HubSpot Inc (HUBS) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to the HubSpot First Quarter 202 Earnings Conference Call. My name is Harry, and I'll be your operator today. (Operator Instructions)

下午好，歡迎參加 HubSpot 202 年第一季財報電話會議。我叫哈利，今天我將成為您的接線生。 （操作員說明）

And I will now hand over to Ryan Burkart, Senior Director of Investor Relations, to begin. Please go ahead.

現在我將請投資者關係高級總監 Ryan Burkart 開始演講。請繼續。

Thanks, operator. Good afternoon, and welcome to HubSpot's First Quarter 2024 Earnings Conference Call. Today, we'll be discussing the results announced in the press release that was issued after the market closed. 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.

謝謝，接線生。下午好，歡迎參加 HubSpot 2024 年第一季財報電話會議。今天，我們將討論收市後發布的新聞稿中公佈的結果。今天下午與我一起參加電話會議的是我們的執行長亞米尼·蘭甘 (Yamini Rangan)； Dharmesh Shah，我們的共同創辦人兼首席技術長；和我們的財務長 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 and Section 21E of the Securities Exchange Act of 1934 as amended.

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。在本次電話會議中，我們將做出與我們的業務相關的聲明，這些聲明可能被視為《1933 年證券交易法》修訂版第27A 條和《1934 年證券交易法》修訂版第21E 條意義內的前瞻性聲明。

All statements other than statements of historical fact are forward-looking statements, including those regarding management's expectations of future financial and operational performance and operational expenditures, the ability to realize the anticipated benefits of the Clearbit acquisition, expected growth, FX movement and business outlook, including our financial guidance for the second fiscal quarter and full year 2024.

除歷史事實陳述外的所有陳述均為前瞻性陳述，包括有關管理層對未來財務和營運業績以及營運支出的預期、實現 Clearbit 收購預期收益的能力、預期增長、外匯走勢和業務前景的陳述，包括我們對第二財季和2024 年全年的財務指導。

Forward-looking statements reflect our views only as of today. And except as required by law, we undertake no obligation to update or revise these forward-looking statements.

前瞻性陳述僅反映我們今天的觀點。除法律要求外，我們不承擔更新或修改這些前瞻性聲明的義務。

Please refer to the cautionary language in today's press release and our Form 10-Q which we expect to file with the SEC on Friday, May 10 for a discussion of the risks and uncertainties that could cause actual results to differ materially from expectations.

請參閱今天新聞稿中的警示性語言以及我們預計於 5 月 10 日星期五向 SEC 提交的 10-Q 表格，以討論可能導致實際結果與預期存在重大差異的風險和不確定性。

During the course of today's call, we'll refer to certain non-GAAP financial measures as defined by Regulation G. The GAAP financial measures 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 and fiscal year 2024 earnings press release in the Investor Relations section of our website.

在今天的電話會議中，我們將參考法規G 定義的某些非GAAP 財務指標。 。

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

現在我很高興將電話轉給 HubSpot 執行長 Yamini Rangan。亞米尼？

Thank you, Ryan, and welcome to everyone joining us on the call. I'll begin by sharing our Q1 2024 results, update you on what we are seeing from a demand perspective and wrap up by highlighting our recent product launches from the Spring Spotlight and our ongoing efforts to accelerate innovation for our customers.

謝謝你，瑞安，歡迎大家加入我們的電話會議。我將首先分享我們 2024 年第一季的業績，向您介紹我們從需求角度看到的最新情況，最後重點介紹我們最近在春季聚光燈下推出的產品以及我們為加速客戶創新所做的持續努力。

We kicked off the year with solid revenue growth of 23% year-over-year in constant currency. We delivered another good quarter of operating margin growth with 120 basis points of margin expansion year-over-year, driving our operating margin to 15%. Total customers grew by 22% year-over-year to over 215,000 customers globally, driven by over 11,700 net customer additions in the quarter. I am thrilled to see more customers consolidating on HubSpot as their preferred customer platform for growth.

新年伊始，我們的營收以固定匯率計算年增 23%。我們的營業利潤率又實現了良好的季度成長，利潤率年增了 120 個基點，使我們的營業利潤率達到 15%。在本季淨新增超過 11,700 名客戶的推動下，全球客戶總數年增 22%，達到超過 215,000 名客戶。我很高興看到更多客戶將 HubSpot 整合為他們首選的客戶成長平台。

Our Q1 results highlight consistency in why we win. Customers across all segments are consolidating on HubSpot because it is easy to use, easy to scale and delivers fast time to value. In the lower end of our segment, we saw continued strength in net customer additions driven by free users upgrading to Starter and pricing optimization plays, including our seats model change, driving Starter and pro customer growth.

我們第一季的業績凸顯了我們獲勝的原因的一致性。 所有細分市場的客戶都在 HubSpot 上進行整合，因為它易於使用、易於擴展且能快速實現價值。在我們的低端細分市場，我們看到免費用戶升級到 Starter 和定價優化推動的淨客戶成長持續強勁，包括我們的座椅型號變化，推動了 Starter 和專業客戶的成長。

In upmarket, the big themes of the quarter were continued strength in Sales Hub and multi-hub as customers consolidate on HubSpot as their platform of choice. Sales Hub is emerging as a clear winner driven by the innovative features we launched at INBOUND. Our customers are adopting the new prospecting workspace and advanced sequences as a way to drive better alignment between marketing and sales.

在高端市場，本季的主要主題是銷售中心和多中心的持續強勁，因為客戶將 HubSpot 鞏固為他們的首選平台。在我們在 INBOUND 推出的創新功能的推動下，銷售中心正在成為明顯的贏家。我們的客戶正在採用新的勘探工作區和先進的序列，以推動行銷和銷售之間更好的協調。

In addition, we have opened up our Smart CRM to support UI customization, deliver broader governance and permission capability and deeper integrations like the sync with LinkedIn Sales Navigator, which is driving up-market momentum.

此外，我們還開放了智慧 CRM，以支援 UI 客製化、提供更廣泛的治理和權限功能以及更深入的集成，例如與 LinkedIn Sales Navigator 的同步，這正在推動高端市場的發展勢頭。

Our land and expand strategy is working, and we have 3 main front doors for customers. Marketing Hub, our original hub, where we continue to innovate. Sales Hub, where we see huge momentum. And multi-hub as customers consolidate on HubSpot. Over 35% of Pro+ customers are now on 3 or more hubs, and we have more room for growth as we drive innovation. We're thrilled to see the continued momentum in Sales Hub and multi-hub and it's a clear validation that our strategy of going from app to suite to customer platform is working.

我們的土地和擴張策略正在發揮作用，我們為客戶提供了 3 個主要前門。行銷中心，我們最初的中心，我們在這裡不斷創新。銷售中心，我們在那裡看到了巨大的勢頭。隨著客戶在 HubSpot 上的整合，也會出現多中心。超過 35% 的 Pro+ 客戶現在位於 3 個或更多中心，隨著我們推動創新，我們有更大的成長空間。我們很高興看到銷售中心和多中心的持續發展勢頭，這清楚地證明了我們從應用程式到套件再到客戶平台的策略正在發揮作用。

Switching gears to macro. After a strong finish in Q4, we saw a return to weaker demand conditions in the first quarter, similar to what we experienced in 2023. The buyer urgency that we saw in December did not carry over into Q1. Instead, we saw a return to higher scrutiny of budgets, more decision-makers getting involved and a need for more demos and proof-of-concepts before signing on purchase decisions. At the top of the funnel, we saw lead flows shift away from higher quality inbound and partner-sourced leads to lower quality rep source leads. This shift plus the lower buyer urgency slowed down deal progression and, in some cases, push deals out of Q1 and into Q2. While deal close and upgrade rates remain under pressure, we continue to see strong customer dollar retention in the high 80s, which underscores the value that our unified customer platform delivers for our customers.

切換到宏觀。在第四季的強勁表現之後，我們看到第一季的需求狀況又回到了疲軟狀態，類似於我們在2023 年經歷的情況。一季。相反，我們看到了對預算進行更嚴格審查的回歸，更多決策者參與其中，以及在簽署購買決定之前需要更多演示和概念驗證。在漏斗的頂部，我們看到潛在客戶流從較高品質的入站和合作夥伴來源的潛在客戶轉向較低品質的代表來源潛在客戶。這種轉變加上買家緊迫性降低，減慢了交易進展，在某些情況下，將交易從第一季推遲到第二季。儘管交易完成率和升級率仍然面臨壓力，但我們仍然看到 80 多美元的強勁客戶保留率，這凸顯了我們的統一客戶平台為客戶提供的價值。

Now for an update on seats. In early March, we introduced a pricing change based on seats to lower the price points to get started with HubSpot and remove the pricing friction for customers to upgrade from Starter to Professional edition. While we continue to be very excited about the model change for our customers on HubSpot, the timing and speed of the change caused a negative impact on our business in March that will likely persist for a couple of months. As a reminder, we expected this change to lead to lower initial ASP, higher volume of customers and higher rates of upgrades over time.

現在更新座位資訊。 3 月初，我們引入了基於席位的定價變更，以降低 HubSpot 的入門價格，並消除客戶從入門版升級到專業版的定價摩擦。雖然我們仍然對 HubSpot 上客戶的模型變更感到非常興奮，但變更的時間和速度對我們 3 月的業務造成了負面影響，這種影響可能會持續幾個月。提醒一下，我們預計這項變更將導致初始平均售價降低、客戶數量增加以及隨著時間的推移升級率更高。

In March, we saw faster adoption of the seats model by customers, which led to a more immediate impact of lower ASPs, but a slower pickup in the volume of new customers. We're seeing more positive trends in April, but it's going to take a few months for the higher volume of additions to offset the initial lower price.

3月份，我們看到客戶更快採用座位模式，這導致平均售價下降產生更直接的影響，但新客戶數量的成長速度較慢。我們在四月份看到了更多積極的趨勢，但需要幾個月的時間才能增加增量來抵消最初的較低價格。

Having said that, I want to be clear that we have high conviction that seats pricing change is the right decision for our customers as it will allow them to get started and scale more easily with HubSpot. And it is the right decision for HubSpot as it will allow us to bring many more customers onto our platform, grow our net revenue retention rate as customers add more seats over time and align pricing with the value we are creating from our AI-powered Smart CRM.

