HubSpot Inc (HUBS) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to the HubSpot's third-quarter 2024 earnings call.

下午好，歡迎參加 HubSpot 2024 年第三季財報電話會議。

My name is Liz, and I will be your operator today.

我叫莉茲，今天我將成為您的接線生。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to Senior Director of Investor Relations, Ryan Burkart.

我現在想將會議交給投資者關係高級總監 Ryan Burkart。

Please go ahead.

請繼續。

Thanks, operator.

謝謝，接線生。

Good afternoon, and welcome to HubSpot's third-quarter 2024 earnings conference call.

下午好，歡迎參加 HubSpot 2024 年第三季財報電話會議。

Today, we'll be discussing the results announced in the press release that was issued after the market closed.

今天，我們將討論收市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.

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。

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（經修訂）第27A 條和1934 年證券交易法（經修訂）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, expected growth, FX movement and business outlook, including our financial guidance for the fourth 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。包括管理層對未來財務和營運業績以及營運支出、預期成長、外匯走勢和業務前景的預期，包括我們對第四財季和 2024 年全年的財務指導。

Forward-looking statements reflect our views only as of today.

前瞻性陳述僅反映我們今天的觀點。

And except as required by law, we undertake no obligation to update or revise these forward-looking statements.

除非法律要求，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 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.

請參閱今天新聞稿中的警告性語言和我們的 10-Q 表格，該表格將於今天下午向 SEC 提交，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 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 third quarter of fiscal year 2024 earnings press release in the Investor Relations section of our website.

在今天的電話會議中，我們將提及法規 G 所定義的某些非 GAAP 財務指標。相關措施可在我們網站投資者關係部分的2024 財年第三季財報新聞稿中找到。

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

現在我很高興將電話轉給 HubSpot 執行長 Ramini Rangan。

Ramini?

拉米尼？

Thank you, Ryan, and welcome, everyone, to the call.

謝謝你，瑞安，歡迎大家來電。

I'll start by discussing our Q3 2024 results and the key trends driving our momentum.

我將首先討論我們 2024 年第三季的業績以及推動我們發展勢頭的主要趨勢。

Then I'll give an update on the product, which is (inaudible) an INBOUND and the feedback from uptimes.

然後我將提供產品的更新，這是（聽不清楚）INBOUND 和正常運行時間的回饋。

I'll wrap by highlighting how we are setting ourselves apart as a leading customer platform for scaling companies.

最後，我將強調我們如何將自己打造為領先的客戶平台，以擴大公司規模。

Let's dive in.

讓我們深入了解一下。

Q3 was another strong quarter for HubSpot with revenue growing 20% year over year in constant currency.

第三季度是 HubSpot 的另一個強勁季度，以固定匯率計算，營收年增 20%。

We delivered another quarter of significant operating margin growth, with over 200 basis points of margin expansion year over year, driving our operating margin to 19%.

我們的營業利潤率又實現了一個季度的大幅成長，利潤率年增超過 200 個基點，將我們的營業利潤率推至 19%。

Total customers grew to 238,000 customers globally, driven by 10,000 net customer additions in the quarter.

由於本季淨增加 10,000 名客戶，全球客戶總數增至 238,000 名。

I am thrilled to see customers continuing to consolidate on HubSpot as their customer platform driven by our focus on customers and our pace of product innovation.

我很高興看到客戶在我們對客戶的關注和產品創新步伐的推動下，繼續鞏固 HubSpot 作為他們的客戶平台。

In the upmarket segment, we continue to see strong momentum in large deals and multi-hub wins, trends that have remained consistent throughout this year.

在高端市場領域，我們繼續看到大型交易和多中心勝利的強勁勢頭，這一趨勢在今年一直保持一致。

Two main factors are driving larger deals.

有兩個主要因素正在推動更大的交易。

First, our product market fit has improved significantly in upmarket and second, our platform's ease of use and ability to deliver quick results resonate with scaling companies.

首先，我們的產品在高端市場的市場契合度顯著提高，其次，我們平台的易用性和快速交付結果的能力引起了規模化公司的共鳴。

Discerning upmarket buyers want lower cost, high value and great adoption in a matter of weeks.

挑剔的高端買家希望在幾週內獲得更低的成本、更高的價值和廣泛的採用。

We deliver on all of these, making HubSpot an easy choice for them.

我們提供所有這些，使 HubSpot 成為他們的簡單選擇。

Multi-hub wins are driven by customers looking to consolidate their tech stack and at a level of innovation in our hubs like Content Hub and Service Hub.

多中心的勝利是由希望整合其技術堆疊的客戶所推動的，並在我們的內容中心和服務中心等中心進行一定程度的創新。

In Q3, more than 50% of our new business in Pro Plus tiers came from customers using three or more hubs.

在第三季度，我們 Pro Plus 等級的新業務中有超過 50% 來自使用三個或更多中心的客戶。

Additionally, over 40% of our installed base of customers now use all three core hubs, marketing, sales and service, highlighting the value our customers find in HubSpot's unified customer platform.

此外，我們超過 40% 的客戶群現在使用行銷、銷售和服務這三個核心中心，這突顯了我們的客戶在 HubSpot 統一客戶平台中發現的價值。

It has been a great year for Content Hub with rapid growth driven by AI innovation.

對於 Content Hub 來說，這是偉大的一年，在人工智慧創新的推動下實現了快速成長。

We added video capabilities to our popular content remix feature and launched content agent that helps create and personalize content.

我們在流行的內容混音功能中添加了視訊功能，並推出了有助於創建和個性化內容的內容代理。

Customers are quickly adopting these AI features to create landing pages, videos and block poles, and they're seeing immediate value.

客戶正在迅速採用這些人工智慧功能來創建登陸頁面、影片和路障桿，並且他們看到了即時的價值。

For example, Franchise Brokers Association, our customer, who connects great leaders with franchise opportunities increased content production by 250% and improved organic lead generation by 216% using tools like our blog writer and content remix.

例如，我們的客戶特許經營經紀人協會將偉大的領導者與特許經營機會聯繫起來，使用我們的部落客和內容混音等工具，將內容生產提高了250%，並將有機潛在客戶生成提高了216%。

The level of innovation with AI features in Content Hub has accelerated growth and the attach rate to Marketing Hub is strong at nearly 50%.

Content Hub 中人工智慧功能的創新水準加速成長，Marketing Hub 的附著率強勁，接近 50%。

In Service Hub, we introduced new features to better support larger customers, including a customer agent that helped answer customer questions a new customer success workspace to help teams improve retention and enhancements to the help desk.

在 Service Hub 中，我們引入了新功能，以更好地支援更大的客戶，包括幫助回答客戶問題的客戶代理、新的客戶成功工作區，以幫助團隊提高保留率和增強服務台功能。

These innovations are driving higher attach and upgrade rates.

這些創新正在推動更高的附加率和升級率。

Customers appreciate having tickets and conversations in one workspace, which is making them more productive.

客戶喜歡在一個工作空間中處理票證和進行對話，這可以提高他們的工作效率。

With the level of innovation and recent launches targeted at customers with larger service teams, we have seen customers with 100-plus service hub seats grew 60% year over year.

隨著創新水準的提高以及最近針對擁有較大服務團隊的客戶推出的產品，我們發現擁有 100 多個服務中心席位的客戶同比增長了 60%。

Overall, I am thrilled with the progress we are making across product innovation and go-to-market execution to drive upmarket momentum.

總的來說，我對我們在產品創新和進入市場執行方面所取得的進展感到興奮，以推動高端市場的發展勢頭。

In the lower end of our segment, we've continued to drive strong customer growth by improving our product and pricing.

在我們的低端市場，我們透過改進產品和定價繼續推動客戶的強勁成長。

Our pricing strategy is working.

我們的定價策略正在發揮作用。

We lowered the seat prices to make it easy for customers to get started and we removed seed minimums to make it easy for customers to upgrade and grow with HubSpot.

我們降低了席位價格，以便客戶輕鬆入門，並取消了種子最低限額，以便客戶可以輕鬆升級並透過 HubSpot 成長。

We made significant progress in driving higher volumes of customers, which is now offsetting expected ASP decline.

我們在推動客戶數量增加方面取得了重大進展，目前正在抵消預期的平均售價下降。

We've also improved our free and starter tiers to increase conversion rates.

我們還改進了免費和入門等級以提高轉換率。

We added personalized upgrade prompts throughout the customer journey to encourage more customers to move from free to starter and drive conversion rates.

我們在整個客戶旅程中添加了個人化升級提示，以鼓勵更多客戶從免費轉向入門並提高轉換率。

In addition, we relaunched the starter tier in July, which has improved customer experience.

此外，我們在 7 月重新推出了入門級，改善了客戶體驗。

All of these changes have helped us drive net customer growth in the segment.

所有這些變化都幫助我們推動了該領域的淨客戶成長。

Now the highlight of Q3 was, of course, our annual INBOUND conference, where we launched a significant set of AI innovations that were very well received by our customers and partners.

第三季的亮點當然是我們的年度 INBOUND 會議，我們在會上推出了一系列重要的人工智慧創新，受到了客戶和合作夥伴的好評。

The event was a huge success attracting over 12,000 in-person attendees and over 40,000 online.

該活動取得了巨大成功，吸引了超過 12,000 名現場參與者和超過 40,000 名線上參與者。

The conference and the campaigns following have generated nearly 1 billion impressions, creating tremendous momentum as we closed out Q3.

這次會議和隨後的活動產生了近 10 億次展示，為我們結束第三季創造了巨大的動力。

While INBOUND showcased over 200 new innovations, the two standout moments were the launches of breeze and breath intelligence.

INBOUND 展示了 200 多項新創新，其中兩個最引人注目的時刻是微風和呼吸智慧的發布。

Here is a quick recap of what we launched and the customer feedback so far.

