但提供價值，對嗎？我的意思是，如果你真的想一想它的作用，它會從多個來源獲取數據，能夠像工作流一樣自動化，並從更複雜的數據集中 [get] 更好的見解。因此，就 Operations Hub 吸引人的原因而言，您一語中的。

Maybe a couple more points of color in terms of how our product efforts as well as go-to-market efforts have been in this area. We have expanded value for our customers, particularly around data quality. Now late last year, we launched some major updates to Operations Hub capability, particularly around data quality and portability. And you may remember us talking about data quality command center, that has been a pretty big hit with our Pro and Enterprise customers.

就我們在這一領域的產品努力和上市努力而言，也許還有更多亮點。我們為客戶擴大了價值，尤其是在數據質量方面。去年年底，我們對 Operations Hub 功能進行了一些重大更新，特別是在數據質量和可移植性方面。你可能還記得我們談論過數據質量指揮中心，這對我們的專業和企業客戶來說非常受歡迎。

In addition to that, we've also ramped up our own enablement efforts around advanced capabilities. Now selling technical products like data warehouse connectors and custom code actions is always difficult. By the way, custom code actions and workflows is like one of my absolute favorite new features in Ops Hub, so much value for customers. But one of the things that we have done is like continue to enable our direct teams and partners to showcase the value of these sophisticated features. And so it's still super early innings in terms of Operations Hub, but it's on an exciting path, and I'm very happy with the momentum that we saw in Q1.

除此之外，我們還圍繞高級功能加強了我們自己的支持工作。現在銷售數據倉庫連接器和自定義代碼操作等技術產品總是很困難。順便說一下，自定義代碼操作和工作流就像 Ops Hub 中我最喜歡的新功能之一，對客戶來說非常有價值。但我們所做的其中一件事就是繼續讓我們的直接團隊和合作夥伴展示這些複雜功能的價值。因此，就 Operations Hub 而言，它仍然處於超級早期階段，但它正處於令人興奮的道路上，我對我們在第一季度看到的勢頭感到非常滿意。

Next question is from the line of Alex Zukin of Wolfe Research.

下一個問題來自 Wolfe Research 的 Alex Zukin。

This is Ryan on for Alex. Congrats on a great quarter. So my question is around retention. At 104% this quarter, it did decelerate faster than last quarter and with the environment is still tough, what's your level of confidence that it can stay above 100%? And if that is the expectation, how are you thinking about when it could normalize?

這是亞歷克斯的瑞安。祝賀一個偉大的季度。所以我的問題是關於保留。本季度為 104%，確實比上季度減速得更快，而且環境仍然嚴峻，您對它能夠保持在 100% 以上的信心水平如何？如果這是預期，您如何考慮何時可以正常化？

Yes. Thanks very much for the question. I think we've talked about this in the past. There's really types of retention or 2 pieces of retention that we pay a lot of attention to internally. Gross retention that we refer to as customer dollar and net revenue retention. Customer dollar retention, we continue to see general stability in customer dollar retention in the high 80s. We expect that gross retention is going to hang in, in that zone for the rest of 2023.

是的。非常感謝你的提問。我想我們過去已經談過這個了。我們在內部非常關注保留類型或兩種保留類型。我們稱之為客戶美元和淨收入保留的總保留。客戶美元保留率，我們繼續看到客戶美元保留率在 80 年代的高位總體穩定。我們預計，在 2023 年剩餘時間裡，總留存率將保持在該區域。

On the net revenue retention side, you are right, we did see a step down of 3 points from Q4 into Q1. And we're seeing that step down across all the same reasons that we've been talking about for the last few quarters, right? There is a pressure that we are seeing from our customers really optimizing their spend of HubSpot. That is particularly notable in contacts and seats. We are also seeing some of our multi-portal customers now leveraging some of the upmarket features to consolidate their portals in HubSpot. In addition, we are seeing customers upgrading seats and contacts at a slower rate than we have in the past. And we think that we're going to continue to see those pressures going into Q2. But where we think that we're going to see some balances a couple of other trends.

