HubSpot Inc (HUBS) 2024 Q4 法說會逐字稿

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80% of website chat inquiries, making our chat teams more efficient while delivering great customer experiences.

80% 的網站聊天查詢，使我們的聊天團隊更有效率，同時提供出色的客戶體驗。

And we're transforming sales prospecting.

我們正在改變銷售前景。

AI-powered and automated communications generated over 10,000 meetings for our sales team in Q4 alone.

僅在第四季度，人工智慧驅動的自動化通訊就為我們的銷售團隊促成了超過 10,000 次會議。

AI is helping us work smarter, serve customers better and lead by example.

人工智慧正在幫助我們更聰明地工作、更好地服務客戶並發揮示範作用。

And this is just the beginning of an exciting journey of transformation with AI.

這只是人工智慧轉型令人興奮的旅程的開始。

Okay.

好的。

Our AI efforts are gaining momentum.

我們的人工智慧努力正在蓬勃發展。

But the bigger question is, how will HubSpot lead and win in an AI-first future?

但更大的問題是，HubSpot 將如何在 AI 優先的未來中引領並獲勝？

The answer is clear.

答案是清楚的。

We will win for three key reasons.

我們將會勝利，主要有三個原因。

First, we unify structured and unstructured data.

首先，我們統一結構化資料和非結構化資料。

Second, we provide complete context across the entire customer journey.

其次，我們提供整個客戶旅程的完整背景資訊。

And three, we have the industry's most active AI agent ecosystem connecting AI builders and users.

第三，我們擁有業界最活躍的人工智慧代理生態系統，連結人工智慧建構者和使用者。

First, agents rely on great data to succeed, and HubSpot is uniquely positioned here.

首先，代理商依靠大量數據來獲得成功，而 HubSpot 在這方面具有獨特的優勢。

The need for structured data, customer company contact record and the meeting for access and reporting on that data does not go away.

對於結構化資料、客戶公司聯絡記錄以及存取和報告這些資料的會議的需求不會消失。

This is where HubSpot already excels.

這正是 HubSpot 已經擅長的領域。

But agents also need unstructured data, the 80% of data in calls, e-mails and transcripts, which reveal deeper insights into customer needs.

但代理商還需要非結構化數據，即通話、電子郵件和記錄中的 80% 的數據，這些數據可以更深入地揭示客戶需求。

So for example, imagine an agent creating a list of sales calls that made reference to a specific competitor.

舉例來說，假設一位代理商創建了一份提到特定競爭對手的銷售電話清單。

That is using unstructured data.

這就是使用非結構化資料。

Now you can filter that list and only include the deals that were won.

現在您可以過濾該清單並僅包含贏得的交易。

That's using structured data.

這就是使用結構化資料。

Now you can use the transcripts and summarize the key points that seem to be most effective in winning against that competitor.

現在，您可以使用這些記錄並總結出那些似乎最有效的擊敗競爭對手的關鍵點。

The combination of structured and unstructured data is a game changer and our acquisition of frame.ai takes this to a whole new level by doing this in real time.

結構化資料和非結構化資料的結合改變了遊戲規則，我們對 frame.ai 的收購透過即時實現這一目標將其提升到了一個全新的水平。

Second, AI agents need more than just data.

其次，人工智慧代理需要的不只是數據。

They need context.

他們需要背景。

Siloed agents that solve task specific problems will fall short just like siloed point applications did.

解決特定任務問題的孤立代理程式將會像孤立點應用程式一樣失敗。

Now HubSpot's all-in-one approach unifying a system of record with data, a system of engagement with hubs, and a system of action with AI-powered execution ensures that agents have the context they need across the entire customer journey.

現在，HubSpot 的一體化方法將記錄與資料系統、參與中心系統和行動與人工智慧執行系統統一起來，確保代理商在整個客戶旅程中都能獲得所需的背景資訊。

Finally, we've been investing in creating a vibrant agent ecosystem.

最後，我們一直在投資創造充滿活力的代理生態系統。

We think the future is about hybrid team consisting of both people and AI agents working together.

我們認為未來是一個由人類和人工智慧代理共同組成的混合團隊。

To realize this vision, we've been incubating agent.ai , a project to create a network of AI agents.

為了實現這個願景，我們一直在孵化agent.ai，一個創建人工智慧代理網路的專案。

We've grown the user base of agent.ai over 10 times in 6 months, from 50,000 users at inbound to over 500,000 users, and empowered over 5,000 builders to create agents with our low-code tool.

我們在 6 個月內將 agent.ai 的用戶群擴大了 10 倍多，從最初的 50,000 名用戶增加到超過 500,000 名用戶，並且幫助超過 5,000 名建造者使用我們的低程式碼工具創建代理。

By combining the best structured and unstructured data, providing complete context about the customer and following an ecosystem-centric approach, we are helping our customers seamlessly shift to the age of AI.

透過結合最佳的結構化和非結構化資料、提供有關客戶的完整背景資訊並遵循以生態系統為中心的方法，我們正在幫助客戶無縫轉向人工智慧時代。

Okay.

好的。

Let me wrap up by highlighting our strategy and the levers for growth that will drive long-term success.

最後，我想強調我們的策略以及推動長期成功的成長槓桿。

We are entering this year with more clarity on strategy, more alignment on outcomes, and more urgency in execution than ever before.

進入今年，我們的策略比以往任何時候都更加清晰，成果比以往任何時候都更加一致，執行比以往任何時候都更加緊迫。

We will double down on our customer focus and make our products easy, fast, unified and AI first.

我們將加倍專注於客戶，讓我們的產品變得簡單、快速、統一併且以人工智慧為先。

On the product side, you can expect to see us make meaningful progress with brief Copilots, agents and the AI platform layer that will power all AI offerings.

在產品方面，您可以期待看到我們在簡短的 Copilot、代理商和為所有 AI 產品提供支援的 AI 平台層方面取得有意義的進展。

We will continue to build deeper upmarket functionality while making onboarding and ever boarding easier within our product.

我們將繼續建立更深層的高端功能，同時使我們的產品的入職和後續登機更加容易。

We are excited to unveil a host of new capabilities at our spring spotlight in April and later at inbound in September.

我們很高興在四月份的春季焦點活動和九月份的入站活動中推出一系列新功能。

Now in terms of growth, we will focus on 4 key levers.

現在就成長而言，我們將重點放在四個關鍵槓桿。

Rep-driven growth, with targeted head count investments that match the opportunity.

以代表為導向的成長，並有針對性地進行與機會相符的員工投資。

Improved retention and downgrades, driven by more product usage, building on the progress we made in 2024.

由於產品使用量增加，保留率和降級率有所提高，這鞏固了我們在 2024 年取得的進展。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Hold on operator.

稍等一下，接線生。

We had some technical difficulties at the start, and I guess the webcast didn't start on time.

我們一開始遇到了一些技術故障，所以網路直播沒有按時開始。

So some folks missed some of the beginning comments.

因此有些人錯過了一些開頭的評論。

So we're going to turn it over to Yamini to give us her comments again, so she's going to start from the top right now.

因此我們將把時間交給 Yamini 再次發表評論，所以她現在將從頭開始。

So I'll turn it over to Yamini now.

現在我將把話題交給 Yamini。

Yamini?

亞米尼？

Okay.

好的。

Thank you, Ryan.

謝謝你，瑞安。

And sorry about the technical difficulties.

對於技術上遇到的困難，我們深感抱歉。

We'll start the call now.

我們現在開始通話。

Thanks, and welcome, everyone, to the call.

謝謝並歡迎大家參加電話會議。

I'll begin with our Q4 and 2024 results and the consistencies themes driving those results.

我將從我們的第四季和 2024 年業績以及推動這些業績的一致性主題開始。

Then I want to switch gears and highlight our strong momentum in AI, how we're positioned to lead and win with AI and the multiple growth levers we are activating to drive long-term success.

然後，我想換個話題，強調我們在人工智慧領域的強勁勢頭，我們如何在人工智慧領域引領和取勝，以及我們為推動長期成功而啟動的多種成長槓桿。

Let's dive in.

讓我們開始吧。

We had a solid finish to 2024, highlighting our leadership as a platform company.

我們在 2024 年取得了圓滿的成績，彰顯了我們作為平台公司的領導地位。

Q4 revenue grew 20% year-over-year in constant currency and full year 2024 revenue grew 21% in constant currency.

以固定匯率計算，第四季營收年增 20%，以固定匯率計算，2024 年全年營收成長 21%。

We delivered another quarter of standout operating profit growth, with operating margin of 19% in Q4, and 17.5% for the full year, up 200 basis points year-over-year.

我們又一個季度實現了出色的營業利潤增長，第四季度營業利潤率為 19%，全年營業利潤率為 17.5%，同比增長 200 個基點。

We're consistently balancing growth and profitability as we scale.

我們在擴大規模的同時，不斷平衡成長和獲利能力。

Our customer base expanded to 248,000 customers globally with over 9,800 net customer additions in the quarter.

我們的客戶群擴大至全球 248,000 名客戶，本季淨新增客戶超過 9,800 名。

These results underscore the trust our customers have in our platform as they consolidate on HubSpot and rely on our innovation to scale in any environment.

這些結果強調了我們的客戶對我們平台的信任，因為他們在 HubSpot 上進行整合並依靠我們的創新在任何環境中進行擴展。

Now beyond the results, what truly excites me are the consistent themes driving our performance.

除了結果之外，真正令我興奮的是推動我們表現的一貫主題。

Our momentum in 2024 was driven by growing multi-hub adoption, strong upmarket and our market success, improvements in retention and product innovation. 2024 was a defining year, one that cemented our position as a leading customer platform for scaling companies and mark a transformative leap in our evolution as an AI-first platform.

我們在 2024 年的發展勢頭得益於不斷增長的多中心採用、強勁的高端市場和我們的市場成功、保留率的提高和產品創新。 2024 年是決定性的一年，它鞏固了我們作為擴展公司領先客戶平台的地位，並標誌著我們作為 AI 優先平台的轉型飛躍。

We made significant strides with the unified customer platform with multi-hub adoption reaching new heights.

我們在統一客戶平台方面取得了重大進展，多中心採用達到了新的高度。

Over 35% of our Pro+ customers by ARR now use four or more hubs, up 7% year-over-year, clear proof of the value of our unified customer platform.

以 ARR 計算，我們超過 35% 的 Pro+ 客戶現在使用四個或更多的樞紐，比去年同期成長 7%，這充分證明了我們統一客戶平台的價值。

In the upmarket segment, momentum was driven by product innovation, growing awareness of HubSpot as a platform and strong execution with partners in our ecosystem.