以下是我們迄今為止推出的產品和客戶回饋的快速回顧。

At (inaudible), we launched Brief, which is HubSpot AI that powers the entire platform, including CoPilot, agents, new features and an agent marketplace.

在（聽不清楚），我們推出了 Brief，它是 HubSpot AI，為整個平台提供支持，包括 CoPilot、代理、新功能和代理市場。

Our strategy is to embed AI into every hub and across the entire platform and democratize AI for scaling companies.

我們的策略是將人工智慧嵌入每個中心和整個平台，並使人工智慧民主化，以擴大公司規模。

Since the launch, we have seen a notable increase in AI awareness, adoption and usage.

自推出以來，我們看到人工智慧的認知、採用和使用顯著增加。

AI awareness within HubSpot grew by 13% quarter-over-quarter with two-thirds of enterprise and half of Pro customers engaging with AI features.

HubSpot 內的 AI 認知度較上季成長 13%，三分之二的企業客戶和一半的 Pro 客戶都在使用 AI 功能。

CoPilot, our AI assistant, has resonated well, particularly with startup customers who use it to summarize CRM data and objects, rewrite text and generate insights from their customer data.

我們的 AI 助理 CoPilot 引起了很好的反響，特別是對於新創客戶來說，他們使用它來總結 CRM 資料和物件、重寫文字並從客戶資料中產生見解。

CoPilot is now in public beta, and we are seeing repeat usage with 43% of users, which is a strong start.

CoPilot 目前處於公開測試階段，我們看到 43% 的用戶重複使用，這是一個很好的開始。

We also launched four agents at INBOUND, social, content, prospecting and customer.

我們也在 INBOUND 推出了四個代理商：社交、內容、潛在客戶和客戶。

Those who are in beta customers are already seeing value.

那些處於測試階段的客戶已經看到了價值。

For example, Kaplan early learning company is using our customer agent to enable 25% to 30% of their customers to self-serve, reducing average ticket response time by 30%.

例如，Kaplan 早期學習公司正在使用我們的客戶代理讓 25% 到 30% 的客戶能夠進行自助服務，從而將平均工單回應時間減少 30%。

Moorehouse College is using our content agent to create blogs with best practices, which has resulted in 30% increase in page views and 27% more time spent on their site, exactly the kind of results, content marketers are looking to drive with AI today.

Moorehouse College 正在使用我們的內容代理來創建具有最佳實踐的博客，這使得頁面瀏覽量增加了 30%，網站停留時間增加了 27%，這正是內容行銷人員如今希望透過 AI 實現的結果。

And we know AI is only as good as the data that powers it, which is why we also launched Brief Intelligence to provide our customers with the best possible data about their customers.

我們知道，人工智慧的好壞取決於為其提供支援的數據，這就是為什麼我們也推出了 Brief Intelligence，為我們的客戶提供有關其客戶的最佳數據。

To recap, Breeze Intelligence does Screening.

回顧一下，Breeze Intelligence 進行篩選。

It enriches company and contact data with over 200 million data points, provides buyer intent signals to prioritize prospects.

它透過超過 2 億個數據點豐富了公司和聯絡人數據，提供買家意圖訊號來優先考慮潛在客戶。

And when those prospects visit their website, shortens forms to increase conversion, all out of the box in HubSpot.

當這些潛在客戶造訪他們的網站時，可以縮短表單以提高轉換率，這一切在 HubSpot 中都是開箱即用的。

While this is still in beta, it has been ungated now for all customers and there is clear enthusiasm.

雖然該功能仍處於測試階段，但現已對所有客戶開放，並且人們對此表現出明顯的熱情。

Customers are using it for lead scoring to see if the company is in their ideal customer profile, lead routing to send leads to the right reps, segmentation and personalization to ensure the right messaging gets to the right person.

客戶使用它進行潛在客戶評分，以了解該公司是否處於理想的客戶檔案中，使用潛在客戶路由將潛在客戶發送給正確的代表，進行細分和個性化，以確保將正確的訊息傳遞給正確的人。

It's early days, but the trends from our September cohort are strong with high activation and repeat usage rates.

現在還處於早期階段，但我們 9 月的隊列趨勢很強勁，激活率和重複使用率很高。

And finally, let's talk about our recent acquisition of cash flow and how we are advancing our commerce vision.

最後，讓我們談談我們最近獲得的現金流以及我們如何推進我們的商業願景。

Everything we do at HubSpot is in service of one clear goal, solving for the customer.

我們在 HubSpot 所做的一切都是為了一個明確的目標，就是為客戶解決問題。

In 2023, we launched CommerceHub based on the belief that for businesses to grow, they not only need customer data, but also need transaction data.

2023年，我們推出了CommerceHub，我們相信企業要發展，不僅需要客戶數據，還需要交易數據。

What they bought, when they paid how long they have until renewal.

他們購買了什麼，何時付款，距離續約還有多長時間。

We have made progress by offering simple billing and payment with CommerceHub, processing more than $1 billion in GMV with strong year-over-year growth in enrollment.

我們透過 CommerceHub 提供簡單的計費和支付，處理了超過 10 億美元的 GMV，註冊人數同比強勁增長，取得了進展。

By acquiring cash flow, we're doubling down to provide subscription management and robust configuration pricing and quoting CPQ tools right in HubSpot.

透過獲得現金流，我們將加倍努力提供訂閱管理和強大的配置定價，並在 HubSpot 中直接引用 CPQ 工具。

That means our customers will be able to close deals faster and increase revenue while having their customer and transaction data in one place.

這意味著我們的客戶將能夠更快地完成交易並增加收入，同時將客戶和交易資料集中在一個地方。

Sarica and Brian, the founders of cash flow, have decades of experience in the space and have built a high-performing team focused on removing the friction when a prospect decides to purchase.

薩里卡和布萊恩是現金流的創始人，他們在該領域擁有數十年的經驗，並建立了一支高績效團隊，專注於消除潛在客戶決定購買時的摩擦。

One of HubSpot's competitive advantages is having a crafted product.

HubSpot 的競爭優勢之一是擁有精心製作的產品。

And that is a promise we intend to keep with acquisitions.

這是我們打算在收購中信守的承諾。

To wrap up, we doubled down on product innovation, and we are leading with AI and data.

總而言之，我們在產品創新上加倍努力，並且在人工智慧和數據方面處於領先地位。

We understand what it takes to help SMBs grow a platform that is easy, fast and unified, and that is exactly why our customers are consolidating on HubSpot as their platform of choice.

我們了解如何幫助中小型企業發展一個簡單、快速且統一的平台，這正是我們的客戶選擇 HubSpot 作為他們選擇平台的原因。

With our relentless focus on innovation and solid momentum in Q3 I'm more confident than ever in HubSpot's durable growth.

憑藉我們對創新的不懈關注和第三季的強勁勢頭，我對 HubSpot 的持久成長比以往任何時候都更有信心。

A huge thank you to all HubSpotters around the world for staying focused on our customers every single day.

非常感謝世界各地的所有 HubSpotters 每天都關注我們的客戶。

With that, I'll turn the call over to Kate to take you through Q3 results in more detail.

接下來，我會將電話轉給凱特，讓您更詳細地了解第三季的結果。

Kate?

凱特？

Thanks, Yamini.

謝謝，亞米尼。

Let's turn to our third quarter 2024 financial results.

讓我們來看看 2024 年第三季的財務表現。

Q3 revenue grew 20% year over year in both constant currency and on an as-reported basis.

以固定匯率計算和按報告計算，第三季營收年增 20%。

Subscription revenue grew 20% year over year, while services and other revenue increased 28% on an as-reported basis.

據報告，訂閱收入年增 20%，而服務和其他收入成長 28%。

Q3 domestic revenue grew 20% year over year.

第三季國內營收年增20%。

International revenue growth was 21% in constant currency and 20% as reported, now representing 47% of total revenue.

以固定匯率計算，國際收入成長 21%，據報告，國際收入成長 20%，目前佔總收入的 47%。

We added over 10,000 customers in Q3, ending the quarter with a total of 238,000 customers growing 23% year over year.

我們在第三季增加了超過 10,000 名客戶，本季末客戶總數達到 238,000 名，年成長 23%。

Average subscription revenue per customer was $11,200, down 2% year over year in both constant currency and on an as-reported basis.

每位客戶的平均訂閱收入為 11,200 美元，以固定匯率計算和按報告計算，年減 2%。

We saw a healthy balance of low-end customer additions across starter and professional tiers this quarter, driven by the seats pricing model change.

在座位定價模型變化的推動下，本季入門級和專業級的低端客戶增加實現了健康平衡。

As a result, we continue to see a headwind to ASRPC from more customers getting started at lower initial price points.

因此，我們繼續看到 ASRPC 面臨的阻力來自更多客戶以較低的初始價格點開始。

More multi-hub and larger deals are offsetting these lower ASPs.

更多的多中心和更大的交易正在抵消這些較低的平均售價。

And ASRPC growth, excluding our starter tier is in the mid-single digits.

ASRPC 的成長（不包括我們的入門級）處於中等個位數。

We continue to see healthy customer dollar retention rates in the high 80s in Q3.

我們繼續看到第三季 80 多美元的健康客戶保留率。

Net revenue retention held flat sequentially, driven by continued improvements in downgrades and early positive momentum in seed upgrades, offset by continued headwinds across our other upgrade motions.

由於降級持續改善和種子升級的早期積極勢頭推動，淨收入保留環比持平，但被我們其他升級行動的持續阻力所抵消。

Calculated billings were $681 million in Q3 and growing 20% year over year in constant currency and 24% on an as-reported basis.

第三季的計算帳單為 6.81 億美元，以固定匯率計算年增 20%，按報告計算成長 24%。

The significant weakening of the US dollar at the end of the quarter and its impact on deferred revenue, resulted in an overall 4-point FX tailwind to as reported billings growth.