在淨收入保留方面，你是對的，我們確實看到從第四季度到第一季度下降了 3 個百分點。我們看到，由於過去幾個季度我們一直在談論的所有相同原因，我們看到了這一下台，對吧？我們從客戶那裡看到了真正優化他們在 HubSpot 上的支出的壓力。這在聯繫人和座位上尤為明顯。我們還看到我們的一些多門戶客戶現在利用一些高端功能來整合他們在 HubSpot 中的門戶。此外，我們發現客戶升級席位和聯繫人的速度比過去慢。我們認為我們將繼續看到這些壓力進入第二季度。但是我們認為我們將看到一些其他趨勢的平衡。

We continue to see solid trends in upgrading. You see the volumes from Starter into professional at pretty consistent upgrade rates. We're seeing a bit of benefit from some of our recent pricing adjustments. And that in combination with the solid gross retention really in that high 80s is what gives us confidence that we can retain net revenue retention above 100% for 2023. Now we still believe that 110% is the right benchmark for us in terms of net revenue retention over the long term, but that's going to require a more normal macro environment.

我們繼續看到升級的穩固趨勢。您會看到從 Starter 到 Professional 的捲以相當一致的升級率。我們從最近的一些定價調整中看到了一些好處。再加上 80 年代高位的穩固毛留存率，讓我們有信心在 2023 年將淨收入留存率保持在 100% 以上。現在我們仍然相信，就淨收入而言，110% 是我們的正確基準長期保留，但這將需要一個更正常的宏觀環境。

The next question comes from Ken Wong of Oppenheimer.

下一個問題來自奧本海默的 Ken Wong。

This one is geared towards you, Kate. I believe last quarter, you characterize the macro environment is kind of not better, but not worse. As you exit Q1, I guess, what's the right thinking in terms of what's baked into the outlook?

這個是為你準備的，凱特。我相信上個季度，你描述的宏觀環境不是更好，而是更糟。當你退出第一季度時，我想，就前景中的內容而言，正確的想法是什麼？

Yes. Thanks for the question. I tried to share in my prepared remarks, a bit of color around just that. The external environment really does remain difficult, and we assume that it remains difficult throughout 2023. That said, as you know, we've approached guidance in a very consistent way. We did the same thing in Q1 and really tried to set guidance that contemplates a whole variety of scenarios. Our baseline assumption is that the remainder of 2023 feels like Q1, it feels like the back half of last year. it's still early in the year, and the external environment has been really volatile. FX has been very volatile, and we want to deliver against guidance with that baseline assumption or even if things get a little bit worse.

是的。謝謝你的問題。我試圖分享我準備好的評論，只是圍繞這一點有點色彩。外部環境確實仍然很困難，我們認為在整個 2023 年它仍然很困難。也就是說，正如你所知，我們已經以非常一致的方式接近指導。我們在第一季度做了同樣的事情，並真正嘗試制定考慮各種場景的指南。我們的基線假設是 2023 年剩餘時間感覺就像第一季度，感覺就像去年的下半年。時間尚早，外部環境確實多變。外匯一直非常不穩定，我們希望根據該基線假設提供指導，即使情況變得更糟。

The next question comes from the line of Michael Turrin of Wells Fargo.

下一個問題來自富國銀行的 Michael Turrin。

Look, there are so many good big picture questions I'd like to ask, but I'll go into a metrics question instead because it's something we're getting some questions on. There are some moving pieces in terms of currency with respect to the results and the change in assumptions on the guide. And so if we look at the Q1 number and the change in currency for the rest of the year, it looks like the second half constant currency assumptions for revenue might actually come down a touch on a constant currency basis. So I just want to understand if that interpretation is accurate. And maybe just help us split out the currency movements versus just any fundamental change in what you're thinking through and contemplating with the rest of your guidance. Obviously, great job across the board on the Q1 results. Just looking for some clarity there.