話雖如此，我想明確表示，我們堅信座位定價變化對我們的客戶來說是正確的決定，因為這將使他們能夠更輕鬆地開始使用 HubSpot 並進行擴展。對於HubSpot 來說，這是正確的決定，因為它將使我們能夠將更多客戶引入我們的平台，隨著客戶隨著時間的推移增加更多席位，提高我們的淨收入保留率，並使定價與我們透過人工智慧驅動的智慧創造的價值保持一致。

Okay. Let's talk about product innovation, which has been a consistent theme over the past few years and gives me high confidence in our ability to drive durable growth. The pace of innovation has accelerated in our industry with AI, and we are setting that pace for scaling companies. Innovation is happening in days and weeks, not months or years. Marketing, sales and service teams are going through a major technology shift. But keeping up with that innovation can be a full-time job in and of itself.

好的。我們來談談產品創新，這是過去幾年的一貫主題，讓我對我們推動持久成長的能力充滿信心。借助人工智慧，我們產業的創新步伐加快了，我們正在為擴大公司規模設定這一步伐。創新是在幾天或幾週內發生的，而不是幾個月或幾年。行銷、銷售和服務團隊正在經歷重大的技術轉變。但跟上這種創新本身就是一項全職工作。

So to make it easy for our customers to stay ahead, we've decided to have not 1 but 2 big launches each year, INBOUND and Spring Spotlight. You all have seen INBOUND and our customers love the innovation that comes out each year. In April, we launched our first Spring Spotlight that featured over 100 new product releases with over 70 AI features. And we saw over 200 million earned media impressions and nearly double the engagement rate on social channels compared to INBOUND 2023. Super exciting.

因此，為了讓我們的客戶輕鬆保持領先地位，我們決定每年推出 2 項而不是 1 項大型產品：INBOUND 和 Spring Spotlight。你們都看過 INBOUND，我們的客戶喜歡每年出現的創新。 4 月份，我們推出了第一個 Spring Spotlight，其中包含 100 多個新產品版本，其中包含 70 多個 AI 功能。與 INBOUND 2023 相比，我們獲得了超過 2 億的媒體印象，社交管道的參與率幾乎翻了一番。

I want to highlight 3 big areas of innovation from our Spring Spotlight for you: Content Hub, Service Hub and HubSpot AI. HubSpot give marketeers a better way to grow with INBOUND marketing, and we are now doing it again by reinventing content marketing. We're taking CMS Hub, which used to be about website and digital presence and transforming it into Content Hub, powered by AI to create and manage content across the entire customer journey.

我想向您重點介紹我們春季聚焦的 3 大創新領域：內容中心、服務中心和 HubSpot AI。 HubSpot 為行銷人員提供了更好的入站行銷成長方式，我們現在透過重塑內容行銷再次做到這一點。我們正在採用 CMS Hub，它曾經是關於網站和數位存在的，並將其轉變為內容中心，由 AI 提供支持，以在整個客戶旅程中創建和管理內容。

As part of Content Hub, we launched AI content creation to make it easy to create multilingual content. Content remix to make it easy to create full pipeline of content based on a single asset. And brand voice to make it easy to generate content that has consistent brand voice.

作為內容中心的一部分，我們推出了人工智慧內容創建，以方便創建​​多語言內容。內容重新混合，可以輕鬆創建基於單一資產的完整內容管道。 品牌聲音可以輕鬆產生具有一致品牌聲音的內容。

Our goal is simple. We want AI to power every content use case and light the way into the future of content marketing.

我們的目標很簡單。我們希望人工智慧為每個內容用例提供動力，並為內容行銷的未來指明道路。

Let's talk about Service Hub. I'm really excited about the innovation here. We believe that delighting current customers is even more important than acquiring new customers. So we're relaunching Service Hub to bring customers support and customer success teams together. To help scale customer support, Service Hub now includes advanced SLAs, more robust routing and support management tools.

我們來談談服務中心。我對這裡的創新感到非常興奮。我們相信，取悅現有客戶比獲取新客戶更重要。因此，我們正在重新啟動服務中心，將客戶支援和客戶成功團隊聚集在一起。為了協助擴大客戶支援範圍，Service Hub 現在包含進階 SLA、更強大的路由和支援管理工具。

To help customer success teams drive retention, we launched a new customer success workspace that can help CSM handle their task, track their pipeline and see customer health scores with clear next steps.

為了幫助客戶成功團隊提高保留率，我們推出了一個新的客戶成功工作區，可以幫助 CSM 處理他們的任務、追蹤他們的管道並查看客戶健康評分以及明確的後續步驟。

Service Hub now includes more than a dozen AI-powered tools like GPT-powered chatbot, real-time recommendations and call summaries to speed up resolution. We're embedding AI to make Service Hub even more valuable and delivering a unified customer platform. As one of our customers (inaudible) said, "By bringing marketing sales and service teams together on HubSpot, we're removing the guesswork for our leaders and giving them the confidence that customers are getting what they need."

Service Hub 現在包括十多個人工智慧驅動的工具，例如 GPT 支援的聊天機器人、即時建議和通話摘要，以加快解決速度。我們正在嵌入人工智慧，使服務中心變得更有價值，並提供統一的客戶平台。正如我們的一位客戶（聽不清）所說，“通過將營銷銷售和服務團隊聚集在 HubSpot 上，我們消除了領導者的猜測，讓他們相信客戶正在獲得他們所需要的東西。”

As we set the pace of innovation with AI embedded across all hubs and our customer platform, we are keenly focused on driving adoption and usage. Adoption has continued to increase with over 50% of enterprise portal using AI features along with over 25% of Pro portals.

當我們透過嵌入所有中心和客戶平台的人工智慧來引領創新步伐時，我們熱衷於推動採用和使用。採用率持續增加，超過 50% 的企業入口網站使用人工智慧功能，超過 25% 的專業入口網站使用人工智慧功能。

Customers are leveraging AI for personalized content generation, call summarization and are automating their go-to-market motions to drive productivity and growth. There is a lot more room to drive repeat usage, and we are laser-focused on helping our customers grow with HubSpot AI.

客戶正在利用人工智慧進行個人化內容產生、呼叫摘要，並自動化其進入市場的動作，以提高生產力和成長。有更大的空間來推動重複使用，我們專注於幫助我們的客戶透過 HubSpot AI 成長。

Overall, we're still in the early innings of transforming from a suite to a customer platform. We're becoming the de facto standard for scaling companies, and we are setting the pace of innovation with AI. This gives me confidence in our ability to drive long-term durable growth.

整體而言，我們仍處於從套件轉型為客戶平台的早期階段。我們正在成為公司規模擴張的事實上的標準，我們正在利用人工智慧引領創新的步伐。這讓我對我們推動長期持久成長的能力充滿信心。

With that, I'll hand it over to our CFO, Kate Bueker, to take you through our financial and operating results.

接下來，我將把它交給我們的財務長凱特·布克 (Kate Bueker)，讓您了解我們的財務和營運表現。

Thanks, Yamini. Let's turn to our first quarter 2024 financial results. Q1 revenue grew 23% year-over-year in both constant currency and on an as-reported basis. Q1 subscription revenue grew 23% year-over-year, while services and other revenue increased 15% on an as-reported basis. Q1 domestic revenue grew 21% year-over-year. International revenue growth was 24% in constant currency and 25% as reported, now representing 47% of total revenue.

謝謝，亞米尼。讓我們來看看 2024 年第一季的財務表現。以固定匯率計算和按報告計算，第一季營收年增 23%。據報告，第一季訂閱收入年增 23%，服務和其他收入成長 15%。第一季國內營收年增 21%。以固定匯率計算，國際營收成長 24%，據報道為 25%，目前佔總營收的 47%。

We added over 11,700 net new customers in the quarter, including the onetime addition of nearly 800 customers from the acquisition of Clearbit. This brings our total customer count to over 215,000, growing 22% year-over-year, fueled by our continued strong Starter customer additions.

本季我們淨增加了 11,700 多個新客戶，其中包括因收購 Clearbit 而一次性增加的近 800 個客戶。這使得我們的客戶總數超過 215,000 名，年成長 22%，這得益於我們持續強勁的 Starter 客戶增加。

Average subscription revenue per customer was $11,400, flat in constant currency and up 1% year-over-year on an as-reported basis. We continue to see a positive impact on ASPs from multi-hub adoption of our professional and enterprise customers, offsetting the impact of large new cohorts of low ASP Starter customers in recent periods. In addition, Clearbit added approximately a 1 point benefit to ASP in Q1.

每位客戶的平均訂閱收入為 11,400 美元，以固定匯率計算持平，按報告數據年增 1%。我們繼續看到專業和企業客戶的多中心採用對 ASP 產生正面影響，抵消了近期大量新的低 ASP 入門客戶群的影響。此外，Clearbit 在第一季為 ASP 帶來了約 1 個百分點的收益。

As I shared in February, we expect to maintain net customer additions around 10,000 per quarter throughout 2024 with ASRPC down low single digits in constant currency.

正如我在 2 月分享的那樣，我們預計 2024 年每季淨新增客戶數將保持在 10,000 左右，而 ASRPC 按固定匯率計算將下降低個位數。

Gross retention held in the high 80s in Q1, and net revenue retention was 101% or 102% if you remove the impact of Clearbit in the quarter. While we have seen a stabilization in downgrade rates over the last couple of quarters, customer upgrade rates were more challenged in Q1. We expect similar trends to continue in the near term with net revenue retention holding around current levels throughout 2024. Calculated billings were $641 million in Q1, growing 22% year-over-year in constant currency and 20% as reported. The remainder of my comments will refer to non-GAAP measures.

第一季的總留存率維持在 80 左右，如果剔除 Clearbit 在本季的影響，淨收入留存率為 101% 或 102%。儘管過去幾季我們看到降級率趨於穩定，但第一季客戶升級率面臨更大的挑戰。我們預計類似的趨勢將在短期內持續下去，整個2024 年淨收入保留將保持在當前水準附近。 。我其餘的評論將涉及非公認會計原則措施。

Q1 operating margin was 15%, up 1 point compared to the year ago period. We continue to see solid progress towards our intermediate operating margin targets across the business. Net income was $89 million in Q1 or $1.68 per fully diluted share.