美元在本季末顯著疲軟及其對遞延收入的影響，導致總體上外匯對所報告的帳單成長產生了 4 個百分點的推動力。

The remainder of my comments will refer to non-GAAP measures.

我其餘的評論將涉及非公認會計原則措施。

Q3 operating margin was 19%, up 2 points compared to the year ago period.

第三季營運利潤率為 19%，較去年同期上升 2 個百分點。

This reflects our continued progress in driving efficiencies in our go-to-market and product infrastructure as well as a $7 million catch-up benefit related to R&D credits.

這反映了我們在提高上市和產品基礎設施效率方面的持續進步，以及與研發信貸相關的 700 萬美元的追趕效益。

Net income was $117 million in Q3 or $2.18 per fully diluted share.

第三季淨利為 1.17 億美元，即完全稀釋每股收益 2.18 美元。

Free cash flow was $129 million in Q3 or 19% of revenue.

第三季自由現金流為 1.29 億美元，佔營收的 19%。

Finally, our cash and marketable securities totaled $2.1 billion at the end of September.

最後，截至 9 月底，我們的現金和有價證券總額為 21 億美元。

Before I dive into guidance, I wanted to touch quickly on the macro environment.

在深入探討指導之前，我想先快速了解宏觀環境。

We continue to operate in a value-conscious buying environment, consistent with what we've seen throughout 2024.

我們繼續在註重價值的購買環境中運營，這與我們在 2024 年所看到的情況一致。

Our Q4 guidance assumes this will persist through the end of the year.

我們第四季的指導假設這種情況將持續到今年年底。

With that, let's review our guidance for the fourth quarter and full year of 2024.

接下來，讓我們回顧一下我們對 2024 年第四季和全年的指導。

For the fourth quarter, total as reported revenue is expected to be in the range of $672 million to $674 million, up 16% year over year at the midpoint.

第四季報告總收入預計在 6.72 億美元至 6.74 億美元之間，年增 16%。

We expect foreign exchange to be a 1-point tailwind to as reported revenue growth in the quarter.

我們預計外匯交易將為本季報告的營收成長帶來 1 個百分點的推動力。

Non-GAAP operating profit is expected to be between $128 million and $129 million.

非 GAAP 營業利潤預計在 1.28 億美元至 1.29 億美元之間。

Non-GAAP diluted net income per share is expected to be between $2.18 and $2.20. This assumes 53.8 million fully diluted shares outstanding.

非 GAAP 稀釋後每股淨利潤預計在 2.18 美元至 2.20 美元之間。假設有 5,380 萬股完全稀釋的已發行股票。

And for the full year of 2024, total as reported revenue is now expected to be in the range of $2.97 billion to $2.99 billion, up 20% year over year.

2024 年全年，預計報告總收入將在 29.7 億美元至 29.9 億美元之間，年增 20%。

We continue to expect foreign exchange to be roughly neutral to as reported revenue growth for the full year.

我們仍然預期外匯匯率對全年報告的收入成長大致呈中性。

Non-GAAP operating profit is now expected to be between $455 million and $456 million.

目前預計非 GAAP 營業利潤在 4.55 億美元至 4.56 億美元之間。

Non-GAAP diluted net income per share is now expected to be between $7.98 and $8.

目前預計非 GAAP 稀釋後每股淨利為 7.98 美元至 8 美元。

This assumes 53.4 million fully diluted shares outstanding.

假設完全稀釋的已發行股票為 5,340 萬股。

As you adjust your models, please keep in mind the following: we now expect CapEx as a percentage of revenue to be roughly 5% and free cash flow to be about $420 million for the full year of 2024.

在調整模型時，請記住以下幾點：我們現在預計 2024 年全年資本支出將佔收入的比例約為 5%，自由現金流約為 4.2 億美元。

And finally, on November 1, we successfully closed our acquisition of Cash flow, a leading B2B subscription billing and CPQ company.

最後，我們在 11 月 1 日成功完成了對 Cash flow 的收購，Cash flow 是一家領先的 B2B 訂閱計費和 CPQ 公司。

We expect a de minimis impact to render in Q4 from the acquisition, and a slight headwind to expenses.

我們預計收購將在第四季度產生微乎其微的影響，並且費用方面會出現輕微的阻力。

Like Yamini, I'm excited about the value cash flow will create for our CommerceHub customers by making it easy for them to send quotes, close deals and get paid.

和 Yamini 一樣，我對 CommerceHub 客戶能夠輕鬆發送報價、完成交易和獲得付款而創造的價值現金流感到興奮。

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) Mark Murphy, JPMorgan.

（操作員指示）Mark Murphy，摩根大通。

Congratulations to all the HubSpotters on the phenomenal results.

恭喜所有 HubSpotters 取得的驚人成績。

Kate, I wanted to ask you how might you describe the investment HubSpot is making into AI.

Kate，我想問你如何描述 HubSpot 對人工智慧的投資。

Just do you have any model training expenses that are feathering into the R&D line?

你們有模型培訓費用納入研發線嗎？

That seems like it's upticking as a percentage of revenue.

它佔收入的百分比似乎正在上升。

And might you have some inference flowing through the cost of goods sold as you commercialize the models or just anything that would help us understand the amount of R&D going into your AI initiatives?

當您將模型商業化時，您是否可以透過銷售商品的成本進行一些推論，或者任何可以幫助我們了解您的人工智慧計畫的研發量的資訊？

And then for Yamini, are you seeing that daily usage or engagement pick up or develop faster with the Breeze products that are in beta right now?

那麼對於 Yamini，您是否發現目前處於測試階段的 Breeze 產品的日常使用量或參與度有所提升或發展得更快？

Thanks, Mark, for the question.

謝謝馬克提出這個問題。

Maybe I'll start and then I'll hand it over to Yamini for the usage part of the question.

也許我會開始，然後將其交給 Yamini 來解決問題的使用部分。

AI is a top priority investment area for us, and you do see some impact although still modest on our cost of goods sold from the AI investments, I think you would if you looked back in time, recognize our philosophy for a long time has been to try to invest in an outsized way in our R&D organization so that we can continue to drive the innovation flywheel that will fuel long-term growth for us.

人工智慧是我們的首要投資領域，你確實看到了一些影響，儘管人工智慧投資對我們的銷售成本影響仍然不大，我想如果你回顧過去，你會認識到我們長期以來的理念嘗試對我們的研發組織進行大規模投資，以便我們能夠繼續推動創新飛輪，從而推動我們的長期成長。

And so we have continued to do that over the last few years.

因此，我們在過去幾年中繼續這樣做。

And one of the big areas of investment certainly is AI.

人工智慧無疑是最大的投資領域之一。

Yes.

是的。

And Mark, thank you again for that question.

馬克，再次感謝你提出這個問題。

I will double down on what Kate said.

我會加倍強調凱特所說的話。

Innovation and AI first innovation, in particular, our top priority for the company and will continue to be the top priority going forward.

創新和人工智慧第一創新，尤其是我們公司的首要任務，並將繼續是未來的首要任務。

We are a platform company, and we will be the app and agent platform to help our customers innovate and grow.

我們是一家平台公司，我們將成為幫助客戶創新和成長的應用程式和代理平台。

And our overall strategy to embed AI into every hub and across the entire platform is really working.

我們將人工智慧嵌入每個中心和整個平台的整體策略確實有效。

I'm very pleased with the progress that we are making.

我對我們所取得的進展感到非常滿意。

I look at our AI strategy, and I'm looking at three indicators.

我研究了我們的人工智慧策略，我正在研究三個指標。

The first is, if AI awareness within our customer base and prospect base increasing Second, are we beginning to see repeat usage.

首先，我們的客戶群和潛在客戶群中的人工智慧意識是否有所提高；其次，我們是否開始看到重複使用。

And third is that driving consistent value.

第三是推動一致的價值。

And I'm pleased that we're making progress on all three.

我很高興我們在這三個方面都取得了進展。

As I just shared, when we launched Breeze at INBOUND, we did it so it can be consistent.

正如我剛才分享的，當我們在 INBOUND 推出 Breeze 時，我們這樣做是為了保持一致。

It can be easy.

這很容易。

Our customers can recognize features and begin to adopt it. we saw AI awareness go up by 13% in just one quarter.

我們的客戶可以識別功能並開始採用它。我們發現人工智慧認知度在短短一個季度內就上升了 13%。

And so I think the brief branding as well as how customers are getting aware of the features within the product is working.

因此，我認為簡短的品牌宣傳以及客戶如何了解產品的功能是有效的。

And if I look at our enterprise and Pro customers in particular, I'm really pleased with the repeat usage and that every day, every week, every couple of weeks, and we're beginning to see repeat usage trend in the right direction.

如果我特別關注我們的企業和專業客戶，我對每天、每週、每幾週的重複使用感到非常滿意，而且我們開始看到重複使用趨勢朝著正確的方向發展。

And then in terms of overall value, I would continue to highlight that content use cases, service use cases and even sales guided selling use cases are beginning to add consistent value.

然後就整體價值而言，我將繼續強調內容用例、服務用例甚至銷售引導的銷售用例都開始增加一致的價值。

So overall, really pleased with the AI momentum, really pleased with what we are seeing in terms of usage and value post INBOUND.

總的來說，我們對人工智慧的發展勢頭非常滿意，對我們在入站後的使用和價值方面看到的情況非常滿意。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

And that has seen continued momentum in the business.

這也見證了該業務的持續發展勢頭。

Maybe I want to continue by talking about some of the investments in AI, clearly seeing some early traction with Breeze, and really exciting to see that.

也許我想繼續談論人工智慧的一些投資，清楚地看到 Breeze 的一些早期吸引力，並且看到這一點真的很令人興奮。

When we think about maybe some of your offerings around agent anagenic AI, many can you maybe help us consider how is the future of how customers interact with and work with HubSpot in both a copilot and a genetic AI world going to look like?