看，我想問很多很好的大局問題，但我會進入一個度量問題，因為這是我們正在接受的一些問題。關於結果和指南假設的變化，在貨幣方面有一些變化。因此，如果我們查看第一季度的數字和今年剩餘時間的貨幣變化，看起來下半年收入的固定貨幣假設實際上可能會在固定貨幣基礎上有所下降。所以我只想了解這種解釋是否準確。也許只是幫助我們將貨幣走勢與您正在思考和考慮的其他指導中的任何根本變化區分開來。顯然，第一季度的結果全面出色。只是在那裡尋找一些清晰度。

Yes. Thank you. We executed. We're happy with the execution in Q1 despite the challenging macro. And as you pointed out, we raised the full year by the full amount of the Q1 beat, which I think does speak to the confidence that we have in the business. But as you heard from both Yamini and I, the macro remains challenging. It's very volatile, including FX. We're not out of the woods yet. And on top of that, we're still early in the year. And so we took all of this into account when we set the guidance for the year. Our philosophy on guidance remains the same. We're aiming to put out guidance that we have a high degree of confidence in being able to achieve across a variety of scenarios.

是的。謝謝。我們執行了。儘管宏觀環境充滿挑戰，但我們對第一季度的執行情況感到滿意。正如你所指出的那樣，我們將全年提高了第一季度的全部收入，我認為這確實說明了我們對業務的信心。但正如你從 Yamini 和我那裡聽到的那樣，宏觀仍然具有挑戰性。它非常不穩定，包括外匯。我們還沒有走出困境。最重要的是，我們還處於今年年初。因此，我們在製定年度指南時考慮了所有這些因素。我們的指導理念保持不變。我們的目標是發布我們非常有信心能夠在各種情況下實現的指南。

The next question comes from Brian Peterson of Raymond James.

下一個問題來自 Raymond James 的 Brian Peterson。

Congrats on the strong quarter. So I wanted to unpack what's driving the average revenue per customer higher? I know we kind of hit on that a little bit. But it's just amazing to see the net adds and that figure is still up 3% year-over-year. So is the cross-sell sales cycles in the Enterprise? Are those actually getting better or vendor consolidation or ROI for customers? I'd love to just maybe understand what's happening upmarket for that figure to be growing 3%.

祝賀強勁的季度。所以我想弄清楚是什麼推動了每個客戶的平均收入更高？我知道我們有點想通了。但看到淨增加令人驚訝，而且這個數字仍同比增長 3%。企業中的交叉銷售銷售週期是什麼？那些實際上是在變得更好還是供應商整合或客戶的投資回報率？我很想知道高端市場發生了什麼，這個數字增長了 3%。

Yes. Thank you again for that one. There's really 2 things happening in ASRPC, right? We continue to see multi-hub adoption broadly across our Professional and Enterprise customers. And that is offset by sort of the volume that we are seeing at the low end. If we just look at Professional and Enterprise, ASRPC continued to be up double digits in constant currency in Q1. And it's the headwind from the volume of starter customers that is moving the ASRPC from that sort of double-digit level to 6% in constant currency.

是的。再次感謝你。 ASRPC 中確實發生了兩件事，對吧？我們繼續看到我們的專業和企業客戶廣泛採用多中心。這被我們在低端看到的某種數量所抵消。如果我們只看專業版和企業版，ASRPC 在第一季度繼續保持兩位數的固定匯率增長。正是來自入門客戶數量的逆風將 ASRPC 從那種兩位數水平移動到固定貨幣的 6%。

The next question comes from Arjun Bhatia of William Blair.

下一個問題來自 William Blair 的 Arjun Bhatia。

Perfect. Kate, maybe another one from you -- for you. I'm just trying to reconcile a little bit the comment about upgrades still happening, right, customers wanting more capabilities, more features versus there still being some headwinds around optimization, seats, contacts, et cetera. Is there any kind of characteristics amongst those customers that you can point out that maybe we could hang on to where you're seeing a specific vertical or a specific customer size, do one versus the other?

完美的。凱特，也許你的另一個 - 給你。我只是想稍微調和一下關於升級仍在發生的評論，對，客戶想要更多的功能，更多的特性，而不是在優化、座位、聯繫人等方面仍然存在一些不利因素。您可以指出這些客戶中是否有任何特徵，也許我們可以堅持您看到特定垂直或特定客戶規模的地方，做一個與另一個？

Yes. I mean, it's a good question. These are not new trends for us. We've been seeing the same type of pressure and dynamics within our customer base over the last quarters. And what we are seeing is a focus initiative to get the most out of their spend with HubSpot. Well, I don't believe we're alone in that. And that, for us, comes in the form of them cleaning up their contacts, cleaning up unused seats. It comes in consolidating when they're on multiple portals, consolidated and using all the features that they have signed up for. That doesn't mean that our customers are continuing to use more of our products. But what we're seeing more and more is that is an offset. They're doing the cleanup in conjunction with the expansion.

