HubSpot Inc (HUBS) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the HubSpot's Q2 2025 earnings call. My name is [Gigi,] and I'll be your operator today.

下午好，歡迎參加 HubSpot 2025 年第二季財報電話會議。我的名字是 [Gigi]，今天我將擔任您的接線生。

(Operator Instructions)

（操作員指示）

I would now like to hand the conference over to Head of Investor Relations, Chuck MacGlashing.

現在，我想將會議交給投資者關係主管 Chuck MacGlashing。

Thanks, operator. Good afternoon, and welcome to HubSpot's second-quarter 2025 earnings conference call. Today, we'll be discussing results announced in the press release that was issued after the market closed.

謝謝，接線生。下午好，歡迎參加 HubSpot 2025 年第二季財報電話會議。今天，我們將討論市場收盤後發布的新聞稿中宣布的結果。

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還有我們的執行長 Yamini Rangan、我們的共同創辦人兼技術長 Dharmesh Shah 以及我們的財務長 Kate Bueker。

Before we start, I'd like to draw your attention to the safe harbor statement included in today's press release. During this call, we'll make statements related to our business that may be considered forward-looking within the meaning of Section 27A of the Securities Exchange Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended.

在我們開始之前，我想提請您注意今天的新聞稿中包含的安全港聲明。在本次電話會議中，我們將做出與我們的業務相關的聲明，這些聲明可能被視為符合經修訂的 1933 年證券交易法第 27A 條和經修訂的 1934 年證券交易法第 21E 條含義內的前瞻性聲明。

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 third fiscal quarter and full year 2025.

除歷史事實陳述之外的所有陳述均為前瞻性陳述，包括關於管理層對未來財務和營運業績及營運支出、預期成長、外匯走勢和業務前景的預期，包括我們對 2025 年第三財季和全年的財務指引。

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

前瞻性陳述僅反映我們截至今天的觀點，除法律要求外，我們不承擔更新或修改這些前瞻性陳述的義務。請參閱今天的新聞稿中的警示性語言和我們的 10-Q 表，該表將於今天下午提交給美國證券交易委員會，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 second quarter 2025 earnings press release in the Investor Relations section of our website.

在今天的電話會議中，我們將參考 G 條例定義的某些非 GAAP 財務指標。與所使用或討論的每個非 GAAP 財務指標最直接可比較的 GAAP 財務指標以及這些指標之間差異的對帳可以在我們網站投資者關係部分的 2025 年第二季度收益新聞稿中找到。

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

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

Thank you, Chuck, and welcome, everyone. Today, I'll share our Q2 2025 results and the key trends driving our momentum. Then I'll talk about the shifts in marketing and how that's opening up a big opportunity for HubSpot and our customers. I'll close with our progress in AI and the momentum we're building.

謝謝你，查克，歡迎大家。今天，我將分享我們 2025 年第二季的業績以及推動我們發展的主要趨勢。然後我將談論行銷的轉變以及它如何為 HubSpot 和我們的客戶帶來巨大的機會。最後，我想介紹一下我們在人工智慧領域的進展以及我們正在建立的勢頭。

Q2 was a solid quarter for HubSpot with revenue growing 18% year-over-year in constant currency, accelerating nearly 1 point from Q1. We delivered strong operating leverage with a 17% operating margin. Total customers grew to 268,000 customers globally with over 9,700 net customer additions in the quarter. I'm pleased with our consistent execution and the momentum we're building as the customer platform of choice for scaling companies.

HubSpot 第二季表現穩健，以固定匯率計算，營收年增 18%，比第一季加快近 1 個百分點。我們實現了強勁的經營槓桿，營業利潤率達到 17%。本季全球客戶總數成長至 268,000 名客戶，淨增客戶超過 9,700 名。我對我們的一貫執行以及我們作為擴展公司首選的客戶平台所建立的勢頭感到滿意。

Three themes stand out in our Q2 results: platform strength, upmarket momentum and downmarket velocity. First, our platform continues to be a major driver of our success. It's simple. New and existing customers are consolidating their go-to-market stacks on HubSpot to lower cost, get a unified view of their customers and drive AI innovation. 61% of new Pro+ customers now land with multiple hubs, up 4 points from last year.