當我們考慮你們圍繞代理生生人工智慧提供的一些產品時，您能否幫助我們考慮在副駕駛和基因人工智慧世界中客戶與 HubSpot 互動和工作的未來會是什麼樣子？

And ultimately, if you can help those customers become meaningfully more successful and more productive at that, how do you think that maybe impacts your own pricing power or pricing model with those customers?

最終，如果您可以幫助這些客戶變得更成功、更有效率，您認為這可能會如何影響您自己的定價能力或與這些客戶的定價模式？

Yes, multiple questions there.

是的，有很多問題。

I'm going to get started and then Dharmesh, who lives brief agent can also share his thoughts.

我要開始了，然後 Dharmesh，他的短暫代理也可以分享他的想法。

I'd say that living in an exciting world.

我想說生活在一個令人興奮的世界。

There is just a transformative technology that's happening.

一項變革性的技術正在發生。

CoPilots.

副駕駛。

We just launched a CoPilot, which helps any front office, marketeer, sales force and service person do better work.

我們剛剛推出了 CoPilot，它可以幫助任何前台、行銷人員、銷售人員和服務人員更好地工作。

And agents work for them, right, whether it is in content our customers.

代理商為他們工作，對吧，無論是在滿足我們的客戶方面。

So at INBOUND, we launched Bolt.

因此，在 INBOUND，我們推出了 Bolt。

CoPilot that we launched is seeing very good and very early traction with all of our customers because it's just easy, it just allows them to tap into HubSpot at a very broad level, use natural language to be able to ask questions, summarize CRM object summarize insights, and that's gaining traction.

我們推出的 CoPilot 很早就受到了我們所有客戶的歡迎，因為它很簡單，它允許他們在非常廣泛的層面上利用 HubSpot，使用自然語言能夠提出問題，總結 CRM 物件總結見解，並且正在獲得關注。

And we launched four agents content prospecting, customer and social and now they're all kind of moving into beta, and beginning to see really consistent results.

我們推出了四個代理內容勘探、客戶和社交，現在他們都進入了測試階段，並開始看到真正一致的結果。

So we think the future is all about CoPilots and agents driving value with structured and unstructured data within the customer platform.

因此，我們認為未來都是副駕駛和座席透過客戶平台內的結構化和非結構化資料推動價值。

I'll say one quick thing about the pricing question that you asked.

關於您提出的定價問題，我將簡單說一件事。

We will stay very, very consistent with our pricing philosophy.

我們將與我們的定價理念保持非常非常一致。

Add value before we think about monetizing value that has really worked for us throughout our history.

在我們考慮將整個歷史上對我們真正有用的價值貨幣化之前，先增加價值。

We are very, very focused on driving that value, and we'll continue to do that.

我們非常非常專注於推動這一價值，並且我們將繼續這樣做。

In terms of agents, when agents begin to deliver consistent value, we'll likely have different axes for agents, whether it is credit or tokens or something that is consumption based.

就代理而言，當代理開始提供一致的價值時，我們可能會為代理提供不同的軸，無論是信用、代幣還是基於消費的東西。

But right now, we're really focused on delivering value.

但現在，我們真正專注於提供價值。

Dharmesh?

達摩什？

Yes.

是的。

A couple of points to add to that would be.

對此還有幾點需要補充。

One is we're taking a very kind of as we do with all things, very platform-based approach to agents as well, which is we're building the underlying platform to allow our customers and partners to build these agent applications that leverage our unified data store.

一是我們正在採取一種非常類似於我們處理所有事情的、非常基於平台的代理方法，即我們正在構建底層平台，以允許我們的客戶和合作夥伴構建這些代理應用程序，這些應用程序利用我們的統一資料儲存。

We have all the information on singular cohesive place.

我們擁有有關單一凝聚力場所的所有資訊。

And what we found is that, that kind of data access makes lots of very interesting agent use case is possible.

我們發現，這種資料存取使得許多非常有趣的代理用例成為可能。

The thing that's happening now in terms of like in the moment is that the other part of our kind of agent approach is that we have an open model in terms of which large language models and which AI tool sets we use.

目前正在發生的事情是，我們的代理方法的另一部分是，我們在使用哪些大型語言模型和哪些人工智慧工具集方面擁有一個開放模型。

And what this allows us to do is to say, as the industry is evolving, there is no one model to rule them all.

這讓我們可以說，隨著產業的發展，沒有一種模式可以統治所有這些。

We can move across models based on what the best tool is for a given use case, a differentiated from how others are approaching it.

我們可以根據給定用例的最佳工具來跨模型，這與其他人處理它的方式不同。

And just recently, we saw OpenAI launched the 01 model. which has much better reasoning as they break through in terms of large language models, and we're able to capitalize on those kinds of innovations that are happening in the kind of AI ecosystem as a result of this kind of open approach to large language models and the AI tools.

而就在最近，我們看到OpenAI推出了01模型。當它們在大型語言模型方面取得突破時，它們具有更好的推理能力，並且由於這種對大型語言模型的開放方法，我們能夠利用人工智慧生態系統中正在發生的創新和人工智慧工具。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

I'll echo the congrats from peers.

我會回應同行的祝賀。

Kate, I want to talk about the smallest line item that you guys report, which is the professional services revenue.

凱特，我想談談你們報告的最小的項目，即專業服務收入。

And I know it's small today, but you're seeing the gross product dollars there inflect, and I suspect it's because payments is a high-margin business.

我知道現在規模很小，但你會看到那裡的總產品美元發生變化，我懷疑這是因為支付是一項高利潤業務。

I'm curious how you're -- what's driving the inflection, if that's the case?

我很好奇你的情況如何——如果是這樣的話，是什麼推動了這種改變？

And how do you see cash flow maybe strategically fitting into that?

您如何看待現金流可能在策略上融入其中？

Could you maybe double-click on that and how we think about a revenue model for that company?

您能否雙擊該內容以及我們如何考慮該公司的收入模式？

Yes.

是的。

Thanks, Samad, for the question.

謝謝薩馬德提出的問題。

Maybe I'll just start with a reminder that you're right in -- you're exactly right in how you asked the question, which is that services and other revenue line item is actually very small as a percentage of our overall revenue at 2%.

也許我會先提醒您，您提出問題的方式完全正確，即服務和其他收入項目實際上占我們總收入的百分比非常小。

The large part of that number continues to be services.

其中很大一部分仍然是服務業。

And we primarily think about services as an enabler of our software business.

我們主要將服務視為我們軟體業務的推動者。

As you know, we have been increasingly leaning in with partners to provide customer onboarding and ongoing customer services.

如您所知，我們越來越多地與合作夥伴合作，提供客戶引導和持續的客戶服務。

And so the services portion of that revenue line item has been a headwind over the last couple of years.

因此，該收入項目的服務部分在過去幾年中一直是一個阻力。

On the positive side, we have seen year-over-year growth that is largely being driven by the momentum we're seeing on the Commerce business, right?

從積極的一面來看，我們看到了同比增長，這在很大程度上是由我們在商業業務上看到的勢頭推動的，對吧？

So we talked about the growth that we are seeing in monthly transacting customers and GMV at INBOUND.

因此，我們討論了我們在 INBOUND 上看到的每月交易客戶和 GMV 的成長。

And that is what's driving that in the positive direction.

這就是推動這一進程朝正向發展的原因。

Now in terms of margin, it is a combination of things.

現在就利潤而言，它是多種因素的結合。

We have -- we have done a lot of work to drive efficiencies within our support and services organizations, and that is the primary needle mover for the margins of that line item.

我們已經做了很多工作來提高支援和服務組織的效率，這是該行專案利潤的主要推動者。

And then Samad, I think you also asked about our recent acquisition of Cash Flow.

然後 Samad，我想您也問了我們最近收購 Cash Flow 的情況。

I'm really excited about this. because it accelerates the vision that we have for our customer platform, not just making it easy for sellers to sell, which is what our core platform does, but also making it easy for buyers to buy.

我對此感到非常興奮。因為它加速了我們對客戶平台的願景，不僅讓賣家更容易銷售（這是我們的核心平台的作用），而且還讓買家更容易購買。

And in order to do that, you've got to have both customer data and transaction data in one unified system, and that is exactly what we can do with Cash Flow.

為了做到這一點，您必須在一個統一的系統中同時擁有客戶數據和交易數據，而這正是我們可以使用現金流來做的事情。

And as Kate just mentioned, we've had a year of pretty strong momentum with CommerceHub.

正如凱特剛才提到的，我們在 CommerceHub 方面取得了相當強勁的發展勢頭。

You can see that because of the product innovation that we have driven, helping our customers bring their own payment processors and providing flexibility for invoicing and billing.

您可以看到，由於我們推動的產品創新，幫助我們的客戶帶來自己的支付處理器並提供發票和計費的靈活性。

But at the same time, when we have asked our customers what more can we be doing, they ask us for more sophisticated subscription management capabilities, more sophisticated CPQ functionality.

但同時，當我們詢問客戶還能做什麼時，他們要求我們提供更複雜的訂閱管理功能、更複雜的 CPQ 功能。

I'd say like those two are the most frequently asked request from our customers in terms of where they want to see us go.

我想說，這兩個是我們的客戶最常問到的關於他們希望看到我們去哪裡的請求。

And cash flow is doing exactly that.

現金流正是這樣做的。

Now when we started talking to Sika and Brian, who are the founders of cash flow, there are just have the same DNA as us.

現在，當我們開始與現金流創始人西卡和布萊恩交談時，他們與我們有著相同的DNA。

They've been thinking about this problem.

他們一直在思考這個問題。

They want to make it easy.

他們想讓事情變得簡單。

In fact, half of the customers they currently have are HubSpot customers.

事實上，他們目前擁有的客戶中有一半是 HubSpot 客戶。

So they normally understand the need of our customers, but they have been thinking about this problem for our customers.