是的。我的意思是，這是個好問題。這些對我們來說不是新趨勢。在過去的幾個季度中，我們在客戶群中看到了同樣類型的壓力和動態。我們看到的是一項重點計劃，旨在充分利用他們在 HubSpot 上的花費。好吧，我不相信我們是孤獨的。對我們來說，他們會清理聯繫人、清理未使用的座位。當他們在多個門戶網站上時，它會進行整合，整合併使用他們已註冊的所有功能。這並不意味著我們的客戶會繼續使用我們的更多產品。但我們越來越多地看到這是一種抵消。他們在擴建的同時進行清理工作。

The next question comes from Parker Lane of Stifel.

下一個問題來自 Stifel 的 Parker Lane。

Circling back to the partner ecosystem. Yamini, know you made some changes there earlier this year around compensation levels of partners and what they need to do to continue the relationship financially with HubSpot. You want them selling and servicing partners. Do you expect there's going to be some consolidation in that channel in 2023, 2024? And then what exactly are you guys doing behind the scenes to upskill those partners to get them in a position to be more effectively servicing the customer base?

回到合作夥伴生態系統。 Yamini，你知道今年早些時候你在合作夥伴的薪酬水平以及他們需要做些什麼來繼續與 HubSpot 的財務關係方面做出了一些改變。您希望他們銷售和服務合作夥伴。您預計該渠道會在 2023 年、2024 年進行一些整合嗎？那麼你們在幕後究竟做了什麼來提高這些合作夥伴的技能，使他們能夠更有效地為客戶群提供服務？

Parker, yes, thanks a lot for the question. I think maybe 2 parts there. I'll first start with the changes that we made and then answer the second part of your question.

帕克，是的，非常感謝你提出這個問題。我想可能有 2 個部分。我將首先從我們所做的更改開始，然後回答您問題的第二部分。

I'm really pleased with the response from the partner channel. And since the announcement and even before the announcement, I've spent a lot of time talking to our partners, lead diamond partners in terms of the change. And just to step back, we really looked at our partner commissions, and we are incentivizing our partners to have more consistent engagement with our customers, to sell and go sell more with us and to do more multi-hub. And the partners understand the why behind the change, and we're also giving partners a lot of time to be able to adapt, which they appreciate. And so at the end of the day, the changes that we made are going to be a win for our customers and therefore, good for partners as well as HubSpot. And at the margin, we're actually seeing some of the partners increase their engagement with our customers as a result of this.

我對合作夥伴渠道的回應感到非常滿意。自宣布以來，甚至在宣布之前，我花了很多時間與我們的合作夥伴、領導鑽石合作夥伴就變化進行交流。退一步說，我們確實關注了我們的合作夥伴佣金，我們正在激勵我們的合作夥伴與我們的客戶進行更一致的互動，與我們一起銷售和銷售更多產品，並開展更多的多中心活動。合作夥伴了解變化背後的原因，我們也給合作夥伴很多時間來適應，他們對此表示讚賞。因此，歸根結底，我們所做的更改將有利於我們的客戶，因此也有利於合作夥伴和 HubSpot。在邊緣，我們實際上看到一些合作夥伴因此增加了與我們客戶的互動。

The second part of the question is, do we think it's going to lead to some level of consolidation, how do we enable the partners. I think it will. And it's not necessarily because of the commission changes, but it's because we are moving upmarket, and we are guiding our partners to be able to scale to better serve the needs of upmarket customers.

問題的第二部分是，我們是否認為它會導致某種程度的整合，我們如何支持合作夥伴。我想會的。這不一定是因為佣金的變化，而是因為我們正在向高端市場轉移，我們正在引導我們的合作夥伴能夠擴大規模以更好地滿足高端客戶的需求。

And as we do that, we are definitely beginning to notice that partners are either already consolidating or figuring out ways to scale. And therefore, the percentage from elite partners from top partners is probably going to increase as we continue the transition to driving multi-hub as well as serving the needs of upmarket customers. And our focus on partner enablement is really high. We've been really on this journey to enroll them to drive more certifications. There's an upcoming certification week that's coming up for our partners, and we are putting a lot behind that, and we'll continue to drive the level of technical capabilities within the partner ecosystem. Overall, really happy with the response and where our partner ecosystem is going.