我們第二季的業績突顯三個主題：平台實力、高端市場動力和低階市場速度。首先，我們的平台繼續成為我們成功的主要驅動力。很簡單。新舊客戶正在 HubSpot 上整合他們的上市堆棧，以降低成本、獲得統一的客戶視野並推動 AI 創新。 61% 的新 Pro+ 客戶現在擁有多個中心，比去年增加了 4 個百分點。

More notably, 42% of our installed base by ARR now use all three core hubs, marketing, sales and service, also up 4 points. This is a clear sign that our platform first approach is working. Sales Hub and Service Hub are cranking. We've innovated rapidly with AI and made it easy for customers to buy seats and grow when they see value.

更值得注意的是，以 ARR 計算，我們 42% 的安裝基數現在使用所有三個核心中心，即行銷、銷售和服務，也上升了 4 個百分點。這清楚地表明我們的平台優先方法正在發揮作用。銷售中心和服務中心正在全力運作。我們利用人工智慧快速創新，讓客戶可以輕鬆購買座位，並在看到價值時實現成長。

Sales Hub seat upgrades are up 71% year-over-year with strong adoption of AI features like deal intelligence for prioritizing deals, guided actions to recommend next steps and AI meeting assistant to streamline prep and follow up.

銷售中心席位升級年增 71%，大力採用人工智慧功能，例如用於確定交易優先順序的交易智慧、用於推薦後續步驟的指導行動以及用於簡化準備和後續工作的人工智慧會議助理。

Service Hub seat upgrades are up 110% year-over-year, fueled by growing use of AI. Another important part of our platform story is the growing impact of the core seat. We launched core seats in March 2024 for customers who need edit access to Smart CRM, the brains of our customer platform.

由於人工智慧的使用日益增多，服務中心座位升級量年增了 110%。我們的平台故事的另一個重要部分是核心席位的影響力日益增強。我們於 2024 年 3 月為需要編輯智慧 CRM（我們客戶平台的大腦）權限的客戶推出了核心席位。

Since then, we have layered in more value with advanced reporting, workflows and admin capabilities. That's driving upgrades. 25% of Pro+ customers on the seats model have added more core seats. Smart CRM is where the full power of our platform comes together, and it's great to see customer adoption.

從那時起，我們透過高階報告、工作流程和管理功能增加了更多價值。這正在推動升級。 25% 的 Pro+ 客戶在座位模型上增加了更多核心座位。智慧 CRM 是我們平台全部功能的集合，我們很高興看到客戶採用它。

Second, our upmarket momentum continues to accelerate. Our focus has been clear, build powerful features upmarket customers need while keeping the ease of use that drives adoption, work closely with our partner ecosystem to help customers see value fast and show tangible success to increase awareness. That focus is delivering results. Large deals are up and product innovation is resonating. Our partner motion is fueling growth with co-selling with our sales team up 29% year-over-year.

第二，我們的高端市場動能持續加速。我們的重點很明確，建立高端客戶所需的強大功能，同時保持推動採用的易用性，與我們的合作夥伴生態系統密切合作，幫助客戶快速看到價值，並展示切實的成功以提高知名度。這一重點正在產生成果。大型交易不斷增多，產品創新也引起強烈反響。我們的合作夥伴行動推動了成長，與我們的銷售團隊的聯合銷售年增了 29%。

Brand awareness is at an all-time high, supporting growth. HubSpot is becoming the platform more upmarket companies choose to grow with. Third, we continue to see velocity in the downmarket segment. Our focus here has been to make the starter tier more valuable and easier to buy. Free to starter conversions are up, driven by faster time to value and smarter AI-powered onboarding.

品牌知名度達到歷史最高水平，支持了成長。HubSpot 正成為更多高階公司選擇的發展平台。第三，我們繼續看到低端市場的成長速度。我們的重點是讓入門級產品更有價值並且更容易購買。由於更快的價值實現時間和更聰明的人工智慧引導，免費到入門的轉換率有所上升。

The pricing changes we rolled out in 2024, lowering the entry price and removing seat minimums are delivering results.

我們在 2024 年推出的價格調整，降低了入場費並取消了最低座位要求，正在取得成效。

Last year, we took half a step back to take several steps forward, and now we're seeing the payoff. More customers coming in, upgrading when they see value and forming a stronger, healthier customer base.