所以他們平常很了解我們客戶的需求，但是他們也一直在為我們客戶考慮這個問題。

And so we're really excited to bring the whole team on board, and we're going to take the same approach like we take with all acquisitions.

因此，我們非常高興讓整個團隊加入進來，我們將採取與所有收購相同的方法。

We'll keep it very true in terms of having a crafted product. will natively build new functionality, so we deliver a seamless experience and will accelerate our product vision.

我們將在製作精美產品方面保持真實。將在本地建立新功能，因此我們可以提供無縫體驗並加速我們的產品願景。

Kirk Materne, Evercore ISI.

柯克·馬特納，Evercore ISI。

I'll add my congrats.

我會添加我的祝賀。

Kate, I was wondering, as you spoke about the NRR trends this quarter, you mentioned that there were some headwinds on other upgrade motions.

凱特，我想知道，當您談到本季的 NRR 趨勢時，您提到其他升級動議存在一些阻力。

Is there anything more you can add there?

您還有什麼可以補充的嗎？

Is it specific hubs?

是特定的樞紐嗎？

Or is it just sort of the macro remaining?

或者它只是剩下的宏？

I realize it's really consistent with what you guys have talked about.

我意識到這與你們所說的非常一致。

But I was just curious if there's anything either hub specific or geographic that you could call out on that?

但我只是好奇是否有任何特定於樞紐或地理的東西可以提出來？

Yes.

是的。

Thanks for the question, Kirk.

謝謝你的提問，柯克。

I would say it's much the same as the last few quarters as it relates to net revenue retention.

我想說，這與過去幾季的情況大致相同，因為它與淨收入保留有關。

I think the positive aspects of net revenue retention remain a really strong foundation of customer dollar retention.

我認為淨收入保留的積極方面仍然是客戶美元保留的真正堅實基礎。

We see that holding very well in the high 80s.

我們發現這種情況在 80 年代中期保持得非常好。

Downgrades have been stable now or stabilized for a number of quarters.

降級現已穩定或已穩定多個季度。

And so both of those things are positive.

所以這兩件事都是正面的。

And as I mentioned in the prepared remarks, we are also seeing some green shoots on the seat upgrades, largely as a result of the pricing model change.

正如我在準備好的發言中提到的，我們也看到了座位升級的一些萌芽，這主要是由於定價模式的變化。

All the other upgrade motions continue to have pressure.

所有其他升級動議繼續面臨壓力。

That's addition upgrades, it's cross-sell, it's discount upgrades.

這是附加升級、交叉銷售、折扣升級。

It's really -- and contact, it's across the board there.

這確實是──而且接觸，是全面存在的。

So nothing specific to call out.

所以沒有特別需要指出的。

You didn't ask the question, but I would expect that we will see largely the same in Q4.

您沒有問這個問題，但我預計我們會在第四季度看到大致相同的情況。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

I echo the congratulations on another very solid quarter.

我也對又一個非常強勁的季度表示祝賀。

Maybe I'm going to try my best to ask a multipart question here.

也許我會盡力在這裡問一個由多個部分組成的問題。

The impact that you're seeing from what I would characterize as kind of one of the most clear AI propositions that you talked about at INBOUND.

您從我所描述的您在 INBOUND 上談到的最明確的人工智慧主張之一中看到了影響。

Is that -- what is that doing to sales cycles?

這對銷售週期有何影響？

Is it making them -- is it driving more of them?

它是否造就了它們──它是否推動了更多的它們？

Is it making them longer, but bigger?

它會讓它們更長，但更大嗎？

And how do we think about into the big selling quarter, Q4 last year, it was a big quarter for you guys, I would almost characterize it as a kind of a budget flush quarter.

我們如何看待去年第四季的大銷售季度，這對你們來說是一個重要的季度，我幾乎將其描述為一種預算充裕的季度。

How do we think about that into this quarter?

我們如何看待本季的這一問題？

I realize not much kind of change in the macro at this point in time.

我意識到目前宏觀方面沒有太大變化。

But how are you thinking about that and anticipating that for Q4 and beyond?

但您如何看待這一點並預計第四季度及以後的情況？

Alex, thanks for the question.

亞歷克斯，謝謝你的提問。

I would say that if last year, AI was a buzzword and there was a level of hesitancy on how AI needs to get adopted.

我想說的是，如果去年人工智慧是一個流行詞，那麼人們對於如何採用人工智慧存在一定程度的猶豫。

This year, our customers tell us that AI is real.

今年，我們的客戶告訴我們人工智慧是真實的。

There's real value.

有真正的價值。

There's real use cases, there's real growth opportunities.

有真實的用例，有真正的成長機會。

And if anything that they took away from INBOUND, it was that they got to get going on it.

如果說他們從 INBOUND 中學到了什麼，那就是他們必須繼續努力。

And so following INBOUND into the conversations in late Q3 and Q4.

因此，跟隨 INBOUND 進入第三季末和第四季的對話。

There's just been a lot of momentum that has been driven through our Breeze and Breeze Intelligence launches.

我們的 Breeze 和 Breeze Intelligence 的發布帶來了巨大的動力。

And specifically, the approach that we have taken is to embed AI into every hub.

具體來說，我們採取的方法是將人工智慧嵌入每個中心。

So if you're sitting here as a customer thinking about next year's growth, Well, you want a better content marketing platform.

因此，如果您作為客戶坐在這裡思考明年的成長，那麼您需要一個更好的內容行銷平台。

You want better guided selling solutions.

您需要更好的引導式銷售解決方案。

You want better service capabilities that leverage AI.

您需要利用人工智慧的更好的服務能力。

And so all of those conversations are happening now.

所以所有這些對話現在都在發生。

Tangibly, it's doing two things.

顯然，它做了兩件事。

One, it is increasing the attach rate of Content Hub Service Hub to our core hubs.

第一，它提高了內容中心服務中心與我們核心中心的連結率。

And you can see this consistently through the year as our customers have really embraced content use cases.

您可以全年看到這一點，因為我們的客戶確實接受了內容用例。

Content Hub has seen pretty significant growth and a 50% attach rate to marketing hub, and it's similar in terms of the multi-hub momentum within Service Hub.

內容中心的成長相當顯著，行銷中心的附加率達到 50%，服務中心內的多中心動能也類似。

So all of those are positive going into Q4.

因此，進入第四季度，所有這些都是積極的。

Q4 is a big quarter.

第四季是一個重要的季度。

December is a big month.

十二月是一個重要的月份。

And we have all of the pipeline.

我們擁有所有的管道。

Now it really comes down to execution, and we are laser-focused on executing.

現在真正取決於執行，我們專注於執行。

Brad Sills, Bank of America.

布拉德·希爾斯，美國銀行。

I wanted to ask a question around the strength you're seeing in these multi-hub wins.

我想問一個關於您在這些多中心勝利中看到的優勢的問題。

It really seems like a standout this quarter.

這看起來確實是本季的佼佼者。

And you called out content and Service Hub, in particular, is seeing traction.

您指出內容和服務中心尤其受到關注。

I would love a little bit of color is that customers that are kind of landing with a multi-hub footprint?

我想要一點顏色的是那些以多中心足跡登陸的客戶？

Are you seeing more of that kind of cross-sell activity that's occurring more recently?

您是否看到最近發生的更多此類交叉銷售活動？

And why now, I guess, would be the question?

我想，為什麼現在會成為問題呢？

Why -- what is it about the products or maybe it's the environment that you're starting to see even more momentum?

為什麼－產品或環境的原因讓您開始看到更多的動力？

I know it's been strong in the past, but it sounds like it's an area where you're seeing some real uptick

我知道它在過去一直很強勁，但聽起來這是一個你看到真正上升的領域

That is a great question, and the answer is all of the above.

這是一個很好的問題，答案就是以上所有內容。

And what I mean by that is we are seeing multi-hub both in terms of new customers that we are winning, and we are seeing multi-hub that is driven in the installed base as customers adopt one and go far more.

我的意思是，我們在贏得新客戶方面看到了多集線器，並且隨著客戶採用多集線器並使用更多，我們也看到多集線器在安裝基礎上得到了推動。

And the most prevalent combinations are Marketing Hub, Sales Hub.

最受歡迎的組合是行銷中心、銷售中心。

We just land with Marketing Hub, Sales Hub and the second most prevalent multi-hub lands or Marketing Hub, Sales Hub and Service Hub.

我們只是登陸行銷中心、銷售中心和第二個最受歡迎的多中心土地或行銷中心、銷售中心和服務中心。

And I think the consistent themes that we have seen here are driven by a couple of things.

我認為我們在這裡看到的一致主題是由幾件事驅動的。

The first one is that our customers are consolidating.

第一個是我們的客戶正在整合。

They're consolidating and they're looking at HubSpot as a platform that provides insights across their entire front office, right?

他們正在整合，並將 HubSpot 視為一個為整個前台部門提供見解的平台，對吧？

That is exactly what is happening, and we've seen the spend continue throughout this year.

這正是正在發生的事情，我們看到今年的支出仍在繼續。

The second is the level of innovation.

二是創新水準。

And sometimes, it is not just about the strategy, it's about alignment to the strategy and executing the strategy.

有時，這不僅僅是戰略的問題，而是與戰略的一致性和戰略的執行。

We've had a strategy of going from app to suite to platform.

我們制定了從應用程式到套件再到平台的策略。

And as part of that strategy, we have really picked up the pace of innovation across not just the front end hubs like marketing and sales, but across every single hub and the level of innovation drives multi-hub.

作為該策略的一部分，我們確實加快了創新的步伐，不僅在行銷和銷售等前端中心，而且在每個中心和創新水平驅動多中心。

Content Hub, Service Hub, great examples of that.

內容中心、服務中心，都是很好的例子。

So the answer is the environment is more conducive for consolidation and the level of innovation that we are driving makes us that choice and is driving multi-hub momentum.