在高端市場，產品創新、HubSpot 作為平台的知名度不斷提高以及與我們生態系統中的合作夥伴的強大執行力推動了這一發展勢頭。

Large deals grew 21% year-over-year, driven by key product advancements like sensitive data support, UI extensions and CRM development tools for deeper customization, and enterprise-grade service hub capabilities that resonate with larger teams.

大型交易年增 21%，這得益於敏感資料支援、UI 擴展和 CRM 開發工具等關鍵產品的進步，以實現更深層次的定制，以及與更大團隊產生共鳴的企業級服務中心功能。

Awareness of HubSpot as a customer platform improved by 7 points globally.

全球對 HubSpot 作為客戶平台的認知度提高了 7 個百分點。

And our partner ecosystem is driving success with cold selling increasing by 68% year-over-year.

我們的合作夥伴生態系統正在推動成功，冷銷售年增 68%。

In the down market segment, the pricing model change we introduced, combined with AI innovation, laid a strong foundation for growth.

在低端市場領域，我們引入的定價模式變革，結合人工智慧創新，為成長奠定了強勁基礎。

By lowering initial prices and removing seat minimum, we made it easier for teams to start and grow with HubSpot, accelerating customer acquisition and driving seed upgrades.

透過降低初始價格和取消最低座位數，我們讓團隊更容易使用 HubSpot 起步和發展，加速客戶取得並推動種子升級。

We also improved the overall experience for startup customers with better onboarding and ever boarding.

我們也透過更好的入職和日常入職改善了新創客戶的整體體驗。

And finally, retention was a consistent theme in 2024.

最後，留存是 2024 年的一個不變的主題。

Our focused efforts across product and customer success teams led to increased usage, fewer downgrades and reduce churn.

我們整個產品和客戶成功團隊的集中努力導致了使用率的提高、降級的減少和客戶流失的降低。

It's really exciting to see customers finding lasting value with HubSpot and the consistent themes driving our results demonstrate our momentum as a platform.

看到客戶透過 HubSpot 發現持久的價值並且推動我們取得成果的一致主題證明了我們作為一個平台的動力，這確實令人興奮。

Okay.

好的。

Let's switch gears and talk about AI 2024 was a transformative year for HubSpot as we reimagined our products, our platform and our entire company with AI.

讓我們換個話題，談談人工智慧 2024 年是 HubSpot 改變的一年，因為我們用人工智慧重新構想了我們的產品、我們的平台和整個公司。

We are committed to becoming the AI-first customer platform by embedding AI into every hub and across the entire platform.

我們致力於透過將人工智慧嵌入每個中心和整個平台，成為人工智慧優先的客戶平台。

To deliver on this vision, we launched a Copilot that gives every customer-facing employee a digital assistant to work with.

為了實現這個願景，我們推出了 Copilot，為每位面向客戶的員工提供一位數位助理。

AI agents that handle contact sensitive tasks out of the box, and 80-plus AI features embedded within our hubs.

可開箱即用地處理接觸敏感任務的 AI 代理，以及嵌入我們中心的 80 多種 AI 功能。

Content Hub and AI First Hub launched in early 2024, was the fastest-growing hub of the year.

內容中心和 AI First Hub 於 2024 年初推出，是今年成長最快的中心。

Its attach rate to Marketing Hub increased from 13% at the start of the year to 54% in December, driven by the success of content remix, our most popular AI feature.

由於我們最受歡迎的 AI 功能內容混音的成功，其對行銷中心的附加率從年初的 13% 上升至 12 月的 54%。

We've continued to innovate with new capabilities like multi-input remix, podcast and case study remix, enabling customers to create impactful content faster than ever.

我們不斷創新，推出多輸入混音、播客和案例研究混音等新功能，使客戶能夠比以往更快地創作出有影響力的內容。

Service Hub is seeing strong upmarket growth driven by AI-powered enterprise features.

在人工智慧企業功能的推動下，Service Hub 正在實現強勁的高端成長。

New service of enterprise portals grew 100% quarter-over-quarter in Q4, and customers with 100-plus seats increased 54% year-over-year.

第四季企業入口網站新業務較上季成長100%，100座以上客戶數量較去年同期成長54%。

New help desk and customer success workspaces with AI features like call summaries, ticket summaries and reply recommendations are seeing strong adoption and delivering value to larger teams.

具有呼叫摘要、票證摘要和回覆建議等人工智慧功能的新服務台和客戶成功工作區正在廣泛採用，並為更大的團隊帶來價值。

Breeze Copilot is beginning to crack.

Breeze Copilot 開始出現裂縫。

We now have over 75,000 weekly active users on Copilot.

目前，Copilot 每周有超過 75,000 名活躍用戶。

Our customers are adopting Copilot because it's easy to use and in the flow of their work, unique advantages with HubSpot.

我們的客戶採用 Copilot 是因為它易於使用，並且在工作流程中具有 HubSpot 的獨特優勢。

Breeze agents are beginning to deliver value for customers, especially customer agent and content agent.

Breeze 代理商開始為客戶提供價值，尤其是客戶代理商和內容代理商。

Customer Agent is now available to all Service Hub Pro+ customers with over 1,340 customers using it to achieve an average resolution rate of 42%.

客戶代理現已可供所有 Service Hub Pro+ 客戶使用，超過 1,340 名客戶使用它，平均解決率達到 42%。

We're still in early days, but customers are beginning to see value, and as one of our customers Transcript is shared, implementing the customer agent has been transformative.

我們仍處於早期階段，但客戶已經開始看到價值，正如我們的一位客戶所分享的，實施客戶代理已經發生了變革。

What used to be manual, time-intensive process is now streamlined and efficient.

過去需要手動且耗時的流程現在變得精簡且有效率。

Content Agent is also gaining traction with some of our most active users leveraging it to publish over 80% of their blogs.

內容代理也越來越受到關注，我們的一些最活躍的用戶利用它來發布超過 80％ 的部落格。

This is helping businesses optimize workflows and produce more effective content with less effort.

這有助於企業優化工作流程並以較少的努力製作出更有效的內容。

While it's still early days for Breeze Copilot Agents and our embedded AI features, the momentum we built in 2024 with AI is exciting.

雖然 Breeze Copilot Agents 和我們的嵌入式 AI 功能仍處於早期階段，但我們在 2024 年利用 AI 建立的勢頭令人興奮。

What is equally exciting is how we are using AI to transform the way we work internally at HubSpot.

同樣令人興奮的是我們如何利用人工智慧來改變 HubSpot 內部的工作方式。

By experimenting boldly with AI, we're showing our customers what's possible with AI.

透過大膽嘗試人工智慧，我們向客戶展示了人工智慧的可能性。

Our AI support bot now handles over 35% of support tickets while maintaining high customer satisfaction, and we are working to get this to over 50% in 2025.

我們的 AI 支援機器人現在可以處理超過 35% 的支援單，同時保持較高的客戶滿意度，我們正在努力在 2025 年將這一比例提高到 50% 以上。

This has enabled us to grow our customer base without adding more support staff, freeing our team to focus on solving more complex issues.

這使得我們無需增加更多支援人員即可擴大客戶群，使我們的團隊能夠專注於解決更複雜的問題。

Similarly, our AI sales bot is resolving over 80% of website chat inquiries, making our chat teams more efficient, while delivering great customer experiences.

同樣，我們的 AI 銷售機器人解決了 80% 以上的網站聊天查詢，提高了我們的聊天團隊的效率，同時提供了出色的客戶體驗。

And we're transforming sales prospecting.

我們正在改變銷售前景。

AI-powered and automated communications generated over 10,000 meetings for our sales teams in Q4 alone.

僅在第四季度，人工智慧驅動的自動化通訊就為我們的銷售團隊促成了超過 10,000 次會議。

AI is helping us work smarter, serve customers better and lead by example.

人工智慧正在幫助我們更聰明地工作、更好地服務客戶並發揮示範作用。

And this is just the beginning of an exciting journey of transformation with AI.

這只是人工智慧轉型令人興奮的旅程的開始。

Okay.

好的。

Our AI efforts are gaining momentum.

我們的人工智慧努力正在蓬勃發展。

But the bigger question is, how will HubSpot lead and win in an AI-first future?

但更大的問題是，HubSpot 將如何在 AI 優先的未來中引領並獲勝？

The answer is clear.

答案是清楚的。

We will win for three key reasons.

我們將會勝利，主要有三個原因。

First, we unify structure and unstructured data.

首先，我們統一結構化和非結構化資料。

Second, we provide complete context across the entire customer journey.

其次，我們提供整個客戶旅程的完整背景資訊。

And third, we have the industry's most active AI agent ecosystem, connecting AI builders and users.

第三，我們擁有業界最活躍的AI代理生態系統，連結AI建構者和使用者。

First, agents rely on great data to succeed, and HubSpot is uniquely positioned here.

首先，代理商依靠大量數據來獲得成功，而 HubSpot 在這方面具有獨特的優勢。

The need for structured data like customer, company contact records and the need for access and reporting on the data does not go away.

對於客戶、公司聯繫記錄等結構化資料的需求以及對資料的存取和報告的需求不會消失。

This is where HubSpot already excels.

這正是 HubSpot 已經擅長的領域。

But agents also need unstructured data, the 80% of data in calls, e-mails and transcripts, which reveal deeper insights into customer needs.

但代理商還需要非結構化數據，即通話、電子郵件和記錄中的 80% 的數據，這些數據可以更深入地揭示客戶需求。

For example, imagine an agent creating a list of calls that made a reference to a specific competitor.

例如，假設一個代理人建立了一個提及特定競爭對手的通話清單。

Well, that's using unstructured data.

嗯，這是使用非結構化資料。

Now you can filter that list and only include the deals that were won.

現在您可以過濾該清單並僅包含贏得的交易。

That is using structured data.

這就是使用結構化資料。

Now you can use the transcripts and summarize the key points that seem to be the most effective in winning against that competitor.

現在，您可以使用這些記錄並總結出那些似乎最有效的擊敗競爭對手的關鍵點。

The combination of structured and unstructured data is a game changer and our acquisition of Frame.ai takes this to a whole new level by doing it in real time.

結構化資料和非結構化資料的結合改變了遊戲規則，我們對 Frame.ai 的收購透過即時實現將這一結合提升到了一個全新的水平。

Second, AI agents need more than just data.

其次，人工智慧代理需要的不只是數據。

They need context.

他們需要背景。

Siloed agents that solve task specific problems will fall short just like siloed point applications did.