第一季營業利益率為 15%，較去年同期上升 1 個百分點。我們繼續看到整個業務在實現中間營業利潤率目標方面取得了堅實進展。第一季淨利潤為 8,900 萬美元，即完全稀釋後每股淨利潤 1.68 美元。

Free cash flow was $104 million in Q1 or 17% of revenue.

第一季自由現金流為 1.04 億美元，佔營收的 17%。

Finally, our cash and marketable securities totaled $1.8 billion at the end of March.

最後，截至 3 月底，我們的現金和有價證券總額為 18 億美元。

In connection with the quarter close, we discovered an error in our calculation of cost of goods sold related to how we calculate a credit in our hosting agreement with AWS. As a result, we overstated our subscription cost of goods sold by a total of $14 million since Q4 of 2021. Calculating this credit correctly resulted in a $2 million pickup to operating income in each of Q1 2024, in Q1 2023.

在季度結束時，我們發現在計算銷售商品成本時存在錯誤，該錯誤與我們與 AWS 的託管協議中的信用計算方式有關。因此，自2021 年第四季以來，我們誇大了銷售商品的認購成本，總計1,400 萬美元。美元。

As you update your models, you should assume a positive $6 million contribution to operating income for the remainder of the year, which is included in our guidance. This had no impact on revenue, ARR, operating cash flow and free cash flow in the current or prior periods.

當您更新模型時，您應該假設今年剩餘時間對營業收入的貢獻為 600 萬美元，這已包含在我們的指導中。這對當期或前期的收入、ARR、經營現金流和自由現金流沒有影響。

We have concluded it was not material to prior periods and we'll be correcting the relevant financial statements for comparative purposes in our upcoming 10-Q, which we expect to file on Friday, May 10.

我們得出的結論是，這對前期並不重要，我們將在即將發布的 10 季報告中出於比較目的更正相關財務報表，我們預計將在 5 月 10 日星期五提交該報告。

Before we dive into guidance, I wanted to touch quickly on the macro environment. As Yamini shared, we continue to operate in a challenging external environment and the buyer urgency we saw in December did not carry over into Q1. Customer decision-making is measured and budgets remain tight. Our guidance assumes that these weak conditions persist through 2024.

在我們深入探討指導之前，我想先快速了解宏觀環境。正如 Yamini 所說，我們繼續在充滿挑戰的外部環境中運營，我們在 12 月看到的買家緊迫感並沒有延續到第一季。客戶決策經過衡量，預算仍緊張。我們的指導假設這些疲弱狀況持續到 2024 年。

Now let's review our guidance for the second quarter and full year of 2024. For the second quarter, total as reported revenue is expected to be in the range of $617 million to $619 million, up 17% year-over-year at the midpoint. We expect foreign exchange to be a 1 point headwind to as-reported revenue growth in the quarter.

現在讓我們回顧一下我們對 2024 年第二季度和全年的指導。我們預計外匯將對該季度報告的收入成長產生 1 個百分點的阻力。

Non-GAAP operating profit is expected to be between $92 million and $93 million. Non-GAAP diluted net income per share is expected to be between $1.62 and $1.64. This assumes 53.3 million fully diluted shares outstanding.

非 GAAP 營業利潤預計在 9,200 萬美元至 9,300 萬美元之間。非 GAAP 攤薄後每股淨利潤預計在 1.62 美元至 1.64 美元之間。假設有 5,330 萬股完全稀釋的已發行股票。

And for the full year of 2024, total as reported revenue is expected to be in the range of $2.55 billion to $2.56 billion, up 18% year-over-year at the midpoint and consistent with our prior guidance.

2024 年全年，報告總收入預計將在 25.5 億美元至 25.6 億美元之間，中位數年增 18%，與我們先前的指引一致。

We now expect foreign exchange to be roughly a 1 point headwind to as-reported revenue growth for the full year.

我們現在預計外匯將對全年報告的收入成長產生約 1 個百分點的阻力。

Non-GAAP operating profit is now expected to be between $426 million and $430 million. Non-GAAP diluted net income per share is now expected to be between $7.30 and $7.38. This assumes 53.5 million fully diluted shares outstanding.

目前預計非 GAAP 營業利潤在 4.26 億美元至 4.3 億美元之間。目前預計非 GAAP 稀釋後每股淨利為 7.30 美元至 7.38 美元。假設有 5,350 萬股完全稀釋的已發行股票。

As you adjust your models, please keep in mind the following. We still expect CapEx as a percentage of revenue to be roughly 4% and free cash flow to be about $365 million for the full year of 2024, with seasonally stronger free cash flow in Q4.

當您調整模型時，請記住以下幾點。我們仍預期 2024 年全年資本支出佔收入的比例約為 4%，自由現金流約為 3.65 億美元，第四季自由現金流將季節性強勁。

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

接下來，我將把事情交還給亞米尼，讓她發表閉幕詞。

Thank you so much, Kate. I want to close by sharing what keeps us grounded and excited about the future. We crown ourselves on not what is changing today but what will not change for our customers. Our customers will need easy-to-use solutions that can help them grow. Our customers will need us to drive innovation so that they can compete with bigger companies in the age of AI. This is exactly what we are focused on.

非常感謝你，凱特。最後，我想分享一下是什麼讓我們腳踏實地並對未來感到興奮。我們不以今天正在發生的變化為榮，而以對客戶而言不會改變的事物為榮。我們的客戶需要易於使用的解決方案來幫助他們成長。我們的客戶需要我們推動創新，以便他們能夠在人工智慧時代與更大的公司競爭。這正是我們所關注的重點。

Our customer platform is gaining momentum with more front doors like Sales Hub and multi-hub, and they remain focused on a massive opportunity to help millions of organizations grow.

我們的客戶平台正在透過銷售中心和多中心等更多前門獲得動力，他們仍然專注於幫助數百萬組織成長的巨大機會。

Okay. I want to thank our customers, partners and investors for their continued support. And a huge thank you to all HubSpotters around the world for staying focused on solving for our customers every single day.

好的。我要感謝我們的客戶、合作夥伴和投資者的持續支持。非常感謝世界各地的所有 HubSpotters 每天都專注於為我們的客戶解決問題。

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

那麼，接線員，讓我們開始提問。

(Operator Instructions) And our first question is from the line of Samad Samana of Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Samad Samana。

It's great to see the healthy growth for HubSpot. A lot of other SMB software vendors have struggled and Hubs has been able to maintain that durable 20% plus growth. So it's good to see that. Can you help us understand how much of that is more traction with larger customers offsetting SMB weakness? And if that's the case, as we think through the rest of 2024, can market share gains in that 500 to 5,000 employee segment of the market keep powering this durable growth?

很高興看到 HubSpot 的健康發展。許多其他中小企業軟體供應商都在苦苦掙扎，而 Hubs 卻能夠維持 20% 以上的持久成長。所以很高興看到這一點。您能否幫助我們了解其中有多少是對大客戶的更大吸引力，從而抵消了中小企業的弱點？如果情況確實如此，正如我們在 2024 年剩餘時間內所思考的那樣，擁有 500 至 5,000 名員工的市場份額的增長能否繼續推動這種持久增長？

Samad, thank you so much for the question. Look, I think we're still operating in a very cautious buying environment. And we continue to see that caution across all of the segments within our customer base. Having said that, within the environment, customers are consolidating on fewer platforms, and we are the platform of choice for customers within this environment. That's why we have continuously leaned in on lower total cost of ownership, higher value, faster time to value, and that's been our playbook throughout kind of the soft period from a macro perspective.

薩馬德，非常感謝你的提問。看，我認為我們仍然在非常謹慎的購買環境中運作。我們繼續看到我們客戶群中所有細分市場都保持謹慎態度。話雖如此，在這種環境下，客戶正在越來越少的平台上進行整合，而我們是這種環境下客戶的首選平台。這就是為什麼我們不斷致力於降低總擁有成本、更高的價值、更快的價值實現時間，從宏觀角度來看，這一直是我們在整個疲軟時期的策略。

Now you asked kind of what we see in the 500 to 2,000 segment versus the lower environment, we're seeing kind of cautious strength in both, right? In the lower environment, we are removing friction. We are lowering the price and we are increasing the value. And if you look at the entire customer platform that we deliver for a Starter suite customer, it is an exceptionally compelling value proposition, which is why we continue to see the net adds gain strength there.

現在你問我們在 500 至 2,000 細分市場與較低環境中看到的情況，我們看到兩者都具有謹慎的實力，對吧？在較低的環境中，我們正在消除摩擦。我們正在降低價格，我們正在增加價值。如果你看看我們為入門套件客戶提供的整個客戶平台，你會發現這是一個非常引人注目的價值主張，這就是為什麼我們繼續看到淨增加在那裡獲得力量。

And more importantly, what we really look for is when people buy HubSpot, they stay with HubSpot, which we see in that high 80s customer dollar retention.

更重要的是，我們真正在尋找的是當人們購買 HubSpot 時，他們會留在 HubSpot，我們在 80 年代的客戶保留率中看到了這一點。

In terms of upper end of the segment, it is time to value. The number of conversations that I have with upmarket customers where they care about getting up and running and getting their teams using a customer platform in a few weeks instead of waiting for 8 months, 10 months, which is what happens with other legacy platforms, that is the reason we win. And we are doubling down in product innovation, but also doubling down in delivering the fast time to value.

就該細分市場的高端而言，現在是估值的時候了。我與高端客戶進行了多次對話，他們關心的是在幾週內啟動和運行並讓他們的團隊使用客戶平台，而不是等待8 個月、10 個月，這是其他傳統平台所發生的情況，這是我們獲勝的原因。我們不僅在產品創新上加倍努力，而且在快速實現價值方面也加倍努力。

So it continues to be a hot environment, but we think it's -- in terms of durable growth, we are doing all of the right things in terms of going from app to suite to a platform. We're focused across all of the segments, and we are continuously focused on innovation with AI and embedding it into the platform.