因此，答案是環境更有利於整合，而我們正在推動的創新水平使我們做出了這樣的選擇，並正在推動多中心的發展勢頭。

Michael Turrin, Wells Fargo Securities.

麥可特林，富國銀行證券。

Great.

偉大的。

Some useful color on the net retention characteristics throughout the prepared remarks, just in helping us think through what could catalyze a return to that broader upgrade motion, kind of appreciate the environment currently.

在準備好的言論中，網路上保留了一些有用的色彩，只是為了幫助我們思考什麼可以促進更廣泛的升級運動的回歸，有點欣賞當前的環境。

But just whenever that services, the team has been layering a lot of new innovation into the product portfolio.

但每當這種服務出現時，團隊就會在產品組合中加入許多新的創新。

So just wondering if there are specific hubs new features, functionality, you're hearing customer interest around post INBOUND that could eventually, whenever we get to that point catalyze that return to upsell and appreciation for some of the advanced functionality you've been adding.

因此，只是想知道是否有特定的中心新特性、功能，您會聽到客戶對入站後的興趣，最終，每當我們達到這一點時，就會催化返回追加銷售並欣賞您所添加的一些高級功能。

Yes.

是的。

Maybe I'll take that one.

也許我會選擇那個。

And I guess what I would do, Michael, as we would call you back to some of the conversation that we had at the Analyst Day.

我想我會做什麼，邁克爾，因為我們會讓你回顧我們在分析師日進行的一些對話。

There's some strong foundation that we see in net revenue retention.

我們在淨收入保留方面看到了一些堅實的基礎。

We talked -- and I've already talked about it on this call that customer dollar retention is really firm and strong in the high 80s.

我們談過——我已經在這次電話會議上談過，客戶的美元保留率在 80 年代左右確實非常穩定和強勁。

The higher multi-hub customer and the platform adoption that Yamini is talking about really just translates into higher usage of the product and stronger customer retention.

Yamini 所說的更高的多中心客戶和平台採用率實際上只會轉化為更高的產品使用率和更強的客戶保留率。

So that's a nice tailwind for us.

所以這對我們來說是一個很好的順風。

Downgrades continues to stabilize, as I said.

正如我所說，降級繼續穩定。

And so that's also a nice tailwind.

所以這也是一個很好的順風。

And then the change to or the move to the new seat-based pricing model should also be a tailwind as we transition the existing installed base and as more and more of our customer base gets started on the new seat-based pricing model.

然後，隨著我們過渡現有的安裝基礎，並且隨著越來越多的客戶群開始採用新的基於座位的定價模型，對新的基於座位的定價模型的改變或遷移也應該是一種順風。

On the other hand, as you know, we continue to see some headwinds and pressure on the upgrade motion.

另一方面，如您所知，我們繼續看到升級行動面臨一些阻力和壓力。

We've been operating in what we would call a value conscious buying environment for a while.

我們已經在所謂的價值意識購買環境中運作了一段時間。

It is unpredictable out there if today is not another example.

如果今天不是另一個例子，那麼外面的事情是不可預測的。

And so -- it's hard to say when that is going to change.

因此，很難說這種情況何時會改變。

But really, that is going to -- that is an ingredient required for us to really see net revenue retention expand from here.

但實際上，這將是我們真正看到淨收入保留從現在開始擴大所需的一個因素。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

I wanted to follow up on the upgrade rate from starters.

我想跟進初學者的升級率。

I'm hoping if you could just double click on the comment around early reads from the new pricing model potentially benefiting that pace.

我希望您能雙擊有關新定價模型的早期閱讀的評論，這可能有利於這一速度。

Understanding it's probably a small part today, but just in the future, how should we just think about the opportunity given the high volume of Star customers that have really been added over the last few years?

了解今天可能只是一小部分，但就在未來，考慮到過去幾年真正增加的大量明星客戶，我們應該如何看待這個機會？

Yes.

是的。

Thanks, Elizabeth.

謝謝，伊麗莎白。

The upgrade rate from starting into professional has really stayed relatively stable here for a pretty long period of time.

從初級到專業的升級率在相當長的一段時間內確實保持相對穩定。

The shift to the seat-based pricing model does two things.

基於座位的定價模式的轉變有兩個作用。

One, it lowers the barrier of entry to get started, not only on starter but also on professional.

第一，它降低了入門門檻，不僅是入門門檻，也是專業門檻。

And so what you saw this quarter was a little bit more of a balance in our new customer adds or net customer adds across professional as well as starter.

因此，您在本季度看到的是，我們的新客戶增加或淨客戶增加在專業人士和初學者方面更加平衡。

And then over time, we do believe that we will see an increase in the upgrade rate, but it's still early for us to give lots of concrete data points there.

隨著時間的推移，我們確實相信我們會看到升級率的提高，但現在提供大量具體數據點還為時過早。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

This quarter, it seemed like you raised the full year revenue guidance by more than you'd be.

本季度，您似乎將全年收入指引提高了超過預期。

We didn't see that the last two quarters.

過去兩個季度我們沒有看到這一點。

I guess, first, was there any FX considerations we should be taking into account there?

我想，首先，我們是否應該考慮到任何外匯因素？

And if not, maybe just unpack kind of the drivers of the increased confidence?

如果沒有，也許只是解開信心增強的驅動因素？

Was it just better visibility in terms of this pricing rollout, more stable macro view?

僅僅是在定價方面有更好的可見度、更穩定的宏觀視野嗎？

Anything you'd just add in terms of what's driving the stronger raise relative to what we've seen in the last two quarters?

相對於我們在過去兩個季度看到的情況，您是否想補充一下是什麼推動了更強勁的成長？

Yes.

是的。

Before I walk through the math, Tyler, just a comment on the assumptions around the environment moving into Q4.

在我進行數學計算之前，泰勒，請先對進入第四季的環境假設進行評論。

I tried to share in my prepared remarks a bit of color here, but our assumption is that it's going to be very much the same environment moving into Q4.

我試圖在我準備好的評論中分享一些色彩，但我們的假設是進入第四季度時的環境將非常相同。

We've been operating through a year in an environment where we've seen more decision-makers evolve in deals and higher bar action.

在我們一年的營運環境中，我們看到更多的決策者在交易和更高標準的行動中不斷發展。

We think that's going to continue, and that's embedded in the guidance that we shared with you.

我們認為這種情況將會持續下去，並且已包含在我們與您分享的指南中。

But if I walk you through the specific pieces here, we beat the midpoint of our Q3 guidance by $24 million, and we're flowing that through to the full year.

但如果我帶您了解這裡的具體內容，我們比第三季度指導的中位數高出 2400 萬美元，並且我們會將其延續到全年。

We're also raising the full year guidance by an additional $3 million, and that's really just a reflection of incremental FX benefits that we expect to see in Q4.

我們還將全年指引額外提高了 300 萬美元，這實際上只是我們預計在第四季度看到的增量外匯收益的反映。

So on a constant currency basis, our outlook for Q4 is unchanged to our prior guidance with a growth of 15%.

因此，在固定匯率的基礎上，我們對第四季的展望與先前的指引一致，成長 15%。

And we feel, as Yamini told you earlier in the call, we feel good about our pipeline, and we're just laser-focused on executing the big quarter in Q4.

正如亞米尼早些時候在電話會議中告訴你的那樣，我們覺得我們對我們的管道感覺良好，我們只是專注於執行第四季度的大季度。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Yamini, I want to ask you about the competitive dynamic in the mid-market at some of your large new customer adds?

Yamini，我想問您一些新增加的大型客戶在中端市場的競爭動態如何？

And what specifically, when you have competitors who perhaps respond with more aggressive pricing concessions when they see the success you're having.

具體來說，當您的競爭對手看到您所取得的成功時，他們可能會做出更積極的價格讓步。

What approach or what framework do you give to your sales folks to help kind of navigate that conversation, given how much focus you put on the value of the HubSpot product suite and the engagement of the customers that you do run?

鑑於您對 HubSpot 產品套件的價值以及您所經營的客戶的參與度給予了多少關注，您會為銷售人員提供什麼方法或框架來幫助引導對話？

Gabriela, good to hear from you.

加布里埃拉，很高興收到你的來信。

And it's a great question.

這是一個很好的問題。

I think you answered the question, which is we focus on value.

我想你回答了這個問題，那就是我們關注價值。

I think the environment is competitive and it's always been competitive.

我認為這個環境是競爭性的，而且一直都是競爭性的。

And we don't compete on price.

而且我們不進行價格競爭。

We compete on value.

我們在價值上競爭。

And so the playbooks, the conversations that we have with our customers all focus on the total cost of ownership.

因此，我們與客戶的策略、對話都集中在總擁有成本上。

And there, we have a distinct advantage.

在那裡，我們有明顯的優勢。

You don't need a big consulting project with large size You don't need 10 developers inside.

你不需要一個規模很大的大型顧問項目，你不需要裡面有10個開發人員。

You don't need a huge army of admins that are inside.

您不需要內部有一支龐大的管理員隊伍。

And so we talk about that and there's like tangible total cost benefits there.

所以我們談論這個，並且那裡有明顯的總成​​本效益。

And then we got to talk about value and very specifically in this environment and in any environment, our customers care about getting value quickly.

然後我們開始談論價值，特別是在這種環境和任何環境中，我們的客戶都關心快速獲得價值。

It is fast time to value in a matter of weeks, not months, not years.

這是在幾週而不是幾個月或幾年內實現價值的快速時間。

And so we have tangible proof that we can drive the value in a matter of weeks.

因此，我們有切實的證據表明我們可以在幾週內推動價值的成長。

And when I talk to customers, I ask them a simple question.

當我與客戶交談時，我會問他們一個簡單的問題。

in the previous times that they have CRM, how many of their salespeople use CRM in a year.