解決特定任務問題的孤立代理程式將會像孤立點應用程式一樣失敗。

HubSpot all on one approach, unifying a system of record with data, a system of engagement with hubs, and a system of action with AI-powered execution ensures that agents have the context they need across the entire customer journey.

HubSpot 採用一體化方法，將記錄系統與資料、參與中心系統和行動系統與人工智慧執行系統統一起來，確保代理商在整個客戶旅程中都能獲得所需的背景資訊。

Finally, we have been investing in creating a vibrant agent ecosystem.

最後，我們一直在投資創造充滿活力的代理生態系統。

We think the future is about hybrid teams consisting of both people and AI agents working together.

我們認為未來是一個由人類和人工智慧代理共同組成的混合團隊。

To realize this vision, we've been incubating agent.ai, a project to create a network of AI agents.

為了實現這個願景，我們一直在孵化agent.ai，一個創建人工智慧代理網路的專案。

We've grown the user base of agent.ai over 10 times in 6 months, from 50,000 users at inbound to over 500,000 users, and empowered over 5,000 builders to create agents with our low-code tool.

我們在 6 個月內將 agent.ai 的用戶群擴大了 10 倍多，從最初的 50,000 名用戶增加到超過 500,000 名用戶，並且幫助超過 5,000 名建造者使用我們的低程式碼工具創建代理。

By combining the best structured and unstructured data, providing complete context about the customer and following an ecosystem-centric approach, we are helping our customers seamlessly shift to the age of AI.

透過結合最佳的結構化和非結構化資料、提供有關客戶的完整背景資訊並遵循以生態系統為中心的方法，我們正在幫助客戶無縫轉向人工智慧時代。

Okay.

好的。

Let me wrap by highlighting our strategy and the levers for growth that will drive long-term success.

最後，我想強調我們的策略以及推動長期成功的成長槓桿。

We are entering this year with more clarity on strategy, more alignment on outcomes and more urgency in execution than ever before.

進入今年，我們的策略比以往任何時候都更加清晰，成果比以往任何時候都更加一致，執行比以往任何時候都更加緊迫。

We will double down on our customer focus and make our products easy, fast, unified and AI first.

我們將加倍專注於客戶，讓我們的產品變得簡單、快速、統一併且以人工智慧為先。

On the product side, you can expect to see us make meaningful progress with brief Copilots, brief agents and the AI platform layer that will power all AI offerings.

在產品方面，您可以期待看到我們在簡短的 Copilot、簡短的代理商和為所有 AI 產品提供支援的 AI 平台層方面取得有意義的進展。

We will continue to build deeper upmarket functionality while making onboarding and everboarding easier within our product.

我們將繼續建立更深層的高端功能，同時使我們的產品的入門和永久入門變得更加容易。

We will -- we are excited to unveil a host of new capabilities at our spring spotlight in April and later at inbound in September.

我們將 — — 我們很高興在四月份的春季焦點活動和九月份的入站活動中推出一系列新功能。

Now in terms of growth, we will focus on four key levers.

現在就成長而言，我們將重點放在四個關鍵槓桿。

Rep-driven growth with targeted head count investments that match the opportunity.

透過與機會相符的目標員工數量投資來推動代表成長。

Improved retention and downgrades driven by more product usage, building on the progress we made in 2024.

由於產品使用量增加，保留率和降級有所提高，這鞏固了我們在 2024 年取得的進展。

Migration to new pricing, creating tailwinds from feed upgrades and renewal price lift post migration.

遷移到新的定價方式，透過飼料升級和遷移後更新價格上漲創造順風。

And ongoing product innovation with AI, which will be another tailwind for customer acquisition and expansion.

利用人工智慧不斷進行產品創新，這將成為獲取和拓展客戶的另一個順風。

Together, these levers provide a clear and sustainable path for long-term growth.

這些槓桿共同為長期成長提供了清晰且永續的道路。

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

接下來，我將把話題交給我們的財務長 Kate Bueker，讓她向您介紹我們的財務和營運績效。

Kate?

凱特？

Thanks, Yamini.

謝謝，Yamini。

Let's turn to our fourth quarter and full year 2024 financial results.

讓我們來看看我們的 2024 年第四季和全年財務表現。

Full year 2024 revenue grew 21% year-over-year in both constant currency and as reported.

2024 年全年營收按固定匯率和報告計算年增 21%。

Full year subscription revenue grew 21% year-over-year, while services and other revenue increased 24%, both on an as-reported basis.

根據報告，全年訂閱收入年增 21%，服務和其他收入成長 24%。

Q4 revenue grew 20% year-over-year in constant currency and 21% on an as-reported basis.

以固定匯率計算，第四季營收年增 20%，按報告計算，成長 21%。

Subscription revenue grew 21% year-over-year, while services and other revenue increased 36% on an as-reported basis.

訂閱收入較去年同期成長21%，服務和其他收入則較去年同期成長36%。

Q4 domestic revenue grew 19% year-over-year.

第四季國內營收年增19%。

International revenue growth was 20% in constant currency and 23% as reported, representing 47% of total revenue.

以固定匯率計算，國際營收成長 20%，報告營收成長 23%，佔總營收的 47%。

We added over 9,800 net new customers in Q4, ending the year with a total of nearly 248,000 customers, growing 21% year-over-year.

我們在第四季淨增超過 9,800 名新客戶，截至年底，客戶總數接近 248,000 名，年增 21%。

Average subscription revenue per customer was $11,300 in Q4, down 1% year-over-year in constant currency and roughly flat on an as-reported basis.

第四季每位客戶的平均訂閱收入為 11,300 美元，以固定匯率計算年減 1%，並以報告基礎計算基本持平。

Q4 customer dollar retention remained healthy in the high 80s and net revenue retention increased 2 points sequentially to 104%, reflecting the continued momentum in seed expansion from customers on the new seats based pricing model.

第四季客戶美元保留率仍維持在 80% 左右的健康水平，淨收入保留率環比增長 2 個百分點，達到 104%，反映出在新的基於席位的定價模式下客戶種子擴張的持續勢頭。

While we're encouraged by the improvements we saw in Q4, we expect to see a seasonal downtick in net revenue retention in Q1.

雖然我們對第四季度的改善感到鼓舞，但我們預計第一季淨收入保留將出現季節性下降。

For the full year of 2025, we expect net revenue retention to be up a couple of points year-over-year, largely from the pricing model change we made in early 2024.

對於 2025 年全年而言，我們預計淨收入保留率將同比增長幾個點，這主要歸功於我們在 2024 年初做出的定價模型改變。

Calculated billings were $768 million in Q4, growing 21% year-over-year in constant currency and 16% on an as-reported basis.

第四季計算的帳單為 7.68 億美元，以固定匯率計算年增 21%，以報告基礎計算成長 16%。

The significant strengthening of the US dollar at the end of the quarter, and its impact on deferred revenue, resulted in an overall 5-point FX headwind to as reported billings growth.

季度末美元大幅走強及其對遞延收入的影響，導致報告的營業額成長整體遭遇 5 個百分點的外匯阻力。

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準則指標。

Q4 operating margin was 19% and full year operating margin was 17.5%, both up 2 points compared to the year ago period.

第四季營業利益率為19%，全年營業利益率為17.5%，均較去年同期上升2個百分點。

This reflects our continued progress in optimizing our product infrastructure, focused hiring and the impact from the changes to our partner commission structure.

這反映了我們在優化產品基礎設施、重點招募以及合作夥伴佣金結構變化的影響方面取得的持續進展。

Net income was $125 million in Q4, or $2.32 per fully diluted share.

第四季淨收入為 1.25 億美元，即每股攤薄收入 2.32 美元。

Free cash flow was $163 million, or 23% of revenue in Q4, and $488 million, or 19% of revenue for the full year.

第四季自由現金流為 1.63 億美元，佔營收的 23%，全年自由現金流為 4.88 億美元，佔營收的 19%。

Finally, our cash and marketable securities totaled $2.2 billion at the end of December.

最後，截至 12 月底，我們的現金和有價證券總額為 22 億美元。

Before I dive into guidance, I wanted to highlight several key inputs to our 2025 growth profile.

在深入介紹指導之前，我想強調我們 2025 年成長概況的幾個關鍵輸入。

First, we expect a continued strong foundation of product usage and customer retention.

首先，我們預期產品使用和客戶保留的基礎將持續保持強勁。

Our seats based pricing model will benefit 2025 revenue as customers come up for their first renewal post migration, and we will continue to invest in go-to-market capacity.

隨著客戶在遷移後首次進行續約，我們基於座位的定價模型將有利於 2025 年的收入，並且我們將繼續投資於市場容量。

Second, while we have seen small business sentiment improve, we continue to see value-driven purchase behavior, and we assume that this will be the case throughout the year.

其次，雖然我們看到小型企業信心有所改善，但我們仍然看到價值驅動的購買行為，我們假設全年都會出現這種情況。

Finally, the US dollar has strengthened meaningfully since we reported Q3 results in November.

最後，自我們 11 月公佈第三季業績以來，美元已大幅走強。

As a result, at current spot rates, we expect foreign exchange to be an approximately 200 basis point headwind to 2025 revenue growth, and a 50 basis point headwind to operating profit margin.

因此，以當前現貨匯率計算，我們預期外匯將對 2025 年的營收成長造成約 200 個基點的阻力，對營業利潤率造成 50 個基點的阻力。

With that, let's dive into guidance for the full year and the first quarter of 2025.

接下來，讓我們深入了解 2025 年全年和第一季的指導。

For the full year of 2025, total as reported revenue is expected to be in the range of $2.985 billion to $2.995 billion, up 16% year-over-year in constant currency and 14% on an as-reported basis.

2025 年全年，報告總收入預計在 29.85 億美元至 29.95 億美元之間，以固定匯率計算年增 16%，按報告基礎計算增長 14%。

Non-GAAP operating profit is expected to be between $543 million and $547 million, representing an 18% operating profit margin.

非公認會計準則營業利潤預計在 5.43 億美元至 5.47 億美元之間，營業利潤率為 18%。

Non-GAAP diluted net income per share is expected to be between $9.11 and $9.19. This assumes 53.9 million fully diluted shares outstanding.

非公認會計準則每股攤薄淨利潤預計在 9.11 美元至 9.19 美元之間。假設完全稀釋後流通股數為 5,390 萬股。

And for the first quarter, total as reported revenue is expected to be in the range of $697 million to $699 million, up 15% year-over-year in constant currency and 13% on an as-reported basis.