因此，它仍然是一個熱門環境，但我們認為，就持久增長而言，我們正在從應用程式到套件再到平台方面做所有正確的事情。我們專注於所有細分市場，並且不斷專注於人工智慧創新並將其嵌入平台中。

Our next question today is from the line of Mark Murphy of JPMorgan.

今天我們的下一個問題來自摩根大通的馬克墨菲。

So I'm curious if you have any sense of the underlying driver of the buyer urgency having picked up in December and then weakening during Q1, it seems like a bit of a quick oscillation there. And just in terms of the buyer behavior year-to-date, how does it feel if you compare it to 1 year ago when we were a little closer to the trend line changes for interest rates and inflation?

因此，我很好奇您是否了解買家緊迫感的潛在驅動因素在 12 月有所上升，然後在第一季減弱，那裡似乎有點快速振盪。就今年迄今為止的買家行為而言，如果與一年前我們更接近利率和通膨趨勢線變化時的情況進行比較，感覺如何？

Mark, this is Yamini. Thank you for the question. Let me share kind of what we saw and maybe provide some contrast across the different periods that you mentioned. We saw choppiness in the environment in Q1. And very specifically, we saw tight budgets, more decision-makers, more meetings, more demos. And even for the first time, more proof of concepts before customers got ready to make purchase decisions.

馬克，這是亞米尼。謝謝你的提問。讓我分享一下我們所看到的情況，也許可以提供一些你提到的不同時期的對比。我們在第一季看到了環境的波動。非常具體地說，我們看到了預算緊張、決策者增加、會議增加、演示增加。即使是第一次，在客戶準備好做出購買決定之前，需要更多的概念驗證。

And as I mentioned before, this was different than what we saw in December, even accounting for the seasonality differences between Q4 and Q1, December felt more like an anomaly and it felt like in Q1 we are back to a very cautious buying environment. Now it certainly could be what you mentioned, which is just caution in terms of interest rates in the environment. So it felt more like what we saw throughout 2023, and December felt like an anomaly.

正如我之前提到的，這與我們在12 月看到的情況不同，即使考慮到第四季度和第一季度之間的季節性差異，12 月感覺更像是一種異常，感覺在第一季度我們又回到了非常謹慎的購買環境。現在肯定可能是你提到的，這只是在環境利率方面的謹慎態度。所以感覺更像是我們在 2023 年所看到的情況，而 12 月感覺有點反常。

So look, we know that month-to-month, quarter-to-quarter, the environment might look different, that's why we have consistently leaned on the same playbook, which is, in our case, the playbook is communicating business value, communicating the value of consolidating and lowering the TCO and driving a product road map, which is built in with innovation, so we continue to deliver the needs for the customers across these segments.

所以看，我們知道每個月、每季的環境可能看起來有所不同，這就是為什麼我們一直依賴同一個劇本，在我們的例子中，劇本正在傳達商業價值，傳達整合和降低TCO 以及推動產品路線圖的價值，這是透過創新建構的，因此我們繼續滿足這些細分市場客戶的需求。

Our next question today is from the line of Alex Zukin of Wolfe Research.

今天我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

I guess I wanted to maybe dig in a little bit on parsing macro versus micro, if you think about buying urgency, sales cycles, demos, POCs and you separate that by SMB versus maybe upper market. Are you -- did you feel like the pricing change maybe elongated sales cycles at all? And then just a clarifying question for Kate. Any idea of Clearbit contributions to revenue and billings in the quarter?

我想我可能想深入解析宏觀與微觀，如果你考慮購買緊迫性、銷售週期、演示、POC，並且你將其按中小企業與高端市場分開。您是否認為定價變動可能會延長銷售週期？然後向凱特提出一個澄清問題。您知道 Clearbit 對本季營收和帳單的貢獻嗎？

Yes. I'll take that first question, Alex, in terms of parsing macro and pricing. So we talked about the seats change. We launched the seats change in March. And what we specifically saw was a faster adoption by customers of the seats driving model. And compared to what we saw in ANZ and compared to what we saw in our pilot, we saw faster adoption -- and that actually led to a faster decline in ASP, and we're beginning to see the velocity kind of like pick up to be able to offset that ASP decrease. And that is slightly different than the macro changes that we saw from the macro changes, you said it exactly right where the buying environment is cautious. The environment requires more meetings, more calls and more conversations before we get to the decision. And so I think it's very, very hard to kind of parse these out, but they both had slightly different impacts within the quarter. Kate, for the second part of the question.

是的。亞歷克斯，我將在解析宏觀和定價方面回答第一個問題。所以我們討論了座位變更的問題。我們在三月啟動了座位變更。我們特別看到的是客戶更快採用座椅駕駛模型。與我們在 ANZ 看到的情況以及我們在試點中看到的情況相比，我們看到了更快的採用 - 這實際上導致了 ASP 更快的下降，而且我們開始看到速度有點像回升能夠抵消平均售價的下降。這與我們從宏觀變化中看到的宏觀變化略有不同，您說的在購買環境謹慎的情況下完全正確。在我們做出決定之前，環境需要更多的會議、更多的電話和更多的對話。因此，我認為解析這些內容非常非常困難，但它們在本季內產生的影響略有不同。凱特，回答問題的第二部分。

Yes, sure. Alex, Clearbit drove about 1.5 points to revenue growth and billings growth in the first quarter, and we still expect that Clearbit will provide about 1 point of growth for the full year.

是的，當然。 Alex、Clearbit 在第一季推動了約 1.5 個百分點的營收成長和帳單成長，我們仍然預期 Clearbit 將在全年提供約 1 個百分點的成長。

Our next question today is from the line of Carolyn Valenti of Goldman Sachs.

今天我們的下一個問題來自高盛的卡洛琳·瓦倫蒂。

This is Gabriela. I wanted to ask you, Kate, on how to think about the full year guidance and the impact of macro? So full year guidance for revenue is the same, it sounds like the macro environment got a little bit worse through the quarter. So is there a company-specific dynamics to the positive (inaudible)? Or have you always assume a little bit of room for macro degradation as we think about the full year?

這是加布里埃拉。我想問凱特，您如何看待全年指引和宏觀影響？因此，全年收入指引是相同的，聽起來整個季度的宏觀環境變得更糟了。那麼，是否存在公司特有的正向動態（聽不清楚）？或者，當我們考慮全年時，您是否總是假設有一點宏觀退化的空間？

Yes, Gabriela, thanks for the question. We are holding our full year guidance, and there are a few things that are leaving us to do that. The first one that you heard from both Yamini and I in the script as well as in some of Yamini's early comments on this call. Customers are still cautious about their [cents], right? Deal cycles are longer, budgets are tighter and our foundational assumption and guidance is that this behavior will continue throughout 2024.

是的，加布里埃拉，謝謝你的提問。我們正在維持全年指導方針，但還有一些事情讓我們無法做到這一點。這是您從 Yamini 和我在劇本中以及 Yamini 對這次電話會議的一些早期評論中聽到的第一個內容。客戶仍然對他們的[美分]持謹慎態度，對嗎？交易週期更長、預算更緊，我們的基本假設和指導是這種行為將持續到 2024 年。

There's also about $10 million of incremental FX headwinds from the strengthening of the U.S. dollar from this period over when we set guidance last time. And then the combination of the seat pricing model timing and the Q1 macro pressure is causing another $10 million or so of headwind in the quarter-over-quarter expectations.

與我們上次設定指導時相比，這段期間美元走強也帶來了約 1000 萬美元的增量外匯阻力。然後，座位定價模型時機和第一季宏觀壓力相結合，導致季度環比預期又出現 1000 萬美元左右的阻力。

That said, there are some great things that we're seeing. Gross retention remains strong in the quarter. There are some marginal improvements in downgrade activity that we're seeing, particularly for seats and contacts. Our guidance philosophy hasn't changed. We want to have a high degree of confidence in the guidance that we share and we think we achieved that in what we put forward today.

也就是說，我們看到了一些偉大的事情。本季的毛保留率依然強勁。我們看到降級活動略有改善，尤其是席位和聯絡人方面。我們的指導理念沒有改變。我們希望對我們分享的指導充滿信心，並且我們認為我們在今天提出的內容中實現了這一點。

Our next question today is from the line of Keith Bachman of BMO..

今天我們的下一個問題來自 BMO 的 Keith Bachman。

Yes. I apologize for the background noise at the outset. I wanted to come back to that for a second, and the last question and really focus on seats and pricing. And so you mentioned that, Kate, that the transition was maybe a $10 million headwind quarter-over-quarter. But how does that reflect as you think of the full year? Does the seat-based pricing actually turn into a tailwind because there's greater adoption as we get through the year? But maybe just talk about what happened during the quarter, but how do you see that transitioning as we get to exit run rate for the year?

是的。我對一開始的背景噪音表示歉意。我想再回到最後一個問題，專注於座位和定價。凱特，你提到，轉型可能會帶來季度環比 1000 萬美元的阻力。但您對全年的看法如何呢？基於座位的定價是否真的會成為一種順風，因為隨著時間的推移，採用率會越來越高？但也許只是談論本季發生的事情，但是當我們達到今年的退出運行率時，您如何看待這種轉變？

Keith, this is Yamini. Let me maybe start with explaining what the changes and what we expect, and then Kate can take the second part of how this impacts our guidance for 2024. So just to step back, why did we make this change? We lowered the price of Starter to make it easy for customers to get started with HubSpot. We removed seat minimums to make it easy for customers to upgrade to Pro and Enterprise. But the real benefit of the model. This is why we like it so much is it leads to fewer downgrades and more upgrades over a period of time.

基思，這是亞米尼。也許讓我先解釋一下這些變化和我們的期望，然後凱特可以談談這如何影響我們 2024 年的指導。我們降低了 Starter 的價格，讓客戶可以輕鬆開始使用 HubSpot。我們取消了最低席位數，以便客戶輕鬆升級到專業版和企業版。但該模型的真正好處。這就是我們如此喜歡它的原因，因為它會在一段時間內減少降級和增加升級。

So in a nutshell, this pricing change allows us to acquire more customers who can start with exactly what they want and can buy more when they need it. And that is good for customers because it leads to healthier customer cohorts, it's really good for HubSpot. Now as we mentioned in the prepared remarks, what surprised us is that we saw a higher percent of customers adopt seats in month 1 compared to what we saw in the pilot.