在他們以前使用 CRM 的時候，一年中有多少銷售人員使用 CRM。

And if the answer is anything like 20%, 30%, which is what is typical, and we talk about how we can drive adoption because the ultimate value that they get is getting adoption to be in the high 80s and 90s, which we can consistently do.

如果答案是 20%、30%（這是典型的情況），我們就會討論如何推動採用，因為他們獲得的最終價值是讓採用率達到 80 年代和 90 年代的高度，我們可以始終如一地這樣做。

And so while the environment is competitive, we win on being easy to use.

因此，儘管環境競爭激烈，我們還是以易於使用為勝。

We win on being fast time to value, delivering fast time value and having a very unified crafted experience that helps our customers grow.

我們的勝利在於快速實現價值，快速交付價值，並擁有非常統一的精心設計的體驗，幫助我們的客戶成長。

Joshua Reilly, Needham.

約書亞賴利，尼達姆。

With the cash flow acquisition, that gets you kind of into this, what I would characterize, somewhat competitive space for SMB subscription billing and invoicing, but it seems that I think you're going to have an edge with your platform strategy there versus competitors that are primarily point solutions.

透過現金流收購，這讓你進入了這個領域，我認為，中小企業訂閱計費和發票方面有一定的競爭空間，但我認為與競爭對手相比，你的平台策略將具有優勢這主要是點解決方案。

How do you kind of leverage that edge to grow that within the broader hub for Commerce Hub.

您如何利用這一優勢在更廣泛的 Commerce Hub 中心內發展這一優勢。

I love that question, and you're exactly right.

我喜歡這個問題，你說得完全正確。

It is a platform advantage, right?

這是平台優勢吧？

Almost everything comes down to our customers keep telling us it's not about individual products and point solutions.

幾乎所有事情都取決於我們的客戶不斷告訴我們，這與個別產品和單點解決方案無關。

It's about having a unified platform with customer and transaction data, and cash flow allows us to do that.

這是關於擁有一個包含客戶和交易數據的統一平台，現金流使我們能夠做到這一點。

And if you look at what cash flow will enable us from creating an easy proposal, making changes to the proposal, getting the proposal signed, completing the payment and doing it in a super seamless way and getting all of that information in a seamless manner, so that the next set of customer conversations are armed with those insights.

如果你看看什麼樣的現金流將使我們能夠創建一個簡單的提案，對提案進行更改，簽署提案，完成付款並以超級無縫的方式進行，並以無縫的方式獲取所有這些信息，以便在下一組客戶對話中具備這些見解。

That is really our vision for commerce and it's going to help us enable that.

這確實是我們的商業願景，它將幫助我們實現這一目標。

And ultimately, we just want a single platform that's easy for sellers to sell and buyers to buy, and we're pretty excited about how we can accelerate that vision.

最終，我們只想要一個易於賣家銷售和買家購買的單一平台，我們對如何加速實現這一願景感到非常興奮。

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

Kate, I wanted to maybe dive into the customer adds.

凱特，我想深入了解客戶的狀況。

I think in the past, you guys touched on 9,000 to 10,000, you did 10,000 this year, but also talked up really strong conversions and (inaudible) tailwinds as well as relaunching the kind of starter in July.

我想在過去，你們談到了 9,000 到 10,000，今年你們做了 10,000，但也談到了非常強大的轉換和（聽不清）順風，以及在 7 月份重新啟動了那種啟動器。

How should we think about what that pacing could look like going forward?

我們該如何考慮未來的節奏？

Yes.

是的。

Ken, thanks for that one.

肯，謝謝你。

We were actually very happy with the 10,000 customer additions we delivered in Q3.

事實上，我們對第三季增加的 10,000 名客戶感到非常滿意。

It was right in line with the range that we shared on our last call of 9,000 to 10,000.

這與我們上次電話會議中分享的 9,000 到 10,000 的範圍完全一致。

As I mentioned in my prepared remarks, there was a balanced mix in those customer adds across our professional and starter additions in the quarter.

正如我在準備好的發言中所提到的，本季我們的專業和入門新增內容中的這些客戶新增內容是均衡的。

We've talked about the fact that, that was largely enabled by the new seats pricing model and the elimination of seat minimums.

我們已經討論過這樣一個事實：這在很大程度上是透過新的座位定價模型和取消最低座位數來實現的。

The other thing we talked about last quarter was that we were starting to lap some very large starter cohorts from the back half of 2023.

我們上季討論的另一件事是，我們從 2023 年下半年開始開始圈選一些非常大的先發群體。

And although those cohorts were renewing at a similar rate, the nominal number of customers that were leaving the platform were higher.

儘管這些族群的續訂率相似，但離開平台的名目客戶數量更高。

And we continue to see that this quarter.

本季我們將繼續看到這一點。

That said, the growth starter additions were really strong in Q3 So all of that said, I believe that at least in the near term, we should continue to look at that 9,000 to 10,000 as the right range for net adds.

也就是說，第三季的成長啟動器添加確實很強勁，所以綜上所述，我相信至少在短期內，我們應該繼續將 9,000 到 10,000 作為淨添加的正確範圍。

Parker Lane, Stifel.

帕克巷，斯蒂菲爾。

Yamini, when we look at the new AI solutions that especially agency have, I'd love to hear more about the partner enablement programs, the campaigns you have in place there, and just what your overall vision is for the role that those partners will play in developing business-specific agents going forward?

Yamini，當我們看到特別是代理商擁有的新人工智慧解決方案時，我很想了解更多有關合作夥伴支援計劃、您在那裡開展的活動，以及您對這些合作夥伴將扮演的角色的總體願景。

Parker, I love that question.

帕克，我喜歡這個問題。

I think partners are very excited about the AI vision.

我認為合作夥伴對人工智慧願景感到非常興奮。

And I think they have a huge role to play.

我認為他們可以發揮巨大的作用。

I mean if you step back and look at our AI strategy, it is to embed it into every hub.

我的意思是，如果你退一步看看我們的人工智慧策略，那就是將其嵌入到每個中心。

It is embedded into every -- across our entire platform and to provide a platform for partners to be able to build agents on top as well.

它嵌入到我們整個平台的每個部分，並為合作夥伴提供一個能夠在其上建立代理的平台。

And obviously, the first set of agents are the ones that we are developing and bringing to market like the four that we launched at INBOUND.

顯然，第一組代理是我們正在開發並推向市場的代理，就像我們在 INBOUND 推出的四個代理一樣。

But the vision for us is to be able to allow partners to be able to build on top as well.

但我們的願景是讓合作夥伴也能夠在此基礎上繼續發展。

The enablement from a partner perspective has been going strong.

從合作夥伴的角度來看，支持一直很強勁。

At INBOUND, we had executive briefing sessions on where AI is going, where our product road map is going, and that certainly got our partners excited.

在 INBOUND 上，我們舉行了高階主管簡報會，討論人工智慧的發展方向、我們的產品路線圖的發展方向，這無疑讓我們的合作夥伴感到興奮。

And now we have like incentivized them, motivated them and hopefully inspire them to offer a set of in our AI services and to be able to bring what we are offering to our customers.

現在我們已經激勵他們，激勵他們，並希望激勵他們提供一系列我們的人工智慧服務，並且能夠將我們所提供的服務帶給我們的客戶。

And so I feel really good in terms of the feedback from partners both INBOUND as well as how we are executing overall in our AI strategy.

因此，我對 INBOUND 合作夥伴的回饋以及我們在人工智慧策略中的整體執行情況感到非常滿意。

Brent Bracelin, Piper Sandler.

布倫特·布萊斯林，派珀·桑德勒。

Kate, I wanted to kind of go back to the growth algorithm here.

凱特，我想回到這裡的成長演算法。

If I look at Street expectations for next year, pretty wide variance of 12.5% to 18% growth.

如果我看看華爾街對明年的預期，會發現成長幅度相當大，為 12.5% 至 18%。

I get you're kind of reiterating this 15% growth rate for Q4.

我知道您正在重申第四季 15% 的成長率。

But that only includes a partial comp with clear, but what's the right kind of normalized growth profile puts and takes as we should think about the right growth rate for next year.

但這僅包括與明確的部分比較，但什麼是正確的正常化成長概況，我們應該考慮明年的正確成長率。

Yes.

是的。

Thanks for the question.

謝謝你的提問。

Look, it's obviously really early for us to start talking about 2025.

看，我們現在開始談論 2025 年顯然還為時過早。

We're in the middle of our financial planning process internally.

我們正處於內部財務規劃過程中。

And as always, we will provide you with guidance for 2025 when we report our results in February.

像往常一樣，我們將在 2 月報告結果時為您提供 2025 年的指導。

So I'm not going to talk specifically about 2025, but I can talk a little bit about that growth algorithm, which we spent some time on at the Analyst Day.

因此，我不會具體談論 2025 年，但我可以談談我們在分析師日花了一些時間研究的成長演算法。

And over time, this is sort of a longer-term look.

隨著時間的推移，這是一種更長遠的看法。

But over time, we think that there are a number of levers that we have to drive growth.

但隨著時間的推移，我們認為我們必須採用許多槓桿來推動成長。

The first is that we're still early.

首先是我們還早。

We have very low market share in a really big market.

在一個非常大的市場中，我們的市佔率非常低。

And so our ability to continue to drive new customer acquisition over time is strong.

因此，隨著時間的推移，我們繼續推動新客戶獲取的能力很強。

The second is that we are the customer platform of choice for scaling companies.

第二，我們是規模化公司的首選客戶平台。

And we expect that the trend that we're seeing towards bigger deals, towards more multi-hub deals is just going to continue.

我們預計，我們所看到的更大交易、更多多中心交易的趨勢將持續下去。

The third thing is, and we've talked about this before, we are transitioning our customer base onto our new seat-based pricing model.