第一季度，預計總報告營收在 6.97 億美元至 6.99 億美元之間，以固定匯率計算年增 15%，按報告基礎計算成長 13%。

Non-GAAP operating profit is expected to be between $98 million and $99 million, representing a 14% operating profit margin.

非公認會計準則營業利潤預計在 9,800 萬美元至 9,900 萬美元之間，營業利潤率為 14%。

We expect a little over 1 point headwind to operating profit margin in Q1 due to an increase in the company match rate of our 401(k) contributions.

由於公司 401(k) 繳款匹配率增加，我們預計第一季營業利潤率將下降 1 個百分點以上。

Non-GAAP diluted net income per share is expected to be between $1.74 and $1.76. This assumes 54.1 million fully diluted shares outstanding.

非公認會計準則每股攤薄淨利潤預計在 1.74 美元至 1.76 美元之間。假設完全稀釋後流通股數為 5,410 萬股。

As you adjust your models, please keep in mind the following.

當您調整模型時，請記住以下幾點。

We are excited with the recent launch and multiyear growth opportunity of our Breeze Intelligence product.

我們對 Breeze Intelligence 產品的近期發布和多年成長機會感到非常興奮。

We expect a little less than 1 point of headwind to 2025 revenue growth.

我們預計 2025 年營收成長將面臨不到 1 個百分點的阻力。

We are excited with the recent launch and multi-year growth opportunity of our Breeze Intelligence product.

我們對 Breeze Intelligence 產品的近期發布及其多年的成長機會感到非常興奮。

We expect a little less than a point of headwind to 2025 revenue growth.

我們預計 2025 年營收成長將面臨略低於 1 個百分點的阻力。

Ladies and gentlemen, please remain on your lines.

女士們、先生們，請保持你們的隊伍。

Please remain on your lines.

請保持您的線路。

So again, ladies and gentlemen, please remain on your lines.

所以，女士們、先生們，請繼續保持自己的路線。

Your conference will resume momentarily.

您的會議將立即恢復。

(technical difficulty)

（技術難度）

Operator?

操作員？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Okay.

好的。

We seem to be having more telephone or technical difficulties here.

我們這裡似乎遇到了更多的電話或技術困難。

Kate's going to pick up where she left off, on the guidance section.

凱特將從指導部分繼續她之前的工作。

Apologies to everybody for the technical difficulties here.

對於這裡出現的技術問題，我向大家表示歉意。

We'll get through it.

我們會渡過難關的。

Okay.

好的。

I'm going to just dive into the key modeling points.

我將深入探討關鍵的建模點。

Again, as you adjust your models, please keep in mind the following.

再次提醒，當您調整模型時，請記住以下幾點。

We're excited with the recent launch of multiyear growth opportunity of our Breeze Intelligence product, we expect a bit less than a point of headwind to 2025 revenue growth from the wind down of the legacy Clearbit business.

我們對最近推出的 Breeze Intelligence 產品的多年期成長機會感到非常興奮，我們預計，由於傳統 Clearbit 業務的逐漸關閉，2025 年的收入成長將受到略低於一個百分點的阻力。

We expect CapEx as a percentage of revenue to be roughly 5% for the full year of 2025, driven primarily by capitalization of software development.

我們預計，2025 年全年資本支出佔收入的百分比將達到 5% 左右，主要受軟體開發資本化的推動。

And lastly, we expect free cash flow to be about $560 million for the full year of 2025, with seasonally stronger free cash flow in Q1 and Q4.

最後，我們預計 2025 年全年自由現金流約為 5.6 億美元，第一季和第四季的自由現金流將因季節變化而增加。

As we close out 2024, I want to take a moment to recognize all HubSpotters for their contributions to our mission of helping our customers grow better and a big thank you to our customers, partners and investors for the ongoing support.

在 2024 年即將結束之際，我想花點時間感謝所有 HubSpotters 為幫助客戶更好成長的使命所做的貢獻，並衷心感謝我們的客戶、合作夥伴和投資者的持續支持。

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

接線員，現在讓我們開始提問吧。

(Operator Instructions)

（操作員指令）

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞（Jefferies）。

Hi, good evening.

嗨，晚上好。

I know there are technical difficulties, but what I heard loud and clear Yamini is you guys had another very strong quarter, congrats on that.

我知道有技術困難，但我清楚地聽到 Yamini 說，你們又度過了一個非常強勁的季度，對此表示祝賀。

Maybe let's talk about AI a little bit further, given the puts and takes there.

考慮到人工智慧的利弊，或許我們可以進一步討論一下。

I want to dig in on what some other software companies have said, especially in the context of what you're doing around AI.

我想深入了解一些其他軟體公司的看法，特別是在你們在人工智慧領域所做工作的背景下。

Some other leading software companies have discussed a change in the modernization plans for AI in the last couple of months as their products have spent more time in the market.

由於產品在市場上停留的時間更長，其他一些領先的軟體公司在過去幾個月也討論了改變人工智慧現代化計​​劃的計劃。

I'm curious how your customer conversations have evolved on pricing and measuring ROI now that customers have had Breeze in their cans.

我很好奇，現在客戶現在已經使用了 Breeze，您在定價和衡量投資回報率 (ROI) 方面的客戶對話發生了怎樣的變化。

And if you see the past commoditization shifting?

如果您發現過去的商品化正在轉變？

And maybe related to that case, I know your comment on a fair bit wind down and the headwind?

也許與該案例相關，我知道您對相當多的放緩和逆風的評論？

And how are you thinking about the impact of AI modernization in the 2025 revenue forecast, if any, at all?

您如何看待人工智慧現代化對 2025 年收入預測的影響（如果有的話）？

Thanks a lot, Samad, and thanks for hanging in with us.

非常感謝，Samad，感謝您與我們一起堅持下去。

And I'm so glad that you heard it loud and clear that we are gaining momentum from an AI perspective.

我很高興你們清楚地聽到了我們在人工智慧領域正在獲得發展動力。

So let me take that question on monetization.

那麼就讓我來回答關於貨幣化的問題。

Look, the way we think about AI is that there should be one product, an AI-first product.

看，我們對人工智慧的看法是，應該有一種產品，一種人工智慧優先的產品。

So we don't believe that there should be a separate hub or a separate add-on for AI.

因此，我們認為不應該為 AI 設定單獨的樞紐或單獨的附加元件。

And that has been our strategy from the beginning.

這就是我們一開始的策略。

That's why our vision has been to embed AI across every hub and across the entire platform.

這就是為什麼我們的願景是將人工智慧嵌入每個中心和整個平台。

Therefore, our monetization strategy is really about how we drive customer acquisition and expansion across the entire platform with AI and how we lead and win with AI across the platform.

因此，我們的獲利策略實質上在於如何利用AI推動整個平台的客戶獲取和擴張，以及如何利用AI在整個平台上引領和取勝。

And as I mentioned in my prepared remarks, the success of Content Hub in the last year was AI driven.

正如我在準備好的演講中提到的，內容中心在去年的成功是由人工智慧推動的。

We improved the attached rate to Marketing Hub by 3 times.

我們將行銷中心的附加費率提高了 3 倍。

The traction in Service Hub, especially upmarket, is AI driven, and we're going to continue to drive that type of innovation.

服務中心（尤其是高端市場）的吸引力是由人工智慧驅動的，我們將繼續推動這種創新。

That strategy is working for us, and we have even more conviction as we talk to customers who are in our pipeline and we are in our installed base, and we're going to keep doing that.

這個策略對我們來說是有效的，當我們與我們的通路客戶和安裝客戶群交談時，我們更加堅信這一點，我們將繼續這樣做。

Now having said that, I do think that the future of pricing for AI will be hybrid.

話雖如此，我確實認為人工智慧定價的未來將是混合的。

That is we'll have both seat-based and usage-based pricing.

也就是說，我們將同時採用基於座位和基於使用情況的定價。

Right now, we're focused on delivering value with our agents.

現在，我們專注於為代理商提供價值。

And as more customers get consistent value with AI, we will introduce usage-based pricing.

隨著越來越多的客戶透過人工智慧獲得一致的價值，我們將推出基於使用情況的定價。

So our pricing model will be a combination of usage and seat space pricing.

因此，我們的定價模型將是使用情況定價和座位空間定價的結合。

But what is really important is that we will consistently focus on delivering value first before adding on to our seat-based model and then monetizing based on usage.

但真正重要的是，我們將始終專注於首先提供價值，然後再增加基於座位的模型，然後根據使用情況進行貨幣化。

That approach has worked for us and will continue to work for us in that approach.

這種方法對我們來說很有效，並且將繼續發揮作用。

So the focus for us remains very clear.

因此我們的重點仍然非常明確。

Embedding AI across the entire platform, delivering repeat value and consistently driving innovation, that is having really good impact in terms of our pipeline conversations and customer conversations.

將人工智慧嵌入整個平台，提供重複價值並持續推動創新，這對我們的通路對話和客戶對話產生了非常好的影響。

And Samad, just to answer the specific question on what is assumed for AI and guidance.

薩馬德，我只想回答關於人工智慧和指導的假設的具體問題。

We are going to provide specific assumptions there, but I will share a few things.

我們將在那裡提供具體的假設，但我將分享一些事情。

The first is that we have not assumed any direct Agent monetization in our 2025 guidance.

首先，我們在 2025 年指引中沒有假設任何直接代理貨幣化。

That said, we're glad you heard that we are focused on AI.

話雖如此，我們很高興您聽說我們專注於人工智慧。

You heard from Yamini that customers are seeing value from AI that adoption is growing quickly.

您從 Yamini 那裡聽說，客戶看到了 AI 的價值，並且其採用正在快速成長。

You see the strong momentum and hear about the strong momentum in Content Hub, in Sales Hub and Service Hub that is directly related to the AI features and functionality that we are adding.

您可以看到強勁的發展勢頭，並聽到內容中心、銷售中心和服務中心的強勁發展勢頭，這與我們正在添加的 AI 特性和功能直接相關。

We are seeing customers increasingly consider AI in their decision-making.

我們看到客戶在做決策時越來越多地考慮人工智慧。

And the assumption is that, that is all going to continue through 2025, and that is what is baked into guidance.

並且假設這一切都將持續到 2025 年，而這也已融入指導中。

Thank you.

謝謝。

Marks Murphy, JP Morgan.

摩根大通的馬克斯墨菲。

Oh, thank you so much.

哦，非常感謝。

I would appreciate hearing your perspective on DeepSeek and the ability for LLMs to drive a breakthrough on the cost side or the efficiency side.

我很想聽聽您對 DeepSeek 的看法，以及 LLM 在成本或效率方面取得突破的能力。

I'm curious whether it's Dharmesh or Yamini or Kate, what cross your minds?