簡而言之，這種定價變化使我們能夠獲得更多客戶，他們可以從他們想要的東西開始，並且可以在需要時購買更多。這對客戶有好處，因為它可以帶來更健康的客戶群，這對 HubSpot 確實有好處。現在，正如我們在準備好的評論中提到的，令我們驚訝的是，與我們在試點中看到的情況相比，我們在第 1 個月看到採用座位的客戶比例更高。

So we expected the ASP to go down, volumes to go up and offset each other immediately. But because more customers are adopting the model, we're seeing a sharper decline in ASPs, and it's going to take a couple of months for the volume of customer additions to catch up and offset that ASP decline. So there is a short-term trade-off, but we are very convinced that this is right thing for customers. This is right thing for HubSpot, and therefore, it's a right thing for all of you as investors.

因此，我們預計平均售價會下降，銷量會上升，並立即相互抵消。但由於越來越多的客戶採用該模式，我們看到平均售價下降幅度更大，並且需要幾個月的時間才能讓新增客戶量趕上並抵消平均售價的下降。因此，存在短期權衡，但我們非常確信這對客戶來說是正確的事情。這對 HubSpot 來說是正確的事情，因此，對你們所有投資者來說也是正確的事情。

Having said that, Kate, I'll let you talk about the guidance point.

說到這裡，凱特，我讓你談談指導點。

Yes. Let me add a couple of specifics to the overall story that Yamini shared. We expected to see customer ASPs fall as part of the seat model change. Because of the pace, it happened quickly in March. And we saw ASPs fall by 20% to 25%. This is very consistent with what we saw in the pilot that we ran in ANZ.

是的。讓我在亞米尼分享的整個故事中添加一些細節。我們預計，由於座椅型號的變化，客戶平均售價將會下降。由於速度的原因，三月發生得很快。我們看到平均售價下降了 20% 到 25%。這與我們在澳新銀行試點中看到的情況非常一致。

In the pilot, we also saw an increase in deal velocity that roughly offset the lower ASPs. And so the end result there was that new customer ARR was basically neutral. And because of the sort of sharp pace of adoption, we did not see the velocity in March step-up enough to offset the lower ASP.

在試點中，我們也看到交易速度的增加，大致抵消了平均售價的下降。所以最終的結果是新客戶 ARR 基本上是中性的。由於採用速度很快，我們沒有看到 3 月份的速度上升足以抵消較低的平均售價。

Now April was better but not enough to make up the new customer ARR to be neutral. And April short-cycle deals, which are kind of a leading indicator to what we would see, actually look very similar to the pilot, which is highly encouraging.

現在四月情況有所好轉，但還不足以讓新客戶 ARR 保持中性。四月份的短週期交易是我們所看到的領先指標，實際上看起來與試點非常相似，這是非常令人鼓舞的。

The other piece of good news is that the upgrade rate for customers that are on the new seats model is healthier and very similar to what we saw in the pilot in ANZ. It's about a 6- to 8-point improvement in net revenue retention depending on the addition. So the motion is accretive. It's just going to take a little bit longer than we initially thought for that to play out. And as a result, what we now expect is that the seat model change is going to be neutral to overall ARR for 2024.

另一個好消息是，使用新座椅型號的客戶的升級率更加健康，與我們在澳新銀行試點中看到的非常相似。根據添加量的不同，淨收入留任率大約會提高 6 到 8 個百分點。因此，該運動具有增值性。只是需要的時間比我們原先想的要長一些。因此，我們現在預計座椅型號的變化對於 2024 年的整體 ARR 來說將是中性的。

Our next question is from the line of Rishi Jaluria of RBC.

我們的下一個問題來自 RBC 的 Rishi Jaluria。

I apologize for any background noise. I wanted to dive a little bit deeper into Clearbit. Can you give us a sense for how traction with the product and the integration is going? And maybe how all the data that you're getting from Clearbit can play into your broader AI strategy?

對於任何背景噪音，我深表歉意。我想更深入地了解 Clearbit。您能否讓我們了解該產品和整合的吸引力如何？也許您從 Clearbit 獲得的所有數據可以如何融入您更廣泛的人工智慧策略？

Rishi, thanks a lot for the question. It's early days with Clearbit, but it's going really well. It's been 1.5 quarters since the team got integrated into HubSpot. Now if we take a step back, the vision that we have is really to bring that type of enrich data and powerful AI tools so that can drive insights into our entire customer platform. We think that this is a way for us to accelerate our overall customer platform vision. And we are seeing that play out.

Rishi，非常感謝您的提問。 Clearbit 雖然還處於早期階段，但進展非常順利。距離團隊融入 HubSpot 已經 1.5 個季度了。現在，如果我們退一步，我們的願景實際上是帶來此類豐富的數據和強大的人工智慧工具，以便能夠深入了解我們的整個客戶平台。我們認為這是我們加速整體客戶平台願景的一種方式。我們正在看到這種情況的發生。

So Phase 1 of integration was really to bring the Clearbit product into the hands of our installed base customers. And that is going well. It's again early days. But really, the thing that we are excited about is natively bringing the company enrichment data, the instance data and the contact enrichment data natively into HubSpot, so it can power all use cases.

因此，整合的第一階段實際上是將 Clearbit 產品帶到我們的安裝基礎客戶手中。進展順利。現在又是早期。但實際上，我們感到興奮的事情是將公司豐富資​​料、實例資料和聯絡人豐富資料原生地引入 HubSpot，因此它可以為所有用例提供支援。

And this is the way we see the world operating. When you start thinking about a campaign, you already have the information about the companies that look like your customers and then you can apply AI tools on top of that so that your campaigns can be supercharged. So the combination of enrich data, AI, and a unified customer platform is really powerful, and we feel very good about where we are going in terms of that vision.

這就是我們看待世界運作的方式。當您開始考慮開展行銷活動時，您已經掌握了與您的客戶相似的公司的信息，然後您可以在此基礎上應用人工智慧工具，以便為您的行銷活動提供動力。因此，豐富的數據、人工智慧和統一的客戶平台的結合非常強大，我們對實現這一願景的方向感到非常滿意。

Our next question today is from the line of Elizabeth Porter of Morgan Stanley.

今天我們的下一個問題來自摩根士丹利的伊麗莎白波特。

I wanted to ask again a question on the pricing change. It was great to see the faster pickup of seats by existing customers, but I wanted to double click on the volume of -- from the new customer side. What were some of the gating factors you think in attracting some of the new logos to the seat model? Is it just about education and the availability of the new model or just any willingness -- less willingness to pick up maybe new solutions? And then any go-to-market changes to kind of address that new customer side?

我想再次詢問有關價格變化的問題。很高興看到現有客戶更快獲得座位，但我想雙擊新客戶方面的音量。您認為在座椅模型上吸引一些新徽標的一些限制因素是什麼？這只是關於教育和新模式的可用性還是只是任何意願——不太願意接受新的解決方案？然後，是否有任何進入市場的改變來滿足新客戶的需求？

Why don't I just start, Elizabeth, with a bit of a clarification. The -- we moved to the seats model pricing for new customers only at the beginning of March. The existing customers will begin being migrated over to the seats model in the back half of 2024. That's going to take some time. As we talked about last quarter, we're going to migrate customers at the same ARR at which they are currently on our platform. And then we will cap any increase on their subscription at 5% when they renew their -- the following time.

伊莉莎白，我為什麼不先做一些澄清呢？ - 我們僅在三月初才轉向為新客戶提供座位模型定價。現有客戶將於 2024 年下半年開始遷移到座椅模型。正如我們上季度談到的，我們將按照客戶目前在我們平台上的相同 ARR 遷移客戶。然後，當他們在接下來的時間續訂時，我們會將他們的訂閱增幅上限限制在 5%。

And look, I think in terms of your -- is there a resistance or is there something else that we need to be doing. Customers like the model, and they're adopting the model. But if you step back and think about it, it is a big change in terms of the actual go-to-market motion. Our reps need to drive even faster velocity. They need to be able to say which ones are Starter customers with 1 or 2 seats versus Pro customers with more seats. And it takes us a minute to kind of like get that motion settled.

看看，我認為就你而言——是否存在阻力，或者我們需要做其他事情。客戶喜歡這個模型，並且他們正在採用這個模型。但如果你退後一步想一想，就實際的上市行動而言，這是一個巨大的變化。我們的代表需要加快速度。他們需要能夠說出哪些是擁有 1 個或 2 個座位的 Starter 客戶，哪些是擁有更多座位的 Pro 客戶。我們花了一分鐘才解決這個動議。

Having said that, we have driven a ton of enablement of our entire go-to-market motion. We have provided clarity in terms of how this needs to get approached by partners as well as their reps. So I think it's going to take a minute for the model to settle in, but we're seeing the most important thing, which is customer adoption.

話雖如此，我們已經推動了整個上市行動的大量實施。我們已經明確說明了合作夥伴及其代表需要如何處理這個問題。因此，我認為該模型需要一分鐘的時間來適應，但我們看到了最重要的事情，那就是客戶的採用。

Our next question today is from the line of Kirk Materne of Evercore ISI.

今天我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

Yamini, in terms of your partners, I mean, there definitely seems to be a lot of interest around AI more broadly. Is there any chance that proof of concepts can move into production and that can help upgrade rates by the end of the year? Or is it a longer-term dynamic? I know it's a bit of a guessing game, but I was just kind of curious about how you see the functionality you're bringing to bear with AI? You're playing out over the course of the year. I realize it's a multiyear journey, but just kind of curious on how that dynamic is going thus far?

Yamini，就你的合作夥伴而言，我的意思是，人們似乎對更廣泛的人工智慧有很多興趣。概念驗證是否有可能投入生產並有助於在年底前提升費率？或者這是一個長期動態？我知道這有點像猜謎遊戲，但我只是有點好奇你如何看待你為人工智慧帶來的功能？你這一年都在玩。我意識到這是一個多年的旅程，但只是有點好奇到目前為止這種動態進展如何？

Yes, it's a great question. And so maybe 2 parts to the dynamic. One part of your question is like AI usage and adoption. And the other part is proof of concept. I would say the proof of concept is just a function of where we are from a cautious buying cycle perspective. Customers are looking at consolidating on our platform. They want to be very, very sure. And so there's like some additional proof of concepts there. In terms of AI, though, we have -- it's been about a year, right? Last year about this time is when we launched our first set of products. And most of the products are now in GA. In fact, in April, as part of our new Spotlight, we launched about 70 additional AI features. .