當我們這樣做的時候，我們肯定開始注意到合作夥伴要么已經在整合，要么正在想辦法擴大規模。因此，隨著我們繼續過渡到推動多中心以及滿足高端客戶的需求，來自頂級合作夥伴的精英合作夥伴的百分比可能會增加。我們非常重視合作夥伴支持。我們一直在努力招募他們以推動更多認證。我們的合作夥伴即將迎來即將到來的認證週，我們為此付出了很多努力，我們將繼續提高合作夥伴生態系統內的技術能力水平。總的來說，對響應以及我們的合作夥伴生態系統的發展方向感到非常滿意。

The next question comes from Terry Tillman of Truist.

下一個問題來自 Truist 的 Terry Tillman。

Great. congrats on the quarter. This is Bobby Dee on for Terry. Curious what you're seeing globally in terms of strength or weakness across geographies?

偉大的。祝賀這個季度。這是特里的鮑比·迪。想知道您在全球範圍內看到的各個地區的優勢或劣勢是什麼嗎？

Bobby, thanks a lot for that. Overall, fairly consistent in terms of what we are seeing in North America as well as our international markets. As Kate just mentioned, international is about 46% of our overall base and growing reasonably well. There is not that much of a divergence in terms of the trends. What we see in terms of the longer deal cycles and more decision makers is across North America and international. And what we see in terms of the reasons why our customers want HubSpot is also consistent. We deliver quick time to value, which is what is important across all customers. And most of the time, value is in a matter of weeks, not months or quarters.

鮑比，非常感謝。總體而言，與我們在北美和國際市場所看到的情況相當一致。正如凱特剛才提到的，國際約占我們總基數的 46%，並且增長相當不錯。就趨勢而言，並沒有太大的分歧。我們在更長的交易週期和更多的決策者方面看到的是整個北美和國際。就我們的客戶需要 HubSpot 的原因而言，我們所看到的也是一致的。我們提供快速實現價值的時間，這對所有客戶來說都很重要。大多數時候，價值是在幾週內，而不是幾個月或幾個季度。

And customers really care about their costs and they're consolidating with fewer platforms. And so we see a lot more platform consolidation and multi-hub conversations, both in regional as well as international markets. And there's kind of a high bar to action across all customers, but we are executing in both markets with consistency.

客戶非常關心他們的成本，他們正在整合更少的平台。因此，我們在區域和國際市場上看到了更多的平台整合和多中心對話。所有客戶的行動都有很高的門檻，但我們在兩個市場上的執行都是一致的。

The next question comes from the line of Michael Turits of KeyCorp.

下一個問題來自 KeyCorp 的 Michael Turits。

Great quarter. I wanted to ask about the move upmarket and how you're approaching from the direct channel -- direct sales force perspective? This is a year in which you're increasing margins, and you've had a (inaudible). But -- so what are you doing in terms of investing in the direct sales channel to drive more engagement? And how are you managing the costs on that?

偉大的季度。我想問一下高端市場的發展以及您如何從直接渠道 - 直接銷售人員的角度來看？這是您增加利潤的一年，而且您已經（聽不清）。但是 - 那麼您在投資直銷渠道以推動更多參與方面做了什麼？您如何管理這方面的成本？

Yes. Thanks a lot for the question. Maybe I'll start with upmarket and what we're doing with the sales team and Kate, feel free to add in terms of the cost there. If we step back and think about why upmarket is working and what is upmarket for HubSpot, we're still very, very focused on the 2- to 2000-employee segment. And for us, upmarket is the 200- to 2000-employee segment. And if you think about customers there, they care deeply about cost savings within this environment, and they care deeply about navigating the macro while driving resilient growth. and HubSpot helps with both of those. We are powerful solution that's still very, very easy to use and easy to implement, and that's what is resonating within upmarket.