我很好奇，無論是 Dharmesh 還是 Yamini 還是 Kate，你們想到了什麼？

Could you run these.

你能運行這些嗎？

Can you run the Breeze agents with a lower inference cost profile if you use one of these very efficient models?

如果您使用其中一種非常高效的模型，您是否可以以較低的推理成本運行 Breeze 代理程式？

Do you think you can unleash more power for customers?

您認為您可以為客戶釋放更多力量嗎？

And is there something does it alter what you think on the volume of AI, you can provide, maybe volume goes up and cost goes down?

它是否會改變您對人工智慧數量的看法？

Any perspective would be great.

任何觀點都很好。

Sure.

當然。

This is Dharmesh.

這是 Dharmesh。

Mark, thanks for the question.

馬克，謝謝你的提問。

So a couple of things.

有幾件事。

One, on the kind of COGS side.

第一，關於銷售成本（COGS）方面。

There was already a dramatic reduction in COGS even before DeepSeek showed up on the scene.

在 DeepSeek 出現之前，COGS 已經大幅減少。

And that has now been like a spectacular reduction simply because of increased competition, the fact that DeepSeek is an open source and open weights model, it's kind of driven costs down even further.

現在，由於競爭加劇，成本已顯著降低，而 DeepSeek 是一個開源和開放權重模型，這進一步降低了成本。

So yes, absolutely, there will be a really positive impact on lowering inference costs across the board because every one, as we've already started seeing are going to reduce their cost for inference.

所以是的，絕對的，這將對全面降低推理成本產生真正積極的影響，因為正如我們已經開始看到的那樣，每個人都將降低推理成本。

What's actually even more exciting to me, not that we should be excited about reduction in COGS, is that these reasoning models, both DeepSeek and OpenAI is the O3 model, really expand the use cases in terms of what agents can take on.

實際上，對我來說更令人興奮的是，我們並不是為 COGS 的減少而感到興奮，而是這些推理模型（DeepSeek 和 OpenAI 都是 O3 模型）真正擴展了代理可以承擔的用例。

What types of goals and what kind of customer problems can we solve.

我們可以解決哪些類型的目標和哪些類型的客戶問題。

Because the reasoning models, although they sound similar because they're a large language model, they're very different in terms of the kinds of things they can do.

因為推理模型雖然聽起來相似，因為它們是一個大型語言模型，但它們能做的事情卻大不相同。

They have chain of thought and they can actually take on much more nuanced and sophisticated goals than we were able to do before.

他們擁有清晰的思路，實際上可以完成比我們以前更細緻、更複雜的目標。

So that's super exciting.

這真是太令人興奮了。

Thank you.

謝謝。

Thank you.

謝謝。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Great, thank you so much.

太好了，非常感謝。

Really exciting to see all the progress here with co-pilots and agents.

看到副駕駛和代理人在這裡取得的所有進展真的很令人興奮。

I wanted to ask a question around the upselling motion and activity during the quarter.

我想問一個有關本季追加銷售動向和活動的問題。

I think that's been the one area where in the current environment you haven't really seen that unlock yet.

我認為這是當前環境下尚未真正看到解鎖的一個領域。

You've been pretty clear that downgrades and churn has has stabilized here, but.

您已經非常清楚，降級和客戶流失在這裡已經穩定下來，但是。

Curious what your observation was through the quarter.

好奇您對本季的觀察是什麼。

Are you seeing any improvement there in this kind of tone you described as, still in kind of value oriented, mode amongst SMBs.

您是否看到您所描述的這種仍然以價值為導向的中小企業模式有所改善？

Thank you.

謝謝。

Yeah, Brad, thank you so much for the question.

是的，布拉德，非常感謝你提出這個問題。

Net revenue retention, as you know, was up 2 points sequentially to 104.

如您所知，淨收入留任率較上季上升 2 個百分點，達到 104。

But as I shared in the prepared remarks, the biggest driver of that improvement in net revenue retention was from the impact of seat upgrades, largely associated with the new seat-based pricing model that we launched in, earlier in the year.

但正如我在準備好的發言中所說，淨收入保留率提高的最大驅動力來自座位升級的影響，這主要與我們今年早些時候推出的基於座位的新定價模式有關。

Other than the seats based pricing model, you're right, what flows into net revenue retention is net upgrades and downgrades.

除了基於座位的定價模型之外，您是對的，流入淨收入保留的是淨升級和降級。

What you heard from us over the last couple of quarters is that we had seen a stabilization and easing of the downgrade motion, and that was very consistent with what we saw in the fourth quarter.

過去幾個季度，我們從我們這裡了解到，降級動向已趨穩定且有所緩和，這與我們在第四季度看到的情況非常一致。

The remaining headwind is upgrades -- other upgrades.

剩下的阻力是升級——其他升級。

And that we saw again in Q4, we have seen some improvements in the sentiment externally, but people are still value driven.

我們在第四季再次看到，外部情緒有所改善，但人們仍然以價值為導向。

And I think it's really going to take a big change in the external environment for that other upgrade motion to really move.

我認為，只有外部環境發生重大變化，其他升級動議才能真正實施。

Understood.

明白了。

Thanks Kate.

謝謝凱特。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Yeah, perfect.

是的，完美。

Thank you and congrats on a strong Q4 here.

謝謝您，並恭喜您第四季取得強勁業績。

Congrats on a strong Q4 here.

恭喜您第四季取得強勁業績。

Kate, one thing on the margin side, you mentioned the partner behavior change might impact margins here.

凱特，關於利潤方面，你提到伴侶行為的改變可能會影響利潤。

Can you just elaborate a little bit on how partner behavior is adjusted after you change the compensation model?

能否詳細說明改變薪酬模式後合作夥伴的行為如何調整？

I think that was a couple of years back now.

我想那已經是幾年前的事了。

But what are you seeing there?

但你在那裡看到了什麼？

Is it acceleration of revenue have better cost structure on your sales and marketing side?

加速收入是否能改善您的銷售和行銷方面的成本結構？

That would be very helpful.

那將會非常有幫助。

Hey Arjun, this is Yamini.

嘿 Arjun，我是 Yamini。

I'm going to take the partner question and walk you through where we are in the process.

我將回答合作夥伴的問題並向您介紹我們所處的流程。

So look, as you mentioned, we made some changes to the partner commissions in 2023.

正如您所說，我們在 2023 年對合作夥伴佣金做了一些更改。

And we're very confident that those changes we made will increase the value of our customers get from working with partners.

我們非常有信心，我們所做的這些改變將提高我們的客戶從與合作夥伴的合作中獲得的價值。

And specifically, in 2023, we announced that new deals will have a 3-year commissions, and existing deals will retire multiyear commissions, lifetime commissions starting in 2025.

具體來說，我們宣布 2023 年新協議的佣金期限為 3 年，現有協議的佣金期限將從 2025 年開始取消多年期佣金，改為終身佣金。

And so the gist of the changes, if you are in an existing deal and you're actively engaged with customers, you continue to preserve the commission.

因此，變化的要點是，如果您處於現有交易並且積極與客戶互動，那麼您將繼續保留佣金。

But if you're not engaged for the customers, you lose the commissions.

但如果您不為客戶服務，您就會失去佣金。

And that comes into effect in April for existing deals.

該政策將從四月起對現有交易生效。

Now we prepared the ecosystem.

現在我們準備好了生態系統。

We've been communicating with the ecosystem.

我們一直在與生態系統進行溝通。

We've really held hands with the ecosystem and all of the changes, and that changes will come to effect in April, and that shows up in terms of our numbers.

我們確實與生態系統和所有變化保持密切聯繫，這些變化將於 4 月生效，這將從我們的數字中體現出來。

Now in parallel, the thing that I would mention is a couple fold.

現在，與此同時，我想提到的事情有幾點。

We've been investing pretty heavily in partners who are driving growth.

我們一直在對推動成長的合作夥伴進行大量投資。

And we have been providing growth funds, marketing development funds, increasing the level of enablement efforts and all of that has resulted in much better engagement between partners and our sales teams.

我們一直在提供成長基金、行銷發展基金、提高支援力度，所有這些都使得合作夥伴和我們的銷售團隊之間的合作更加緊密。

And you can see that in our co-selling with partners.

您可以在我們與合作夥伴的聯合銷售中看到這一點。

As I just mentioned, co-selling grew 68% year-over-year.

正如我剛才提到的，聯合銷售年增了 68%。

So that is really beginning to work.

這確實開始發揮作用了。

Thank you.

謝謝。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Yeah, thanks very much, and I'll echo my congrats on the quarter.

是的，非常感謝，我會對本季表示祝賀。

Kate, could you just provide maybe a little color on how we should be thinking about the guide as it relates to sort of new customer acquisitions over the year relative to ARPC growth?

凱特，您能否稍微解釋一下我們應該如何看待這份指南，因為它與一年中新客戶獲取量相對於 ARPC 成長的關係？

Just given some of the commentary around Service Hub and some of the upmarket momentum, I'm just wondering if there's potentially any change in the way we should be thinking about those metrics?

鑑於有關服務中心的一些評論和一些高端市場勢頭，我只是想知道我們思考這些指標的方式是否可能發生任何改變？

Yeah, Kirk, thanks for the question.

是的，柯克，謝謝你的提問。

Overall, we were really happy with the net adds coming in at 9,800.

整體而言，我們對淨增 9,800 名用戶感到非常高興。

It's really at the upper end of the 9,000 to 10,000 range that we discussed.

它實際上處於我們討論的 9,000 到 10,000 範圍的上限。

There are some, we have seen variability quarter-over-quarter in net additions, but I think this is the right zone at least for the next couple of quarters for your expectations.

有一些，我們看到淨增量每個季度都有變化，但我認為至少在接下來的幾個季度裡，這是符合你預期的正確區域。

The one thing that I would say is that over the last couple of quarters, what we have seen is more of a balanced mix of the new customer profile across the starter tier and the professional and enterprise tier.

我想說的是，在過去幾季中，我們看到入門級、專業級和企業級新客戶群的配置更加均衡。

And this is something that we expected post the seats model introduction because we eliminated the minimum seats on professional and enterprise.

這是我們在席位模型推出後所預料到的，因為我們取消了專業版和企業版的最低席位要求。

And so the balance that we're seeing is primarily a result of that.

所以，我們看到的平衡主要就是由此產生的。

So net adds, as we look at 2025, net adds in that 9,000 to 10,000 range is probably right, a higher mix of professional enterprise.