是的，這是一個很好的問題。因此，動態可能有兩個部分。你的問題之一是人工智慧的使用和採用。另一部分是概念驗證。我想說，概念驗證只是從謹慎的購買週期角度來看我們所處的位置的函數。客戶正在考慮在我們的平台上進行整合。他們想要非常非常確定。所以那裡有一些額外的概念證明。不過，就人工智慧而言，我們已經——大約一年了，對吧？去年的這個時候，我們推出了第一套產品。大部分產品現已上市。事實上，在 4 月份，作為新 Spotlight 的一部分，我們推出了大約 70 項額外的 AI 功能。 。

And what we are seeing in terms of adoption is there are customers who are leading with AI. They're looking at like every single department within the go-to-market function saying, how can I leverage AI? And those customers are moving fast. And we can see that in terms of content use case adoption, we can see that in terms of service summarization as well as deflection of call adoption, and we can see that in terms of Sales Hub adoption of AI features. But then there are a whole set of customers who are either just getting out of experimenting or figuring out the first set of use cases and then getting value, and that is going to take time.

我們在採用方面看到的是，有些客戶在人工智慧方面處於領先地位。他們正在研究市場推廣職能中的每個部門，並詢問如何利用人工智慧？這些客戶正在快速行動。我們可以看到，在內容用例採用方面，在服務總結和呼叫採用偏轉方面，我們可以看到這一點，在銷售中心對人工智慧功能的採用方面，我們可以看到這一點。但是，有一整套客戶要么剛結束試驗，要么剛剛弄清楚第一組用例，然後獲得價值，這需要時間。

So our focus this year is all about driving repeat usage. From a product perspective, we are focused on driving repeat usage. From a go-to-market perspective, we are focused on educating customers, how their data is being used. Where they can drive productivity benefits as well as growth benefits. And so it's going to take a little while for the AI usage, but we are really happy with the level of innovation as well as leading customer adoption.

因此，我們今年的重點是推動重複使用。從產品的角度來看，我們專注於推動重複使用。從進入市場的角度來看，我們專注於教育客戶如何使用他們的數據。他們可以提高生產力和成長效益。因此，人工智慧的使用需要一段時間，但我們對創新水平以及領先的客戶採用感到非常滿意。

Our next question today is from the line of Parker Lane of Stifel.

今天我們的下一個問題來自 Stifel 的 Parker Lane。

Yamini, addressing the top of funnel. You said you saw a lead flow shift away from high-quality INBOUND to partner source leads. With partner source leads to lower quality rep source leads, how would you characterize that lower quality rep source lead? Is that a particular type of customer that's showing up there? Is it those with worse retention characteristics, worse characteristics or a combination of all of that?

Yamini，向漏斗頂部致詞。您說您看到潛在客戶流從高品質入站潛在客戶轉向合作夥伴來源潛在客戶。由於合作夥伴來源導致了較低品質的代表來源線索，您如何描述該較低品質的代表來源線索的特徵？這是出現在那裡的特定類型的客戶嗎？是保留特性較差、特性較差還是所有這些特性的組合？

Parker, great question. Thank you for asking me this question. Maybe I'll take a minute to explain what I meant. So what we saw in Q1 was a mix shift from INBOUND and partner source leads to more rep source leads. Now INBOUND leads are when customers come in, raise their hands and say that we have a need and we want to kind of move quickly. Partner source leads are and partners have had conversations with our prospects and bring us a qualified lead. These two lead types tend to be more qualified and more ready to purchase. .

帕克，好問題。謝謝你問我這個問題。也許我會花一點時間解釋一下我的意思。因此，我們在第一季看到的是從入站和合作夥伴來源線索轉向更多代表來源線索的混合轉變。現在，INBOUND 潛在客戶是指客戶進來舉手並表示我們有需求並且我們希望快速採取行動。合作夥伴來源線索是合作夥伴與我們的潛在客戶進行對話並為我們帶來合格的線索。這兩種潛在客戶類型往往更合格且更容易購買。 。

Now in the beginning of the year, we saw a mix shift down from those 2 sources, and we compensated that by rep source leads. Our reps talking to customers, calling customers.

現在，在今年年初，我們看到這兩個來源的組合發生了下降，我們透過代表來源線索進行了補償。我們的代表與客戶交談，打電話給客戶。

Now the only difference is that the rep source leads takes more time to progress in the sales pipeline. It's not an immediate interest and ready to purchase customer that's coming into the pipeline. It takes more calls and more demand. So the characteristics is that it takes longer, especially to progress like larger deals. And so we saw that dynamic. But in terms of retention characteristics, it's pretty much the same, right? Once customers are part of HubSpot, they get onboarded and they get activated and we focus on kind of the usage. So hopefully, that explains that mix shift comment I made. Thank you, Parker, for the question.

現在唯一的區別是代表來源線索需要更多時間才能在銷售管道中取得進展。即將進入的客戶並不是立即感興趣並準備購買的客戶。這需要更多的電話和更多的需求。所以特點就是需要更長的時間，特別是像更大的交易這樣的進展。所以我們看到了這種動態。但就保留特性而言，它幾乎是一樣的，對吧？一旦客戶成為 HubSpot 的一部分，他們就會加入並被激活，我們將重點放在使用情況上。希望這能解釋我所做的混合轉變評論。謝謝帕克提出的問題。

Our next question today is from the line of Brad Sills of Bank of America Merrill Lynch.

今天我們的下一個問題來自美銀美林的 Brad Sils。

I wanted to ask a question around the AI road map here. Obviously, a lot of innovation that you've highlighted here that's going into the base product. I think in the past, you've said that you're kind of looking at some of the features that could go into premium-only versions. I'd just be curious if you're finding some use cases that you think are interesting that could do that? And what are your thoughts on just that being a catalyst? I know it's further out, but could that be a catalyst for premium mix and ASP growth? Just any of those dynamics, I think, would be great.

我想在這裡問一個關於人工智慧路線圖的問題。顯然，您在這裡強調的許多創新都將融入基礎產品中。我想在過去，您曾說過您正在研究一些可以進入高級版本的功能。我只是好奇您是否發現一些您認為有趣的用例可以做到這一點？您對這作為催化劑有何看法？我知道這還很遙遠，但這會成為優質產品組合和平均售價成長的催化劑嗎？我認為，任何這些動力都會很棒。

Brad, thanks a lot for that question in terms of like AI and how we're thinking about it. Maybe just to step back, our vision is to embed AI in all Hubs and through our entire platform. And that's exactly what we're doing. We are moving very quickly to build a robust roadmap of AI features and Spring Spotlight that we just launched and announced was full of those kinds of features.

Brad，非常感謝你提出這個關於人工智慧的問題以及我們如何思考它。也許退一步來說，我們的願景是將人工智慧嵌入所有中心並通過我們的整個平台。這正是我們正在做的事情。我們正在迅速採取行動，建立強大的人工智慧功能路線圖，我們剛剛推出並宣布的 Spring Spotlight 充滿了此類功能。

And if you think about our monetization strategy, it is threefold. When we embed AI across all Hubs and across our entire CRM, it drives adoption. We're seeing more people actually start with the full platform. They get exposed to AI, and we're beginning to see that lift in terms of overall adoption.

如果你考慮我們的獲利策略，它有三個面向。當我們將人工智慧嵌入所有中心和整個 CRM 時，它會推動採用。我們看到越來越多的人實際上開始使用完整的平台。他們接觸了人工智慧，我們開始看到整體採用率的提升。

The second thing, and you're absolutely right, we have talked about more features being at The pro and Enterprise tiers. And in fact, we said that nearly 65% of the features that are becoming generally available in the first half of 2024, will be in the Pro and Enterprise tiers. And that's also where we are beginning to see more adoption.

第二件事，你是絕對正確的，我們已經討論了專業級和企業級的更多功能。事實上，我們說過，在 2024 年上半年全面推出的功能中，近 65% 將屬於專業版和企業版。這也是我們開始看到更多採用的地方。

In the prepared remarks, I talked about 50% of Enterprise customers experimenting and leveraging AI features and 25% of Pro customers are using AI features. And when you look at that, it falls into the bucket of content use cases, service use cases as well as guided selling use cases.

在準備好的演講中，我談到了 50% 的企業客戶正在試驗和利用人工智慧功能，25% 的專業客戶正在使用人工智慧功能。當您查看它時，您會發現它屬於內容用例、服務用例以及指導銷售用例。

So all of that shows that we are on the right path. And when we do that, we're going to see kind of the upgrade rates in terms of Pro as well as Enterprise. It's still early days. And so our focus is usage, it's repeat usage and making it super easy for our customers to adopt and innovate with AI.

所有這些都表明我們走在正確的道路上。當我們這樣做時，我們將看到專業版和企業版的升級率。現在還為時過早。因此，我們的重點是使用，重複使用，讓我們的客戶能夠非常輕鬆地採用人工智慧並進行創新。

Just one quick note. This is Dharmesh. So if you think through last year, 2023 was the year of ChatGPT and chatbot, and we were early to game with our chatbot product. This year is going to be the year of Agent AI, where we have AI software that can move to a higher level of abstraction take on higher order goals. And we -- that's what we're kind of marching towards, and we think that's even higher value functionality that we can add to the platform.

只是簡單說明一下。這就是達摩什。因此，如果你回想去年，2023 年是 ChatGPT 和聊天機器人的一年，我們很早就開始使用我們的聊天機器人產品。今年將是人工智慧代理年，我們的人工智慧軟體可以進入更高的抽象層次，實現更高階的目標。我們——這就是我們正在邁向的方向，我們認為這是我們可以添加到平台中的更高價值的功能。

Our next question today is from the line of Michael Turrin of Wells Fargo.