去年，我們後退半步，前進幾步，現在我們看到了回報。越來越多的客戶湧入，當他們看到價值時就會升級，從而形成更強大、更健康的客戶群。

Okay. Let's shift gears and talk about what's happening in search. Marketing is going through its biggest shift in decades, and that opens up big opportunities for HubSpot and our customers. Two massive trends are unfolding. First, organic search traffic is declining globally.

好的。讓我們換個話題，討論一下搜尋領域正在發生的事情。行銷正在經歷幾十年來最大的轉變，這為 HubSpot 和我們的客戶帶來了巨大的機會。兩大趨勢正在顯現。首先，全球範圍內的自然搜尋流量正在下降。

AI overviews are giving answers, and fewer people are clicking through to websites. Second, AI search is rising. More people are turning to LLM for answers instead of searching for information. And that means the way companies get found is changing rapidly.

人工智慧概述正在給出答案，點擊網站的人數越來越少。第二，AI搜尋正在興起。越來越多的人轉向法學碩士尋求答案，而不是搜尋資訊。這意味著公司被發現的方式正在迅速改變。

We saw these shifts coming and moved early to adapt and lead. First, we diversified channels to reach customers where they are. Just 10% of our leads come from blog traffic. The rest comes from a broader growing mix across channels. We've built 10 YouTube channels with 1.8 million subscribers, and Q2 was our best quarter ever for YouTube leads, up 96% year-over-year.

我們預見了這些轉變，並提前採取行動以適應和引領。首先，我們透過多樣化的管道來接觸客戶。我們的潛在客戶中只有 10% 來自部落格流量。其餘則來自跨通路更廣泛的成長組合。我們建立了 10 個 YouTube 頻道，擁有 180 萬訂閱者，第二季度是我們 YouTube 潛在客戶數量最多的一個季度，年增 96%。

On social, we have grown to over 2 million followers on LinkedIn and 600,000 on Instagram. In newsletters, leads grew 50% year-over-year, powered by the Hustle we acquired in 2021 and Mindstream we acquired in 2024. And our podcast reached 5.2 million listeners in Q2 alone. The investments we made in diversifying channels is delivering results.

在社群方面，我們在 LinkedIn 上的粉絲已超過 200 萬，在 Instagram 上的粉絲已超過 60 萬。在新聞通訊方面，潛在客戶年增了 50%，這得益於我們在 2021 年收購的 Hustle 和 2024 年收購的 Mindstream。光是第二季度，我們的播客就吸引了 520 萬聽眾。我們在通路多元化方面所做的投資正在取得成果。

Second, we're figuring out how to show up in AI answers. When people ask questions in LLMs, they want specifics, data, quotes, real insights. That's what gets cited. Our marketing team is testing, innovating and leading here. We're now cited in LLMs more than any other CRM, and we are driving conversions from this emerging channel.

其次，我們正在研究如何在人工智慧答案中展現自己。當人們在法學碩士 (LLM) 中提出問題時，他們想要具體資訊、數據、引述和真實的見解。這就是被引用的內容。我們的行銷團隊在這裡進行測試、創新和領導。現在我們在 LLM 中的引用比其他任何 CRM 都多，並且我們正在推動透過這個新興管道進行的轉換。

This is a major shift in how companies get discovered, and we're not just adapting, we're helping our customers lead through it.

這是公司被發現方式的重大轉變，我們不僅要適應，還要幫助我們的客戶引領這項轉變。

INBOUND was all about bringing together our playbook, products and ecosystem to deliver real value to customers. Now we're applying that same approach to help our customers grow in the AI era. We'll share more on our playbook, our vision for the future of marketing and the opportunity ahead at INBOUND.

INBOUND 的宗旨是將我們的劇本、產品和生態系統整合在一起，為客戶提供真正的價值。現在，我們正在採用同樣的方法來幫助我們的客戶在人工智慧時代成長。我們將分享更多關於我們的劇本、我們對行銷未來的願景以及 INBOUND 未來的機會。

Okay. Let's talk about AI innovation and the momentum we are seeing there. Our strategy is to be the best at applying AI to help small and medium businesses grow. To deliver that, we've evolved HubSpot into an AI-powered customer platform. AI is embedded across the entire platform, so customers get value from day one using the tools they already know.