第三件事是，我們之前已經討論過這一點，我們正在將我們的客戶群轉變為基於座位的新定價模式。

That should be a multiyear tailwind to us and should help us drive higher net revenue retention over time.

這對我們來說應該是多年的順風車，並且應該幫助我們隨著時間的推移提高淨收入保留率。

And finally, we continue to innovate aggressively.

最後，我們持續積極創新。

In particular, we spent a lot of time talking about AI innovation, data innovation, commerce innovation.

特別是我們花了很多時間談論人工智慧創新、數據創新、商業創新。

And all of these things are elements that can fuel long-term growth over time.

所有這些都是可以隨著時間的推移推動長期成長的因素。

And so I'm confident in our ability to drive durable growth over a long period of time here.

因此，我對我們在很長一段時間內推動持久成長的能力充滿信心。

All that said, like we have to execute very well in Q4 and there is a lot of uncertainty still out there in the market, and we will come back with a more clear view of 2025 in February.

話雖如此，我們必須在第四季度執行得很好，而且市場上仍然存在許多不確定性，我們將在 2 月對 2025 年有更清晰的看法。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

I wanted to hit on your appetite for M&A.

我想激發您對併購的興趣。

You've been more active there over the last year or so with a clear a bit of cash flow.

在過去一年左右的時間裡，您在那裡更加活躍，並且有明顯的現金流。

How are you thinking about the balance organic versus inorganic investments?

您如何看待有機投資與無機投資的平衡？

And are there some hub adjacencies that look particularly interesting to you?

是否有一些您覺得特別感興趣的樞紐鄰近地區？

.

。

That's a great question.

這是一個很好的問題。

And I think our approach to M&A has remained consistent.

我認為我們的併購方式保持一致。

We take a very Apple-esque approach to M&A.

我們採取非常蘋果式的併購方式。

And the approach is to look for great technology, great talent that can accelerate our customer platform vision.

我們的方法是尋找能夠加速客戶平台願景的優秀技術和優秀人才。

And we want to do that in a way where we do not disrupt the great customer experience that we offer.

我們希望以一種不會破壞我們提供的優質客戶體驗的方式做到這一點。

And so we've gotten very comfortable with executing this type of an M&A playbook.

因此，我們對執行此類併購策略感到非常自在。

We look for great talent that can accelerate innovation in very specific parts of our platform.

我們尋找能夠加速我們平台特定部分創新的優秀人才。

You mentioned Clear (inaudible) Cash Flow.

您提到了清晰的（聽不清楚）現金流。

These are all examples of that.

這些都是例子。

We look for great culture ads that can come and build something incredible.

我們尋找優秀的文化廣告，它們可以創造出令人難以置信的東西。

We want to natively build everything into HubSpot, so that we offer a crafted platform -- and we want to ensure that it drives financial results in the mid- to long term.

我們希望將所有內容原生建置到 HubSpot 中，以便我們提供一個精心設計的平台，並且我們希望確保它能夠推動中長期的財務表現。

That is the playbook you have seen us execute the playbook with Pricing with Clearbit.

這就是您所看到的我們透過 Clearbit 執行定價的劇本。

And we intend to do the same thing with cash flow.

我們打算對現金流做同樣的事情。

And we'll continue doing these types of acquisitions as it accelerates our vision.

我們將繼續進行此類收購，因為它加速了我們的願景。

Nick Altmann, Scotiabank.

尼克·阿爾特曼，豐業銀行。

Awesome.

驚人的。

Just a quick one, but I think you guys said there was 60% growth in 100-plus deals for Service Hub customers, which is pretty interesting.

只是簡單介紹一下，但我想你們說過 Service Hub 客戶的 100 多項交易成長了 60%，這非常有趣。

But can you maybe just unpack how much of that is driven by larger lands or cross-selling some of those larger customers versus perhaps a little bit of better seat expansion or stabilization in Service Hub

但你能否分析其中有多少是由更大的土地或交叉銷售一些較大的客戶驅動的，而不是服務中心更好的座位擴展或穩定性

.

。

Yes, that's a great question.

是的，這是一個很好的問題。

Look, I'm very excited about the innovation that's happening in Service Hub, and I think the product team and the gold market teams have made excellent progress over the last 18 months.

看，我對 Service Hub 中發生的創新感到非常興奮，我認為產品團隊和黃金市場團隊在過去 18 個月中取得了出色的進展。

It's not one thing.

這不是一回事。

It's the fact that we have consistently innovated in Service Hub.

事實上，我們在 Service Hub 上一直在不斷創新。

Last year, there was a lot of Pro features that we launched within the market.

去年，我們在市場上推出了許多專業版功能。

And this year, there were -- I'd say two big unlocks.

今年，我想說有兩個重大解鎖。

The first is leveraging AI within support our customer agent.

第一個是利用人工智慧來支援我們的客戶代理。

I talked a little bit about the success that we are seeing with customer agents that is helping our customers do faster self-serve with better knowledge bases and then more importantly, also helps handle some portion of the ticket, typically between 20% to 40%, and that has been great.

我談到了我們與客戶代理取得的成功，這些成功幫助我們的客戶利用更好的知識庫更快地進行自助服務，更重要的是，還幫助處理了部分票證，通常在20% 到40% 之間，那真是太棒了。

I think the second part is that as we talk to a lot of our customers and prospects, we heard from them the need for having both support as well as customer success in one place.

我認為第二部分是，當我們與許多客戶和潛在客戶交談時，我們從他們那裡聽到了需要在一個地方同時獲得支援和客戶成功的需求。

And therefore, earlier this year, as part of the spotlight, we launched a workspace for both customer success and for support, so it can drive retention and improvement.

因此，今年早些時候，作為焦點的一部分，我們推出了一個致力於客戶成功和支援的工作空間，因此它可以推動保留和改進。

And then there's a steady drumbeat of offering better SLA management, better routing, more granular permission management.

然後，我們不斷鼓吹提供更好的 SLA 管理、更好的路由、更精細的權限管理。

All of these are the ones that upmarket customers have been asking us for in service hub.

所有這些都是高端客戶一直在服務中心向我們提出的要求。

And look, I think if you step back, we did this with Sales Hub.

看，我想如果你退後一步，我們透過 Sales Hub 做到了這一點。

We started with a set of features.

我們從一組功能開始。

We consistently had a drumbeat of improving the product till it got to be a front door, we're doing the same thing with Service Hub.

我們一直在大力改進產品，直到它成為一個前門，我們正在對 Service Hub 做同樣的事情。

And I really feel good about where we are going with Service Hub.

我對 Service Hub 的發展方向感到非常滿意。

And therefore, we see it both in terms of new lands as well as expansion within our customer base.

因此，我們從新土地和客戶群擴張的角度來看這一點。

Adam Holets, BMO.

亞當·霍爾茨，BMO。

It's Keith Bachman here.

我是基斯·巴赫曼。

I wanted to ask a question also on growth.

我還想問一個關於成長的問題。

And I'll break it into a couple of different parts.

我將把它分成幾個不同的部分。

One, you talked about customer growth was 23%.

第一，您談到客戶成長率為 23%。

Is there any growth metric you can give us on what was seat growth or a minimum was secret faster or slower than the customer growth?

您是否可以向我們提供任何成長指標來衡量座位成長或最低秘密比客戶成長快或慢？

And the second is, how should we think about that seat growth or customer versus customer growth as we sort of tune our models for '25?

第二個問題是，當我們調整 25 世紀的模型時，我們應該如何考慮座位成長或客戶成長與客戶成長？

And part of that is what I'm thinking about is as we get into it, ASRPC is being impacted by growth of lower-end seats.

我正在考慮的一部分是，當我們進入這個領域時，ASRPC 正在受到低端席位成長的影響。

And as you anniversary the pricing model changes, does that continue on that ASRPC will grow will have a negative growth rate?

隨著定價模式變化，ASRPC 的成長是否會出現負成長率？

Or do you anniversary it and all the innovation can flow through so that we could think about ASRPC perhaps beginning to grow next year?

或者你是否慶祝它的周年紀念，所有的創新都可以流通，以便我們可以考慮 ASRPC 也許明年開始成長？

Yes.

是的。

Keith, I know there's sort of a lot of moving pieces in the growth equation and the ASRPC equation.

Keith，我知道成長方程式和 ASRPC 方程式中有很多變化的部分。

I would just take a step back and reflect a little bit on the seed pricing model change that we made.

我只想退後一步，反思一下我們對種子定價模型所做的改變。

And we made the change to lower the barrier to entry for customers to get started and then to upgrade and grow with HubSpot.

我們做出的改變是為了降低客戶入門門檻，然後透過 HubSpot 進行升級和發展。

And one of the ways is that they purchase what they need upfront and then they grow over time.

其中一種方法是他們預先購買所需的東西，然後隨著時間的推移而成長。

And the assumption was that we would see higher net revenue retention from those customers.

假設我們會看到這些客戶的淨收入留任率較高。

And I think the highlight of the seeds model change so far has been that, that sort of assumption that we had has truly played out.

我認為迄今為止種子模型變化的亮點在於，我們的那種假設已經真正實現了。

And so we have seen in those early cohorts that the customers who joined on the Seats model have higher upgrade rates and are upgrading and adding seats and have a higher net revenue retention.

因此，我們在這些早期群體中看到，加入席位模型的客戶具有更高的升級率，並且正在升級和增加席位，並且擁有更高的淨收入保留。

By definition, that means that it's growing faster than our sort of overall growth but we have not shared the specific data point around that.

根據定義，這意味著它的成長速度快於我們的整體成長速度，但我們尚未分享具體的數據點。

Thank you.

謝謝。

This concludes the HubSpot third-quarter 2024 earnings call.

HubSpot 2024 年第三季財報電話會議到此結束。

Thank you to everyone who was able to join us today.

感謝今天能夠加入我們的所有人。

You may now disconnect your lines.

現在您可以斷開線路。