今天我們的下一個問題來自富國銀行的麥可‧特林。

You got Michael Berg on for Michael Turrin here. I just wanted to ask on AI in the realm of competitive landscape in moving upmarket. It seems like you guys are moving at a very fast clip and kind of differentiated approach to AI. Has this helped any meaningful capacity in the competitive landscape, particularly upmarket?

你在這裡讓麥可·伯格取代了麥可·特林。我只是想問一下人工智慧在進入高端市場的競爭格局中的情況。看來你們正在以非常快的速度前進，並採用一種差異化的人工智慧方法。這是否有助於在競爭格局中發揮任何有意義的能力，特別是在高端市場？

So let me take that. Thank you for the question. Look, we have a very different approach for AI. And our approach, if you go back to 2014, we said everybody needs to have a great CRM. And if you look at like 2023 last year at INBOUND, we said everybody has to have a great AI-powered CRM. And so our approach has been embed all of the features into Hubs, embed all the features into the platform and make it super easy for our customers to start with AI features and continue to grow with AI features. I think it's a very differentiated strategy, one that leans into our strength of easy to use, fast time to value. And that's very different from a lot of the competitors that are on the path of charging for AI features or getting started with a services engagement.

那麼就讓我接受吧。謝謝你的提問。看，我們對人工智慧有一種非常不同的方法。我們的方法是，如果你回到 2014 年，我們說每個人都需要有優秀的 CRM。如果你看看去年 2023 年的 INBOUND，我們說每個人都必須擁有一個強大的人工智慧驅動的 CRM。因此，我們的方法是將所有功能嵌入到集線器中，將所有功能嵌入到平台中，使我們的客戶能夠非常輕鬆地開始使用人工智慧功能並繼續隨著人工智慧功能而發展。我認為這是一種非常差異化的策略，它依賴我們易於使用、快速實現價值的優勢。這與許多正在對人工智慧功能收費或開始提供服務的競爭對手截然不同。

And one of the things that we have recognized about AI is this, go-to-market teams are -- they've had the same age old problems over multiple decades. They spend too much time looking at information. They spend too much time collecting and gathering instead of being in front of customers. They spend too much time capturing information that can then be part of handoff. AI creates a new approach to solving age old go-to-market problems. And we want to do it in a way where it is fundamentally easy for our customers to adopt. And so I do think that our approach is differentiated and our approach is going to help our customers adopt it faster. I don't know if Dharmesh, you have more to add there.

關於人工智慧，我們意識到的一件事是，進入市場的團隊在幾十年來一直面臨著同樣的老問題。他們花費太多時間查看資訊。他們花太多時間收集和收集，而不是在顧客面前。他們花太多時間來獲取訊息，而這些資訊可以成為交接的一部分。人工智慧創造了一種新方法來解決古老的上市問題。我們希望以一種讓我們的客戶從根本上易於採用的方式來做到這一點。因此，我確實認為我們的方法是與眾不同的，我們的方法將幫助我們的客戶更快地採用它。我不知道 Dharmesh 是否還有更多需要補充的地方。

Yes. Just one quick note. So HubSpot, one of our core differentiators for a long time has been our unified customer platform. We have all the data in one place. And this makes it very differentiated from other players in the space where kind of step 1 in order to get value out of AI, you got to first figure out how to get all your data together and make sure everything sort of makes sense. From the get-go, HubSpot is already together, it's already unified. And so that's what makes it possible for us to kind of embed AI across the entire platform, make it available to hundred thousands of companies and learn from that feedback because we get adoption and usage very, very quickly. So I think we have a very kind of HubSpot-specific take on democratizing AI, making it accessible and then learning really fast based on the usage and leveraging our customer data platform.

是的。只是簡單說明一下。因此，HubSpot 長期以來一直是我們的核心優勢之一，它是我們統一的客戶平台。我們將所有資料集中在一個地方。這使得它與該領域的其他參與者非常不同，為了從人工智慧中獲得價值，第一步，你必須先弄清楚如何將所有數據整合在一起，並確保一切都有意義。 從一開始，HubSpot 就已經在一起了，而且已經統一了。因此，這使得我們能夠將人工智慧嵌入整個平台，使其可供數十萬家公司使用，並從回饋中學習，因為我們非常非常快地採用和使用。因此，我認為我們對人工智慧的民主化採取了 HubSpot 特有的做法，使其易於使用，然後根據使用情況和利用我們的客戶資料平台快速學習。

Our next question today is from the line of Ken Wong of Oppenheimer.

今天我們的下一個問題來自奧本海默的 Ken Wong。

I wanted to dive in on NRR. With strong retention, downgrade stable, I guess, is it fair to assume that the potential pressure that's embedded is just purely a byproduct of upgrade? And then kind of secondarily, any reason to think that there was any hesitation from customers ahead of seat licensing rolling out to the base in the second half that might have maybe kind of caused some pause on upgrade behavior?

我想深入研究 NRR。憑藉強大的保留率，降級穩定，我想，假設嵌入的潛在壓力純粹是升級的副產品是否公平？其次，有什麼理由認為客戶在下半年向基地推出座位許可之前有任何猶豫，這可能會導致升級行為暫停？

Yes. Why don't I take that one? Net revenue retention in the quarter was 102% for the organic business. And when you add in the impact of Clearbit, it was 101%. A couple of positive trends there. We've consistently seen that customer dollar retention has held for us really strongly in the high 80s, and we saw that again in Q1. .

是的。我為什麼不拿那個？本季有機業務的淨收入保留率為 102%。如果加上 Clearbit 的影響，則為 101%。那裡有一些積極的趨勢。我們一直看到我們的客戶保留率在 80 年代左右非常強勁，我們在第一季再次看到了這一點。 。

The other thing that we've been seeing over the last couple of quarters is a stabilization in downgrades, particularly in seats and contacts. That said, and I think that we are not the only ones that you've been hearing this from, upgrade rates were particularly challenging in the quarter. Even with some of the early positive signs that we saw in seat expansion with the new pricing model, we did still see significant pressure in upgrade rates.

過去幾季我們看到的另一件事是評級下調的穩定，特別是在席位和聯絡人方面。也就是說，我認為我們並不是唯一聽到此消息的人，升級率在本季尤其具有挑戰性。儘管我們在新定價模式的座位擴展方面看到了一些早期積極跡象，但我們仍然看到升等率面臨巨大壓力。

Our next question is from the line of Terry Tillman of Truist.

我們的下一個問題來自 Truist 的 Terry Tillman。

This is Bobby Dee on for Terry. Curious to learn more about the evolution of the customer success or following several promotions announced in early April. What was the thought process on leaving the Chief Customer Officer role unfilled? And could there be opportunities to drive more alignment between customer success, sales and marketing as a result?

我是鮑比迪 (Bobby Dee) 替補特里 (Terry)。很想了解更多關於客戶成功的演變或四月初宣布的幾項促銷活動的資訊。首席客戶長職位空缺的思考過程是怎麼樣的？是否有機會推動客戶成功、銷售和行銷之間更加協調一致？

Bobby, thank you so much for the question. Yes, we announced that our Chief Customer Officer, Rob, left in early April. And you're absolutely right. We decided that we were going to flatten the organization and have marketing sales and customer success report directly to me. .

鮑比，非常感謝你的提問。是的，我們宣布我們的首席客戶長 Rob 已於四月初離職。你是完全正確的。我們決定對組織進行扁平化，並讓行銷銷售和客戶成功直接向我報告。 。

Maybe to step back a few years ago, we needed the Chief Customer Officer role, and we needed that role to bring together marketing, sales, customer success and set a very unified strategy. And you probably remember that 4.5 years ago, I joined -- that was the first time that I took that role. And I'd say that, that strategy setting for the organization and more importantly, bringing marketing sales customer success together has been working really well at HubSpot.

也許退一步來說，我們需要首席客戶長的角色，我們需要這個角色將行銷、銷售、客戶成功結合起來，並制定一個非常統一的策略。你可能還記得 4.5 年前，我加入了——那是我第一次擔任這個角色。我想說的是，該組織的策略制定，更重要的是，將行銷銷售客戶的成功結合在一起，在 HubSpot 一直運作良好。

Now it's the time for speed and execution, and I'm really thrilled that we have a very deep bench of leaders with significant go-to-market as well as HubSpot experience who are stepping up to lead there. And as we mentioned in our press release earlier in April, we have Kip Bodnar, who has been our CMO for a very long time, 9-plus years. And he is a leading voice within AI. He is stepping up and directly into the executive lead.

現在是速度和執行力的時候了，我真的很高興我們擁有一群非常深厚的領導者，他們擁有豐富的市場進入經驗以及 HubSpot 經驗，他們正在加緊領導這一領域。正如我們在 4 月初的新聞稿中提到的，Kip Bodnar 擔任我們的首席行銷長已經很長時間了，九年多了。他是人工智慧領域的領導者。他正在挺身而出，直接擔任行政領導。

And the same thing goes for Christian Kinnear, who's been with us for a very long time, has global perspective, used to lead our international sales and a couple of years ago to on the Chief Sales Officer. He's stepping up in to lead sales. And then Jon Dick, who has been an amazing leader at HubSpot for about 8-plus years in the marketing organization is stepping up to lead our customer success team, and he is deeply passionate about the full customer journey.

克里斯蒂安·金尼爾 (Christian Kinnear) 也是如此，他在我們工作了很長時間，具有全球視野，曾領導我們的國際銷售，幾年前擔任首席銷售官。他正在加緊領導銷售工作。 Jon Dick 在 HubSpot 的行銷組織中擔任了大約 8 年多的出色領導者，現在正在加緊領導我們的客戶成功團隊，他對整個客戶旅程充滿熱情。

So we're really fortunate to have a deep bench of leaders, and we decided that this is the right time for each of those leaders to step up directly. And we have that full clarity in terms of where we are going in terms of the strategy. So pretty excited and looking forward to each of their contributions.

因此，我們真的很幸運，擁有一大批領導者，我們認為現在是每個領導者直接站出來的正確時機。我們非常清楚我們的策略方向。非常興奮並期待他們的每一個貢獻。

Our next question is from the line of Tyler Radke of Citigroup.