好的。讓我們來談談人工智慧創新以及我們在那裡看到的勢頭。我們的策略是善於應用人工智慧來幫助中小企業成長。為了實現這一目標，我們將 HubSpot 發展為一個由人工智慧驅動的客戶平台。人工智慧嵌入整個平台，因此客戶從第一天起就可以使用他們已經熟悉的工具來獲得價值。

We deliver hubs that help customers do work, agents that do work for them and a Smart CRM that powers it all with unified context and data. That combination is what sets HubSpot apart. And we're now turning AI into business results for our customers.

我們提供幫助客戶工作的中心、為他們工作的代理以及透過統一的環境和數據為這一切提供支援的智慧 CRM。這種結合正是 HubSpot 與眾不同之處。現在我們正在將人工智慧轉化為客戶的業務成果。

Customer Agent is gaining traction with over 4,000 customers having adopted it. Resolution rates are now averaging 55%, up more than 5 points in just one quarter. A great example is Youth on Course, which cuts response times by 17% and improved CSAT even as ticket volume rose. Just as every company once needed a website, today, every company needs a Customer Agent that can handle questions across marketing, sales and support with full context, and that is exactly what we are enabling for our customers.

客戶代理正在獲得越來越多的關注，目前已有超過 4,000 名客戶採用了它。目前解決率平均為 55%，僅一個季度就上升了 5 個百分點以上。一個很好的例子是“Youth on Course”，它將回應時間縮短了 17%，並且即使在票量增加的情況下也提高了 CSAT。正如每家公司曾經都需要一個網站一樣，今天，每家公司都需要一個客戶代理，能夠全面處理行銷、銷售和支援方面的問題，而這正是我們為客戶提供的服務。

Prospecting agent is seeing strong early demand with over 3,700 customers using it and 17,000 on the waitlist. This agent watches for intent signals, researches prospects and send personalized outreach, saving time for reps. One of our customers Scrums.com shared what used to take 10 BDRs, now takes 3. And more importantly, we're reaching people who knew of us, but never engaged with us before.

勘探代理早期需求強勁，已有超過 3,700 名客戶使用它，還有 17,000 名客戶在等候名單上。該代理會留意意圖訊號、研究潛在客戶並發送個人化的外展訊息，從而節省銷售代表的時間。我們的一位客戶 Scrums.com 分享了過去需要 10 個 BDR，現在只需要 3 個的情況。更重要的是，我們正在接觸那些知道我們但從未與我們接觸過的人。

And finally, content agent has helped 12,000-plus customers create content over the last year with some generating the majority of their content through AI. All of this points to real momentum in AI adoption. Our strategy to embed AI across all our hubs is delivering real results as well. Content Hub, our AI first hub continues to show strong momentum, especially as part of the broader marketing hub motion. In Q2, the attach rate to Marketing Hub was 48%, up 5 points year-over-year.

最後，內容代理在過去一年中幫助了 12,000 多名客戶創建內容，其中一些客戶的大部分內容都是透過人工智慧產生的。所有這些都表明人工智慧的應用正在真正興起。我們在所有中心嵌入人工智慧的策略也正在取得真正的成果。內容中心，我們的 AI 優先中心繼續展現出強勁勢頭，特別是作為更廣泛的營銷中心運動的一部分。第二季度，行銷中心的附加率為 48%，年增 5 個百分點。

That reflects a clear need.

這反映出一種明確的需求。

Marketers want to create content across more channels and formats, faster and our AI features help them do that. AI adoption in Service Hub is also strong with more than 40% using AI features. In Q2, we launched AI feedback summaries and AI ticket sentiment to help service teams move faster and respond more intelligently, and we are continuing to innovate at speed.

行銷人員希望更快地透過更多管道和格式創建內容，我們的 AI 功能可以幫助他們做到這一點。服務中心的 AI 採用率也很高，超過 40% 使用了 AI 功能。在第二季度，我們推出了AI回饋摘要和AI票證情緒，以幫助服務團隊更快地行動並更聰明地做出回應，並且我們正在繼續快速創新。

Also in Q2, we became the first CRM to launch connectors with both ChatGPT and Claude. Over 20,000 customers have already used it to access insights across 23 million CRM records. Customers are already in LLMs asking questions. And these connectors give them fast direct answers from HubSpot. And HubSpot remains the platform where the data lists, where teams collaborate and where actions to drive growth get taken.