因此，展望 2025 年，淨新增數量在 9,000 到 10,000 之間可能是正確的，專業企業的比例更高。

I would assume that, that keeps happening.

我認為這種情況會一直發生。

And then what will result is that ASRPC should stabilize in the near term and then we would expect something that looks more like a low single-digit growth in ASRPC as we move into the back half of the year.

那麼結果是，ASRPC 應該在短期內保持穩定，然後我們預計，隨著我們進入今年下半年，ASRPC 將出現較低的個位數成長。

Thank you.

謝謝。

DJ Hynes, Kochord genuity.

DJ Hynes，Kochord 的獨創性。

Hey, good evening, guys.

嘿，大家晚上好。

Maybe one for Dharmesh.

或許是給 Dharmesh 的一個。

So Dharmesh, one of the questions we've been getting more in an genic world is who becomes the control tower for all these agents if every app in the stack is bringing their own version, right?

所以 Dharmesh，在基因世界中我們經常遇到的一個問題是，如果堆疊中的每個應用程式都帶有自己的版本，那麼誰會成為所有這些代理的控制塔，對嗎？

And maybe that's more of an enterprise issue, but I assume the need still exists in SMB, even if HubSpot owns a majority of that app estate.

或許這更多的是一個企業問題，但我認為 SMB 中仍然存在這種需求，即使 HubSpot 擁有該應用程式的大部分份額。

So how do you think about that need?

那麼您如何看待這種需求？

And how is HubSpot positioned to be that control tower?

HubSpot 如何定位自己成為這個控制塔？

Yeah.

是的。

Thanks for that question.

謝謝你的提問。

So what we see happening as the Agent platforms kind of evolve, is composability becomes a super important factor that these agents need to collaborate, discover each other and work with each other in order to accomplish higher order goals.

因此，隨著代理平台的不斷發展，我們看到可組合性成為一個非常重要的因素，這些代理需要協作、相互發現並相互合作以實現更高階的目標。

And so that's what we've been doing with agent.ai is we want to kind of capture that mind share and have builders build on the HubSpot agent.ai network.

這就是我們在 agent.ai 上所做的事情，我們希望捕捉這種思想共享，並讓建造者在 HubSpot agent.ai 網路上進行建置。

And we -- just by the way, Yamini shared the kind of opening comments and said we had gotten from 50,000 to 500,000 users.

順便說一句，Yamini 分享了開場評論，並說我們的用戶數量已從 50,000 增加到 500,000。

I'm excited to share as of last night, that number crossed 900,000.

我很高興地告訴大家，截至昨晚，這個數字已超過 90 萬。

So we're seeing some really great uptake.

因此，我們看到了一些非常好的進展。

We have enabled 7,000 people to build their own agents on the platform.

我們已經幫助 7,000 人在這個平台上建立了自己的代理商。

So the way we see this evolving is similar to how we saw with the original cloud computing that there will be some dominant platforms where all the builders want to kind of aggregate and they're going to want to aggregate where the users are, where the customers are.

因此，我們看到的這種發展方式與我們在原始雲端運算中看到的類似，即會出現一些主導平台，所有建造者都希望聚合這些平台，他們希望在用戶所在的地方、客戶所在的地方進行聚合。

So we can take our existing kind of customer base, all the contextual data, unified data that we have and make that available to these agent builders along with a low code tool and the distribution mechanism for reach hundreds of thousands of people.

因此，我們可以利用現有的客戶群、所有上下文數據和統一數據，並將其與低程式碼工具和分發機制一起提供給這些代理商建構者，以覆蓋數十萬人。

So we think that's a winning strategy.

因此我們認為這是一個成功的策略。

We're super excited.

我們非常興奮。

Thanks for the question.

謝謝你的提問。

Thank you.

謝謝。

Jackson Ader, Keybank Capital Markets.

傑克遜·阿德（Jackson Ader），Keybank 資本市場。

Great, good evening everybody thanks for taking our questions.

太好了，大家晚上好，謝謝你們回答我們的問題。

It sounds like you guys are internally adopting a lot of AI.

聽起來你們內部正在採用大量人工智慧。

Yamini you went through a bunch of different use cases, I think, marketing and sales.

Yamini，我認為你經歷了許多不同的用例，包括行銷和銷售。

And so would we expect or do you expect that to meaningfully impact HubSpot expense growth, obviously, for the better?

那麼我們是否預期或您是否預期這將對 HubSpot 的費用成長產生顯著影響，顯然是朝著好的方向發展？

And then if it does allow you to save some money, where might you redeploy those savings?

如果它確實能讓你省下一些錢，你會把這些節省的錢重新部署到哪裡呢？

Yeah, thanks for the question.

是的，謝謝你的提問。

I think that Yamini can talk a bit about how we're envisioning the transformation of our go-to-market.

我認為 Yamini 可以稍微談談我們如何設想我們的行銷轉型。

We are broadly adopting AI internally.

我們正在內部廣泛採用人工智慧。

What you'll see in terms of areas for reinvestment is very consistent with the areas where we have driven outsized investment over the last 3 years.

就再投資領域而言，您會看到的情況與我們過去 3 年進行巨額投資的領域非常一致。

The first is really into R&D to continue to drive that innovation engine and fuel growth for the long term.

首先是真正投入研發，持續推動創新引擎並促進長期成長。

And the second is in the capacity and go to market.

第二是產能和市場進入方面。

We obviously want to invest against the opportunity we see, and we feel like this is a year where adding capacity to our sales force will pay off well.

我們顯然希望利用我們所看到的機會進行投資，並且我們覺得今年增加我們的銷售團隊將會帶來豐厚的回報。

Yeah.

是的。

And I'll talk about how we are reimagining our own go-to-market internally.

我將談論我們如何在內部重新構想我們自己的行銷。

As as soon as we saw this big Gen of AI moment and we permitted our product, we did the same thing internally.

當我們看到人工智慧的這一偉大時刻並批准我們的產品時，我們在內部也做了同樣的事情。

And we've been reimagining our go-to-market for the better part of the last couple of years.

在過去幾年中，我們一直在重新構想我們的行銷策略。

And you heard me talk about support, that use case is very, very clear.

您聽我談論支持，那個用例非常非常清晰。

And we've not only improved the resolution rate with AI, we've also been able to take support agents and really leverage them in more complex issues.

我們不僅透過人工智慧提高了解決率，還能夠利用支援代理真正發揮他們的作用來解決更複雜的問題。

And so I think we'll continue on that path.

所以我認為我們將繼續沿著這條道路前進。

Marketing, huge benefits, we are reimagining our entire marketing strategy with AI.

行銷，巨大的利益，我們正在用人工智慧重新構想我們的整個行銷策略。

I talked about leveraging it for setting up meetings.

我談到了利用它來安排會議。

We're at the early stages, even with 10,000 new meetings set up by AI, we are at the very early stages of that.

我們尚處於早期階段，即使 AI 設立了 10,000 個新會議，我們仍處於非常早期的階段。

I think we can continue to scale that, but not just in the prospecting use case, but really leveraging AI for personalization and through the entire content marketing process.

我認為我們可以繼續擴大規模，但不僅僅是在勘探用例方面，而是真正利用人工智慧實現個人化並貫穿整個內容行銷過程。

If you look at KIP RCMO, he is at the forefront of AI and he's doing this not just to reimagine our own marketing, but he's also doing this to educate our customer base on the right ways to apply AI and to get value from AI.

如果你看看 KIP RCMO，他處於人工智慧的前沿，他這樣做不僅是為了重新構想我們自己的行銷，也是為了教育我們的客戶群正確應用人工智慧並從人工智慧中獲取價值。

And the same thing with sales.

銷售也是如此。

I mean we're in the early stages of what we can do.

我的意思是，我們所做的事情還處於早期階段。

We are already leveraging it for discovery, better research, follow-throughs, follow-ups or chat and the list goes on.

我們已經利用它來進行發現、更好的研究、跟進、追蹤或聊天等等。

So as much as we are innovating with our product, we are reimagining it for our go-to-market, and that is going to have midterm to long-term impacts on our own level of innovation, but also efficiency.

因此，我們在對產品進行創新的同時，也對產品推向市場進行了重新構想，這將對我們的創新水平和效率產生中期和長期的影響。

Thank you.

謝謝。

Gabriela Borges, Goldman Sachs.

高盛的加布里埃拉·博爾赫斯 (Gabriela Borges)。

Hi, good afternoon.

嗨，下午好。

Thanks for taking my question.

感謝您回答我的問題。

Yamini, this idea of driving value for customers and productivity increases for customers, and then realizing pricing at a later date, that's not a new concept for HubSpot.

Yamini，為客戶創造價值、提高生產力，然後在以後實現定價，這種想法對 HubSpot 來說並不是一個新概念。

So maybe just remind us of your framework, what are some of the things you could be looking for to turn on that consumption piece of the pricing model for agents and AI?

所以也許只是提醒我們您的框架，您可能正在尋找哪些東西來開啟代理和人工智慧定價模型的消費部分？

And how do you think about mapping some of these statistics on productivity to pricing increases further down the way?

您認為如何將這些有關生產力的統計數據與未來價格上漲聯繫起來？

Gabriela, that's a great question, one that we think about all the time.

加布里埃拉，這是一個很好的問題，我們一直在思考這個問題。

And you're right, like our pricing approach should be no surprise to anybody.

您說得對，我們的定價方法應該不會讓任何人感到驚訝。

Consistently, our pricing philosophy has been in innovate extensively, introduce innovation to customers, make sure that they're getting consistent value and then drive monetization.

一直以來，我們的定價理念都是廣泛創新，向客戶推出創新，確保他們獲得一致的價值，然後推動貨幣化。

Over the years when we have increased prices for Marketing Hub, Sales Hub Service Hub, we've never gotten pushback because by the time we do that, we have delivered significant value.

多年來，當我們提高行銷中心、銷售中心服務中心的價格時，我們從未遇到過阻力，因為當我們這樣做時，我們已經提供了巨大的價值。

So in terms of AI, our approach has been twofold.

因此，在人工智慧方面，我們的方法有兩個面向。

First off, we won our entire platform to have AI features.

首先，我們贏得了整個平台的 AI 功能。

So embedding AI, not actually creating friction at the point of purchase and making it super easy, visible within the product to adopt AI has been the first kind of like step.

因此，嵌入 AI，實際上不會在購買點製造摩擦，而且使採用 AI 變得非常容易，在產品中可見，這是第一步。

So last year, I talked a lot about awareness.

所以去年我談了很多關於意識的話題。

And I have to say that towards the end of the year, the awareness of AI within HubSpot was significantly higher compared to the beginning of the year.