我們的下一個問題來自花旗集團的泰勒拉德克（Tyler Radke）。

Yes. Maybe I'll direct this at Kate. So obviously, just the color on the FX assumptions impacting the full year guide. But despite holding the full year guide constant, you were able to raise operating income guidance. So could you just talk about some of the incremental savings that you saw there? And whether there's any incremental FX impact on that, too?

是的。也許我會針對凱特。很明顯，只是外匯假設的顏色影響全年指南。但儘管全年指引保持不變，您還是能夠提高營業收入指引。那麼您能談談您在那裡看到的一些增量節省嗎？外匯是否也會對此產生增量影響？

Yes, Tyler, thanks for the question. I think you've heard this from me before, but we always try to really strike a balance between growth and profitability, and we continue to show progress against our profitability targets. We remain comfortable that we're going to be in a good position to hit the 18% to 20% target by 2026 and then our longer-term target of 20% to 25% profitability. .

是的，泰勒，謝謝你的提問。我想您之前已經聽過我的說法，但我們始終努力在成長和獲利能力之間取得真正的平衡，並且我們繼續在實現獲利目標方面取得進展。我們仍然相信，我們將處於有利位置，到 2026 年實現 18% 至 20% 的目標，然後實現 20% 至 25% 盈利能力的長期目標。 。

But coming back to 2024, this is a year where we're going to return to a more normal hiring cadence throughout the year. We expect to end the year at about 10% growth from a headcount perspective. And we are investing disproportionately in R&D. We want to do that to drive innovation and to really plan -- continue to plant the seeds for long-term growth. You saw some of the fruits there in the recent Spring Spotlight. And we're funding this through driving continued leverage in our go-to-market organization, particularly across CS marketing and our partner commission, in addition to just continued optimization of our real estate footprint. And so we expect that we'll be able to deliver more than 1 point of leverage concentrated this year in the back half.

但回到 2024 年，我們將全年恢復更正常的招募節奏。從員工數量的角度來看，我們預計今年年底的成長率約為 10%。我們在研發方面的投資不成比例。我們希望透過這樣做來推動創新並進行真正的規劃——繼續為長期成長播下種子。您在最近的春季聚焦中看到了那裡的一些水果。除了持續優化我們的房地產足跡之外，我們還透過推動我們的市場進入組織的持續槓桿作用來提供資金，特別是在客戶服務行銷和我們的合作夥伴佣金方面。因此，我們預計今年下半年我們將能夠提供超過 1 個百分點的槓桿。

Our next question today is from the line of Arjun Bhatia of William Blair.

今天我們的下一個問題來自威廉布萊爾的阿瓊巴蒂亞。

This is Chris on for Arjun. I wanted to return to some of the commentary you made about demand. It sounds like it's pretty consistent with what we've heard from some of peers in the space. It seems like there was some softening in front office demand during the first quarter that was at least somewhat unexpected. Are there any areas of conservatism or sources of confidence in guidance that you'd like to highlight if these conditions were to continue to worsen?

這是阿瓊的克里斯。我想回到您對需求的一些評論。聽起來這與我們從該領域的一些同行那裡聽到的非常一致。第一季前台需求似乎出現了一些疲軟，這至少有些出乎意料。如果這些情況繼續惡化，您是否想強調任何保守主義領域或指導信心來源？

Yes. Why don't I just sort of talk about how we approach guidance. As always, we endeavor to put forward guidance that we have a high degree of confidence that we can meet. We have a rigorous forecasting process. We have a rigorous guidance process that we've been using consistently for a very long time. We do a lot of scenario analysis to try to land on the guidance that we feel confident in our ability to achieve. And frankly, that reflects all of the risks and upsides that we see.

是的。我為什麼不談談我們如何獲得指導呢？一如既往，我們努力提出指導意見，我們對能夠滿足這項要求充滿信心。我們有嚴格的預測流程。我們有一個嚴格的指導流程，並且長期以來一直在使用。我們進行了大量的情境分析，試圖找到我們對自己能夠實現的能力充滿信心的指導。坦白說，這反映了我們所看到的所有風險和好處。

Our next question today is from the line of Brian Peterson of Raymond James.

今天我們的下一個問題來自雷蒙德詹姆斯的布萊恩彼得森。

This is Johnathan McCary on for Brian today. So you mentioned the strength in sales and marketing, specifically as front doors this quarter. We heard a little bit last quarter of some of the increased traction in Service Hub as an on-ramp, and I've heard that from partners as well. So just curious if that's still a trend you're seeing for Service Hub you had the conversation in the last 90 days?

我是喬納森·麥卡里，今天為布萊恩發言。所以您提到了銷售和行銷的實力，特別是本季的前門。上個季度我們聽說服務中心作為入口的吸引力有所增加，我也從合作夥伴那裡聽到了這一點。所以只是想知道這是否仍然是您在過去 90 天內討論過的 Service Hub 中看到的趨勢？

Yes, certainly. I think that we -- when we think about front doors, we see 3 front doors, marketing, Sales Hub and then multi-hub. And if you look at the most common combination in multi-hub, it is marketing, sales and service. So we're beginning to see our customers kind of adopt the full platform and start with multiple hubs.

是的，當然。我認為，當我們想到前門時，我們會看到 3 個前門：行銷中心、銷售中心，然後是多中心。如果你看看多中心中最常見的組合，那就是行銷、銷售和服務。因此，我們開始看到我們的客戶採用完整的平台並從多個中心開始。

And specifically, in terms of Service Hub, we made excellent progress this quarter, right? We officially relaunched Service Hub as part of our Spotlight, and it's been extremely well received. Kudos to product team for making excellent progress there.

具體來說，在服務中心方面，我們本季取得了出色的進展，對吧？作為我們聚光燈的一部分，我們正式重新啟動了服務中心，並且受到了極大的好評。感謝產品團隊在那裡取得的出色進展。

And last year was a big year for Service Hub Pro. We did a ton of work to make the Pro tier very powerful. And this year, the focus has been on making all tiers of Service Hub, very competitive and powerful. And if you look specifically at the Spring Spotlight, we launched advanced SLAs, more robust routing and support management tools, and all of these are really aimed at serving our upmarket customers. So that Enterprise tier just got even better.

去年對 Service Hub Pro 來說是重要的一年。我們做了大量的工作來讓專業版變得非常強大。今年，重點是讓所有級別的服務中心都變得非常有競爭力和強大。如果您仔細觀察 Spring Spotlight，您會發現我們推出了先進的 SLA、更強大的路由和支援管理工具，所有這些都真正旨在為我們的高端客戶提供服務。因此，企業級變得更好。

And then we also, for the first time launched our customer success workspace. This is for CSM or customer success persona, and we want to provide unified workspace for them to be able to manage their entire book and also be a conduit for connecting the sales teams and the support teams together. So I think that's a huge another area.

然後我們也首次推出了客戶成功工作區。這是針對 CSM 或客戶成功角色的，我們希望為他們提供統一的工作空間，以便他們能夠管理整本書，並成為將銷售團隊和支援團隊連接在一起的管道。所以我認為這是另一個巨大的領域。

And as always, we've been thinking about how do we like leapfrog Service Hub with AI capabilities, and we certainly see our customers adopt our AI features within Service Hub. So overall, I'm very pleased with the momentum in Service Hub, both from a product perspective as well as from a customer adoption perspective and really happy with the traction we see there.

像往常一樣，我們一直在思考如何讓 Service Hub 具有 AI 功能，我們當然也看到我們的客戶在 Service Hub 中採用了我們的 AI 功能。總的來說，我對 Service Hub 的發展勢頭感到非常滿意，無論是從產品角度還是從客戶採用角度來看，我對我們在那裡看到的吸引力感到非常滿意。

Our next question is from the line of Michael Vidovic of KeyCorp.

我們的下一個問題來自 KeyCorp 的 Michael Vidovic。

This is Mike on for Jackson Ader. Just quickly on the partnerships and your channel partners. You talked about seeing fewer partner source deals this quarter and having to rely more on direct sales sourcing. But I guess what are you seeing in terms of the different dynamics between, call it, your direct sales motion and your channel sales motion as it relates to the pricing change?

我是傑克遜·阿德 (Jackson Ader) 的麥克。快速了解合作夥伴關係和通路夥伴。您談到本季合作夥伴來源交易減少，並且不得不更多地依賴直接銷售來源。但我想您在直銷運動和通路銷售運動之間與定價變化相關的不同動態方面看到了什麼？

Yes. I think on the pricing change, overall, nothing specific in terms of the change between partner as well as direct sales. Now in terms of what we made as a comment earlier for partner source sales, on the partner side, we've seen great success with our core selling motion. And what that means is partners as well as our direct reps work together, and that co-selling motion is up 65% year-over-year. Now on the flip side, when that co-selling motion is really strong, then partners spend a little bit of time, less time in generating and sourcing their own deals. And so we always want to have the right balance between that co-selling as well as partner sourcing, which is exactly what we are focused on right now.

是的。我認為，整體而言，定價變化對於合作夥伴和直接銷售之間的變化沒有什麼具體意義。現在，就我們先前對合作夥伴來源銷售所做的評論而言，在合作夥伴方面，我們已經看到我們的核心銷售行動取得了巨大成功。這意味著合作夥伴以及我們的直接代表共同努力，共同銷售活動年增 65%。另一方面，當聯合銷售動力非常強勁時，合作夥伴就會花一點時間，而不是花更少的時間來產生和購買自己的交易。因此，我們始終希望在聯合銷售和合作夥伴採購之間取得適當的平衡，而這正是我們目前關注的重點。

So we're rolled out partner enablement. We have rolled out a ton of resources to make sure that our partners and our direct teams work in a way where both the co-selling as well as the partner sourcing is in balance, and we're certainly seeing that in Q2.

因此，我們推出了合作夥伴支援。我們已經投入了大量資源，以確保我們的合作夥伴和直接團隊以共同銷售和合作夥伴採購平衡的方式工作，我們肯定會在第二季度看到這一點。

Thank you. And with no further time for any questions, this will conclude the HubSpot First Quarter 2024 Earnings Call. Thank you all for joining. You may now disconnect your lines.

謝謝。 HubSpot 2024 年第一季財報電話會議到此結束，沒有時間再回答任何問題了。感謝大家的加入。現在您可以斷開線路。