此外，在第二季度，我們成為第一家同時推出 ChatGPT 和 Claude 連接器的 CRM 公司。已有超過 20,000 名客戶使用它來獲取 2300 萬筆 CRM 記錄的見解。客戶已經在 LLM 中提出問題。這些連接器可以讓他們快速直接地獲得 HubSpot 的答案。HubSpot 仍然是資料清單、團隊協作和採取行動推動成長的平台。

Together, it's a powerful combination. Adoption has been strong among Pro+ customers, especially for sales pipeline insights and executive decision-making.

總之，這是一個強大的組合。Pro+ 客戶的採用率很高，尤其是在銷售管道洞察和高階主管決策方面。

Overall, we're pleased with the traction and value AI is delivering across the platform, and we're just getting started. Now we're not just building AI into our platform. We're becoming an AI-first company. AI is transforming how we work, how we serve customers and how we grow. Across the business, we're using AI to drive real innovation from booking meetings to handling support and it's working.

總體而言，我們對 AI 在整個平台上帶來的牽引力和價值感到滿意，而且我們才剛剛起步。現在我們不只是將人工智慧融入我們的平台。我們正在成為一家人工智慧優先的公司。人工智慧正在改變我們的工作方式、服務客戶的方式以及發展方式。在整個業務範圍內，我們正在使用人工智慧來推動從預訂會議到處理支援的真正創新，並且它正在發揮作用。

In Q2 alone, AI handled nearly half of our support chat and booked thousands of meetings for our sales team. We're also seeing a big impact on engineering productivity. Over 90% of our engineers use AI every week to move faster and focus on higher impact innovation. As we make this turn, we're making sure every HubSpotter is ready for the AI era. From company-wide innovation days to hands-on pilots and hackathons, teams are learning, testing and pushing what's possible.

僅在第二季度，AI 就處理了我們近一半的支援聊天，並為我們的銷售團隊預訂了數千次會議。我們也看到了對工程生產力的巨大影響。我們超過 90% 的工程師每週都會使用人工智慧來加快行動速度並專注於更具影響力的創新。當我們實現這一轉變時，我們要確保每個 HubSpotter 都為人工智慧時代做好準備。從全公司創新日到實踐試點和黑客馬拉松，團隊正在學習、測試和推動一切可能。

To close, we have a differentiated platform approach, and we are executing with clarity and momentum. I'm confident in our strategy, proud of our pace of innovation and excited for what's ahead. I look forward to seeing many of you at our Analyst Day in September.

最後，我們有一個差異化的平台方法，我們正在清晰而有力地執行。我對我們的策略充滿信心，為我們的創新步伐感到自豪，並對未來感到興奮。我期待在九月的分析師日上見到你們。

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

接下來，我將把會議交給我們的財務長 Kate Bueker，來介紹我們的財務和營運結果。

Kate?

凱特？

Thanks, Yamini. Let's turn to our second quarter 2025 financial results. Q2 revenue grew 18% year-over-year in constant currency and 19% on an as-reported basis. The quarter-over-quarter increase in our revenue growth was driven by improving core business performance over the last 12 months and also benefited from the leap year headwind that impacted Q1.

謝謝，Yamini。讓我們來看看 2025 年第二季的財務表現。以固定匯率計算，第二季營收年增 18%，以報告計算，營收年增 19%。我們營收的環比成長得益於過去 12 個月核心業務績效的改善，同時也受惠於影響第一季的閏年逆風。

Subscription revenue grew 19% year-over-year, while services and other revenue increased 21% on an as-reported basis. Q2 domestic revenue grew 18% year-over-year. International revenue growth was 19% in constant currency and 21% as reported, representing 48% of total revenue. We added over 9,700 net new customers in Q2, ending the quarter with 268,000 customers growing 18% year-over-year.

訂閱收入年增 19%，服務和其他收入年增 21%。第二季國內營收年增18%。國際營收以固定匯率計算成長 19%，報告營收成長 21%，佔總營收的 48%。我們在第二季新增了超過 9,700 名淨客戶，截至本季末客戶總數為 268,000 名，年成長 18%。

Average subscription revenue per customer was $11,300 in Q2, flat year-over-year in constant currency and up 1 point on an as-reported basis. We expect net additions for Q3 and Q4 to be at the high end of our 9,000 to 10,000 range and ASRPC growth in constant currency to be up about 1 point.