而且我必須說，接近年底，HubSpot 對人工智慧的認知度與年初相比明顯提高。

So that's number one.

這是第一點。

We feel like we've made a lot of progress.

我們感覺我們已經取得了很大的進步。

The second is adoption.

第二是收養。

One of the things that we did with Breeze and the reason we launched Breeze is, one, we want it to be easy.

我們在 Breeze 上做的事情之一以及我們推出 Breeze 的原因是，第一，我們希望它變得簡單。

But two, we wanted to be recognizable within product.

其次，我們希望產品能夠被認可。

So now if you're going within HubSpot, you can just see these sparkle but buttons which are AI features and customers click on it, use it and begin to kind of like get value from it.

所以現在如果您進入 HubSpot，您就會看到這些閃閃發光的按鈕，它們是 AI 功能，客戶可以點擊它、使用它並開始從中獲得價值。

And those are all the examples that I shared.

以上就是我所分享的所有例子。

I think specifically with Agents, we launched a set of Agents at inbound.

我認為具體到代理，我們在入站時推出了一套代理。

It's early stages.

目前還處於早期階段。

We're seeing very good momentum.

我們看到了非常好的勢頭。

But when we see repeat value, repeat usage of Agents in the field very much at ease to add a component for monetization.

但是當我們看到重複價值、重複使用現場代理時，我們很容易就添加了一個用於貨幣化的組件。

We're already monetizing AI with our current model.

我們已經利用當前模型將人工智慧貨幣化。

We'll be able to add when we begin to see repeat usage and value from Agents, and that's our focus for 2025.

當我們開始看到代理商的重複使用和價值時，我們將能夠添加，這是我們 2025 年的重點。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

Hey guys, thanks for taking the question.

嘿夥計們，謝謝你們回答這個問題。

I've got kind of two different ones.

我有兩種不同的。

Maybe, Yamini, first for you, just comments on the demand environment exiting the quarter whether there was a kind of a change post election, just signs of -- or lack thereof of SMB optimism kind of driving either new tailwinds or creating headwinds as you look at the year?

Yamini，首先您能談談本季的需求環境嗎？

And then I've got a quick follow-up for Dharmesh.

然後我對 Dharmesh 進行快速跟進。

Yeah.

是的。

Sure, Alex.

當然，亞歷克斯。

Look, I think we've seen some improvements in the demand environment and customers are much more open now to talking about growth initiatives.

看，我認為我們已經看到需求環境有所改善，客戶現在更願意談論成長計劃。

And I probably think it started around September with some of the interest rate changes.

我認為它很可能始於九月左右，當時出現了一些利率變化。

Now having said that, and like Kate emphasized, a lot of the buying trends remain similar to what we saw last year.

現在說了這麼多，就像凱特所強調的那樣，許多購買趨勢仍然與我們去年看到的相似。

The decisions are value-driven.

這些決策是由價值所驅動的。

It's committee-based decisions in most of these decisions are made by C-suite and the Board level.

大多數決策都是基於委員會的，其中大部分決策都是由高階主管和董事會做出的。

And we're just going to assume that part of customer buying patterns continue to exist.

我們只是假設部分客戶購買模式仍然存在。

Now when I look at the demand environment and when I look at our pipeline, a few trends are very encouraging.

現在，當我觀察需求環境和我們的管道時，我發現一些趨勢非常令人鼓舞。

First off, when customers are looking at marketing or sales or service, in the mid-market company, we are in consideration.

首先，當客戶專注於中階市場公司的行銷、銷售或服務時，我們會予以考慮。

We have a seat at the table.

我們在桌邊坐下。

We've emerged as a platform of choice.

我們已經成為首選平台。

And our AI first, easy-to-use, fast time to value, value proposition really resonates within the segment.

我們的人工智慧優先、易於使用、快速實現價值的價值主張確實在該領域引起了共鳴。

The second, when customers start with HubSpot, they are now starting multi-hub.

第二，當客戶開始使用 HubSpot 時，他們現在開始使用多中心。

And they continue to consolidate on HubSpot, both to optimize their costs and to increase the visibility and to drive innovation.

他們繼續整合 HubSpot，以優化成本、提高知名度並推動創新。

And we're having more conversations now about AI innovation within our road map.

我們目前正在就路線圖中的人工智慧創新進行更多討論。

And customers love the fact that it's embedded within AI.

客戶喜歡它嵌入人工智慧這一事實。

There is no friction for them to buy a separate SKU and they begin to use it, they get value out of it.

他們購買單獨的 SKU 沒有任何阻力，他們開始使用它，並從中獲得價值。

And we're seeing all of those as encouraging trends.

我們認為這一切都是令人鼓舞的趨勢。

So our focus is to drive this pace of AI innovation, to communicate the value of our AI First platform and to help customers grow in any environment.

因此，我們的重點是推動人工智慧創新的步伐，傳達我們的人工智慧優先平台的價值，並幫助客戶在任何環境中成長。

Perfect.

完美的。

And then maybe just one, Dharmesh, a longer-form question for you.

然後可能只有一個，Dharmesh，我要問您一個較長的問題。

Basically, if you look at what the foundation model companies continue to do at the edge of what's possible with Agents and software development, how do you view that there's this consistent, I'd say, anxiety level in the investor community around the evolution of like DIY, AI and software in agents and agentic versus kind of packaged software?

基本上，如果您觀察基礎模型公司在代理和軟體開發的可能性方面繼續做什麼，您如何看待投資者群體對 DIY、人工智慧和代理軟體以及代理與打包軟體的演變的這種一致的焦慮程度？

And I'm referring to specifically, I guess, the sales agent demo from OpenAI recently.

我指的是最近 OpenAI 的銷售代理演示。

Like how do you think about a world where the center of gravity kind of stems from having this holistic record plus intelligence plus agenetic workflow system that HubSpot embodies versus what a future where maybe that's more in the presence of what the foundation model companies are doing?

例如，您如何看待這樣一個世界：世界的重心源自於 HubSpot 所體現的整體記錄、智慧和遺傳工作流程系統，而未來可能更取決於基礎模型公司所做的事情？

Sure.

當然。

Thanks for the question.

謝謝你的提問。

Just -- just a quick high-level thought is that just like we saw with cloud computing, there will always be kind of mega corporations that take a DIY approach.

只是——只是一個快速的高層次想法，就像我們在雲端運算中看到的那樣，總是會有一些大型企業採取 DIY 的方式。

I said we want to build our own software.

我說我們想要開發自己的軟體。

We want to build our own agents.

我們想建立我們自己的代理商。

We want to build our own everything.

我們想創造我們自己的一切。

We see the exact opposite happening in SMB.

我們發現 SMB 中的情況恰恰相反。

SMBs do not have the appetite to go off and try and build and assemble all these pieces together regardless of how easy it becomes.

無論多麼簡單，中小企業都沒有興趣嘗試建造和組裝所有這些部分。

So my personal belief is that in the SMB world, what's going to be super important is what's always been important is ease of adoption, fast time to value and they want something that's unified and all put together.

因此，我個人認為，在中小企業領域，至關重要的是易於採用、快速實現價值，他們想要的是統一的、整合在一起的東西。

What we see playing out is that at a platform level, we envision an entire new generation of what used to be sort of agencies and kind of development company, software companies building on top of a common core platform like HubSpot is going to provide, and we think that's the actual answer.

我們看到的情況是，在平台層面，我們設想將以前的代理商、開發公司和軟體公司建構在 HubSpot 等通用核心平台之上，形成一個全新一代平台，我們認為這就是真正的答案。

SMBs will say, I want one core platform.

中小企業會說，我想要一個核心平台。

I want everything done for me.

我希望一切都為我做好。

And I'd love to see an ecosystem of thousands of possible agents that are tailored for my industry and for my business that when we can piece it all together, all on one platform.

我希望看到一個由數千個潛在代理商組成的生態系統，這些代理商是為我的行業和我的業務量身定制的，我們可以將它們整合在一個平台上。

That's how we see it shaping up.

這就是我們所看到的它的形成過程。

Thanks.

謝謝。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Thanks and congrats on the strong quarter.

謝謝並恭喜本季業績強勁。

So, I wanted to double click on that 68% growth in co-selling that you guys mentioned.

因此，我想再次強調你們提到的 68% 的共同銷售成長率。

That's a pretty impressive stat.

這是一個非常令人印象深刻的數據。

Did the mix of channel touch business change over the course of 2024?

2024 年期間，通路觸達業務的組合是否發生了變化？

Is there any commonality that you can share what drove the strength of channel partners?

能分享一下推動通路夥伴實力的共同點嗎？

Thank you, Brian.

謝謝你，布萊恩。

I appreciate the question.

我很感謝你提出這個問題。

Yes, we are very thrilled to see the cold selling kind of take off, and we're very happy with the results there.

是的，我們非常高興看到冷銷售的興起，我們對結果非常滿意。

I will say that this has been multiple years in the making.

我想說的是，這已經醞釀了好幾年了。

We went to our partner ecosystem, and we said, we want you to source, cold sell and service our partners as experts within the field.

我們進入了我們的合作夥伴生態系統並表示，我們希望您作為該領域的專家來尋找、冷銷售和服務我們的合作夥伴。

And we've really helped them go from way back marketing agencies to CRM implementers.

我們確實幫助他們從老牌行銷機構轉變為 CRM 實施者。

And as we did that, we've really focused those partners on upmarket.

當我們這樣做的時候，我們真正把合作夥伴的重點放在高端市場。

So a lot of the benefit that we are now seeing is like a multiyear arc that we have been working with our partner ecosystem.

因此，我們現在看到的許多好處就像我們與合作夥伴生態系統多年合作的成果一樣。

And if we look at specifically 2024, we got much better at working upmarket, joint customer pursuits with our partner ecosystem.

如果我們具體展望 2024 年，我們在與合作夥伴生態系統合作開展高端市場、共同追求客戶方面會做得更好。

Our product got better, and we are enabling both our sales teams as well as the partner ecosystem to understand the full benefit of multi-hub adoption.

我們的產品變得更好了，我們正在使我們的銷售團隊和合作夥伴生態系統了解多中心採用的全部好處。

And so they're selling more multi-hub deals and implementing multi-hub deals upmarket with those customers.

因此，他們正在銷售更多的多中心交易，並向這些客戶實施高端多中心交易。

And we are now talking to them about being an AI-first ecosystem, and they are leaning into it front and center with us and they see the opportunity of not just being in a customer platform, but being an AI-first ecosystem in a in an ecosystem like us and they see the huge benefit associated with it.