是的。非常感謝你的提問。也許我會從高檔開始，我們正在與銷售團隊和凱特一起做的事情，請隨意添加那裡的成本。如果我們退後一步思考為什麼高端市場行之有效以及 HubSpot 的高端市場是什麼，我們仍然非常非常關注 2 到 2000 名員工的細分市場。對我們來說，高端是 200 到 2000 名員工的細分市場。如果你想想那裡的客戶，他們非常關心在這種環境下節省成本，他們非常關心在推動彈性增長的同時駕馭宏觀。而 HubSpot 對這兩方面都有幫助。我們是強大的解決方案，仍然非常非常易於使用和實施，這就是在高端市場引起共鳴的原因。

As we've thought about our own sales teams and internally driving the efficiency, we've talked about this. We are driving more data into the hands of our direct sales reps. We are arming them with the right kind of total cost of ownership as well as value messaging. This is the tightest level of alignment I have seen between product, marketing and sales in terms of the key messages that we are delivering and our teams are very, very focused. And so I think from an internal standpoint, systems, automation, messaging, alignment are all in favor of driving consistent execution there.

當我們考慮到我們自己的銷售團隊並在內部提高效率時，我們已經談到了這一點。我們正在將更多數據交到我們的直銷代表手中。我們正在為他們提供正確的總擁有成本和價值信息。就我們傳遞的關鍵信息而言，這是我所見過的產品、營銷和銷售之間最緊密的一致性，我們的團隊非常非常專注。因此，我認為從內部的角度來看，系統、自動化、消息傳遞、一致性都有助於推動那裡的一致執行。

The next question comes from the line of Taylor McGinnis of UBS.

下一個問題來自瑞銀集團的 Taylor McGinnis。

Congrats on a really great quarter. The 1Q margin performance was really strong, particularly sequentially. So are you able to break that down and quantify the drivers of the uplift, like how much was on restructuring or hiring and efficiencies in the business, just to help us think about the future margin trajectory and the durability of the progress that we're seeing?

祝賀一個非常棒的季度。第一季度的利潤率表現非常強勁，尤其是環比。那麼，您能否將其分解並量化提升的驅動因素，例如重組或招聘和業務效率的多少，只是為了幫助我們思考未來的利潤率軌跡和我們取得的進展的持久性看到了嗎？

Yes, Taylor, it was a really good question. The margin upside in Q1 versus our expectation is primarily related to the restructuring. So revenue came in a little bit better than expectations on some favorable FX rates. But we, frankly, underestimated the impact the restructuring would have on our overall hiring plan and resulted in really a delay in returning to our regularly planned hiring cadence.

是的，泰勒，這是一個非常好的問題。第一季度的利潤率高於我們的預期主要與重組有關。因此，在某些有利的匯率下，收入略好於預期。但坦率地說，我們低估了重組對我們整體招聘計劃的影響，並導致我們延遲恢復到我們定期計劃的招聘節奏。

That said, we're feeling really good about where we are now. What this means is we expect to sort of return to that normal seasonal pattern in our operating margins from this point on through 2023. Q2 margins are going to decline slightly. It's a typical sequential pattern for us with annual merit increases and a return to the investment in hiring as well as some hybrid connection. That said, we will expect that operating margins are going to expand through the back half of the year with low double digits in Q3 and high teens in Q4, consistent with what we provided last quarter.

也就是說，我們對現在的處境感覺非常好。這意味著我們預計從現在到 2023 年，我們的營業利潤率將恢復到正常的季節性模式。第二季度的利潤率將略有下降。對於我們來說，這是一個典型的順序模式，每年的績效增長和對招聘投資的回報以及一些混合聯繫。也就是說，我們預計營業利潤率將在今年下半年擴大，第三季度的低兩位數和第四季度的高青少年，與我們上個季度提供的一致。

Thank you. And with that, we will conclude our time of question and answer. I would now like to hand the conference back over to Yamini Rangan, CEO, for any closing remarks.

謝謝。至此，我們將結束我們的問答時間。我現在想將會議交還給首席執行官 Yamini Rangan，聽取任何閉幕詞。

Thank you so much for all the engaged questions as well as the support and look forward to connecting back again in a few months.

非常感謝您提出的所有問題以及支持，並期待幾個月後再次聯繫。

And with that, we will conclude today's call. Thank you for participating. You may now disconnect your lines.

至此，我們將結束今天的電話會議。感謝您的參與。您現在可以斷開線路。