現在，我們正在與他們討論建立一個以人工智慧為優先的生態系統，他們也與我們一起致力於此，他們看到了不僅僅是成為客戶平台的機會，而且是在像我們這樣的生態系統中成為一個以人工智慧為優先的生態系統的機會，他們看到了與之相關的巨大好處。

So it's been multiyears in the making, and there is an even bigger opportunity as an AI-first ecosystem ahead.

所以它已經醞釀了好多年，未來作為人工智慧優先的生態系統，也將迎來更大的機會。

Thank you.

謝謝。

Ryan MacWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan MacWilliams)。

Hey.

嘿。

Explaining the question, can you just remind us, how you expect, your install base to receive, the pricing increase and how that can layer in through 2025?

在解釋這個問題時，您能否提醒我們，您預期您的安裝基數將如何增長，價格將如何上漲，以及到 2025 年將如何分層？

Sure.

當然。

I appreciate the question.

我很感謝你提出這個問題。

I think as we covered at the Analyst Day, we have started to migrate our existing customers from the legacy pricing model on to the new seat-based pricing model.

我認為，正如我們在分析師日上提到的那樣，我們已經開始將現有客戶從傳統的定價模式遷移到新的基於座位的定價模式。

That has happened for the simplest customers through the back half of 2024 and we will continue to drive the migration of the customer base through 2025.

對於最簡單的客戶來說，這種情況已經發生在 2024 年下半年，我們將在 2025 年繼續推動客戶群的遷移。

All of our customer base, we intend to have migrated to the new pricing model by the end of this year.

我們計劃在今年年底前讓所有客戶遷移到新的定價模式。

Now that said, the price increase for existing customers happens when they come up for renewal after they are migrated.

話雖如此，現有客戶在遷移後續約時價格就會上漲。

So they are migrated over at a neutral ARR.

因此它們以中性的 ARR 進行遷移。

And then they can receive up to a 5% increase in pricing upon their first renewal.

然後他們可以在第一次續約時獲得高達 5% 的價格上漲。

We are -- as you can imagine then, earlier on in the sort of renewal motion for customers post migration, we're pretty early there still.

正如您所想像的，在針對客戶遷移後更新動議的早期階段，我們還處於相當早期的階段。

And the expectation is that between 50% and 60% of our ARR will have gone through that first renewal by the end of this year.

我們預計，到今年年底，我們的 50% 到 60% 的 ARR 將完成首次續約。

Thank you.

謝謝。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Wonderful.

精彩的。

Thanks so much for taking my question.

非常感謝您回答我的問題。

I wanted to ask maybe something a little bit more longer-term focus.

我想問一些更長期關注的問題。

So great to see this momentum with AI.

很高興看到人工智慧的發展勢頭如此強勁。

A lot of times when we're talking AI, a focus on greater efficiency, greater productivity.

很多時候，當我們談論人工智慧時，重點是更高的效率、更高的生產力。

But if we really think about prior technological ways what really gets these waves exciting is the technological unlock, whether it's the Internet, mobile or cloud.

但如果我們認真思考之前的技術方式，真正讓這些浪潮令人興奮的是技術解鎖，無論是網路、行動還是雲端運算。

So if we think about some of your -- the early work you're doing in this, where are you seeing the ability to unlock those net new use cases for HubSpot that you can do things with generative AI that you couldn't do before?

因此，如果我們思考一下您在這方面所做的早期工作，您認為哪些方面能夠為 HubSpot 解鎖新的用例，讓您能夠使用生成式 AI 來完成以前無法完成的事情？

And as we think about what does this mean architecturally down the line, how should we be thinking about kind of your ability to to pivot to these new architectures as a result?

當我們思考這對未來的架構意味著什麼時，我們該如何思考您轉向這些新架構的能力？

Rishi, I like that question a lot, and that is exactly how we're thinking about it.

Rishi，我非常喜歡這個問題，這正是我們正在思考的問題。

Look, I talked about Frame.

瞧，我談到了 Frame。

It's a recent acquisition, and this is emblematic of the kinds of things that we can now unlock frame will allow our customers to get much better insights from unstructured data.

這是最近的一次收購，它像徵著我們現在可以解鎖的框架將使我們的客戶能夠從非結構化資料中獲得更好的洞察力。

But if you really step back and think about it, generative AI made it possible to ask questions of structured data.

但如果你真的退一步思考一下，生成式人工智慧使得提出結構化資料的問題成為可能。

Things like company, contact deal status and you get back answers in natural language.

您可以用自然語言獲得公司、聯繫交易狀態等資訊的答案。

That was the first breakthrough.

這是第一次突破。

But there is another bigger breakthrough with unstructured data. 80% of all customer conversations are unstructured.

但非結構化資料還有另一個更大的突破。 80% 的客戶對話都是非結構化的。

They're in calls.

他們正在通話中。

They are in e-mails they are in transcripts.

它們在電子郵件中，在記錄中。

And that flows through the company every single day, and it is now possible to ask evergreen questions of that data and to get better insights in real time and in natural language to convert those insights into action.

這些數據每天都在公司內部流動，現在可以針對這些數據提出常見問題，並以自然語言即時獲取更好的見解，從而將這些見解轉化為行動。

So I think that's a huge unlock by, one, bringing structured and unstructured data together, which is exactly what we are doing.

所以我認為這是一個巨大的突破，首先，它將結構化資料和非結構化資料結合在一起，而這正是我們正在做的事情。

The second part of the shift is it's not just important to have these two pieces.

轉變的第二部分是，不僅僅擁有這兩部分很重要。

You need a context layer on top of it.

您需要在它上面添加一個上下文層。

And think of it as a knowledge layer on top of that data.

並將其視為資料之上的知識層。

And the easiest way to think about this is the new -- become an employee within a company.

思考這個問題最簡單的方法就是成為一家公司的員工。

You know the tone of the company, the voice of the company, the ideal customer profile, the value proposition.

您了解公司的基調、公司的聲音、理想的客戶概況和價值主張。

All of that is context on top of that data.

所有這些都是基於數據的背景。

We're building that.

我們正在建造它。

And we're building that knowledge layer right on top of that data fabric of structured and unstructured data.

我們正在結構化和非結構化資料的資料結構之上建構知識層。

And the fact that we have 1.8 million weekly active users that are bringing this vast data and collaborating, that gives us a huge benefit from an architecture perspective.

事實上，我們每週有 180 萬活躍用戶，他們帶來大量數據並進行協作，從架構角度來看，這為我們帶來了巨大的利益。

And then the third layer on top of that is just orchestration.

然後上面的第三層就是編排。

How do you get feedback daily?

您每天如何獲得回饋？

And how do you learn from the feedback in terms of what customers are using.

那麼您如何從客戶的使用回饋中了解情況呢？

We're building that.

我們正在建造它。

And I do think one of the things that we haven't talked about is the UI is going to change.

我確實認為我們尚未討論的事情之一就是 UI 將會改變。

We're going to see a lot more composable UI that sits on top of all of that data in an agentic future, and we're already reimagining all of that.

在未來，我們將會看到更多基於所有資料的組合式 UI，而我們已經在重新構想這一切。

And so I think the combination of structured and unstructured data, the ability to go broad across the customer journey while going deep in a function, which we have and the ability to kind of like run at the pace that start-ups are going.

因此，我認為結構化和非結構化資料的結合、廣泛覆蓋客戶旅程同時深入執行某項功能的能力，以及我們能夠跟上新創公司發展步伐的能力。

We're innovating like a startup.

我們像新創企業一樣進行創新。

And so the architecture is changing.

因此架構正在改變。

We're right there with it, and I'm so excited about what this unlocks for our customers.

我們正處於這一階段，我對於這將為我們的客戶帶來什麼感到非常興奮。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Hey, thanks for thanks for fitting me in and extending the call.

嘿，謝謝你抽出時間並延長通話時間。

Appreciate the context, the attention commentary was especially encouraging.

欣賞背景，關注評論尤其令人鼓舞。

I wanted to see if we could hear you maybe compare and contrast both what HubSpot saw Q4 this year versus last year in terms of just end of year decision-making.

我想看看我們是否可以聽聽您對 HubSpot 今年第四季與去年年底決策情況的比較和對比。

And then in guidance for Q1, is there any extra conservatism you're embedding given, I think Q4 to Q1, there was a change last year that many saw that took us all a bit by surprise.

那麼，在第一季的指引中，您是否嵌入了額外的保守主義，我認為與第一季相比，去年第四季發生了許多人看到的變化，這讓我們所有人都感到有點驚訝。

So just wondering how you're applying some of the lessons learned there last year and incorporating those into the upcoming guide for the year?

所以只是想知道您如何運用去年學到的一些經驗教訓並將其融入今年即將發布的指南中？

Yeah.

是的。

Why don't I take a shot at this.

我為什麼不嘗試呢？

I think what we saw in Q4 last year was a really significant change in the trajectory of buying behavior.

我認為我們在去年第四季看到的購買行為軌跡發生了非常重大的變化。

That is not what we saw this year.

這與我們今年看到的情況不同。

There is typically a flush of business at the end of the year.

通常，年底的時候，生意會很興隆。

We did see that in 2024.

我們確實在 2024 年看到了這一點。

But what we saw was more of a continuation of Q3 than something new and different in Q4.

但我們看到的更多的是第三季的延續，而不是第四季的新事物和不同之處。

That said, I think when you look at the guidance for 2025, the most important thing to remember is that in a SaaS business like HubSpot, when the revenue growth is a lagging metric, right.

話雖如此，我認為當你查看 2025 年的指引時，要記住的最重要的事情是，在像 HubSpot 這樣的 SaaS 業務中，收入成長是一個滯後指標。

And so what we are seeing as a trajectory change in buying behavior throughout the back half of the year, but it's going to take a while for it to flow through to revenue.

因此，我們看到下半年購買行為的軌跡變化，但它需要一段時間才能轉化為收入。

And so yes, we are expecting a step down in our constant currency growth rate in the first quarter.

是的，我們預期第一季的固定匯率成長率將會下降。

We also expect that our Q1 constant currency revenue growth will be the low point for the year and that our revenue growth rate will accelerate a bit throughout 2025.

我們也預計，第一季以固定匯率計算的營收成長將是今年的最低點，我們的營收成長率將在 2025 年略有加速。

Thank you.

謝謝。

This concludes the HubSpot Q4 2024 earnings call.

HubSpot 2024 年第四季財報電話會議到此結束。

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

感謝今天能與我們一起的所有人。

You may now disconnect your lines.

現在您可以斷開線路了。