第二季每位客戶的平均訂閱收入為 11,300 美元，以固定匯率計算與去年同期持平，以報告基礎計算成長 1 個百分點。我們預計第三季和第四季的淨增人數將達到 9,000 至 10,000 人範圍的高端，而以固定匯率計算的 ASRPC 成長率將上升約 1 個百分點。

Customer dollar retention remained in the high 80s in Q2. Net revenue retention was 103%, up roughly 1 point sequentially, primarily driven by faster seat upgrades. For the full year of 2025, we expect net revenue retention to be up a couple of points year-over-year, again due to the impact of the seats change. Calculated billings were $814 million in Q2, growing 20% year-over-year in constant currency and 26% on an as-reported basis.

第二季度，客戶美元保留率仍維持在 80% 左右。淨收入留任率為 103%，較上一季成長約 1 個百分點，主要得益於座位升級速度加快。對於 2025 年全年而言，我們預計淨收入留任率將年增幾個百分點，這也是由於座位變化的影響。第二季計算的帳單金額為 8.14 億美元，以固定匯率計算年增 20%，以報告基礎計算成長 26%。

The strengthening of the US dollar at the end of the quarter and its impact on deferred revenue resulted in an overall 6-point FX tailwind to as reported billings growth. The remainder of my comments will refer to non-GAAP measures. Q2 operating margin was 17%, flat compared to the year ago period and up 3 points sequentially.

本季末美元的走強及其對遞延收入的影響，導致報告的營業額成長總體上出現了 6 個百分點的外匯順風。我其餘的評論將涉及非公認會計準則衡量指標。第二季營業利益率為 17%，與去年同期持平，較上一季成長 3 個百分點。

Net income was $117 million in Q2 or $2.19 per fully diluted share. Free cash flow was $116 million or 15% of revenue in Q2. Our cash and marketable securities totaled $1.9 billion at the end of June, including the impact of our convertible debt settlement and Q2 share repurchases. We bought back approximately 446,000 shares in Q2 and Q3 as part of our new share repurchase program and have $250 million of authorized purchases remaining under the program.

第二季淨收入為 1.17 億美元，即每股 2.19 美元。第二季自由現金流為 1.16 億美元，佔營收的 15%。截至 6 月底，我們的現金和有價證券總額為 19 億美元，其中包括可轉換債務清理和第二季股票回購的影響。作為我們新的股票回購計畫的一部分，我們在第二季和第三季回購了約 446,000 股股票，並且根據該計畫剩餘的授權購買額為 2.5 億美元。

With that, let's dive into our guidance for the third quarter and full year of 2025. The macro environment remains uncertain, and our expectation is that these volatile conditions will continue for the remainder of the year, but we have a proven playbook that works in an environment like this. For the third quarter, total as reported revenue is expected to be in the range of $785 million to $787 million, up 16% year-over-year in constant currency and 17% on an as-reported basis. Non-GAAP operating profit is expected to be between $156 million and $157 million representing a 20% operating profit margin.

有了這些，讓我們深入了解對 2025 年第三季和全年的指導。宏觀環境仍然不確定，我們預計這些動盪的狀況將在今年剩餘時間內持續下去，但我們擁有一套在這種環境下行之有效的策略。第三季度，總報告營收預計將在 7.85 億美元至 7.87 億美元之間，以固定匯率計算年增 16%，按報告基礎計算成長 17%。非公認會計準則營業利潤預計在 1.56 億美元至 1.57 億美元之間，營業利潤率為 20%。

Non-GAAP diluted net income per share is expected to be between $2.56 and $2.58. This assumes 53 million fully diluted shares outstanding. And for the full year of 2025, total as reported revenue is now expected to be in the range of $3.08 billion to $3.088 billion, up 17% year-over-year in both constant currency and on an as-reported basis.

非公認會計準則 (Non-GAAP) 攤薄每股淨收益預計在 2.56 美元至 2.58 美元之間。此假設流通股數為 5,300 萬股。而對於 2025 年全年而言，預計報告總收入將在 30.8 億美元至 30.88 億美元之間，以固定匯率和報告基礎計算，年增 17%。

We expect roughly a 0.5 point currency tailwind to as-reported revenue growth in 2025. Non-GAAP operating profit is now expected to be between $568 million and $572 million, representing an 18% operating profit margin. Non-GAAP diluted net income per share is now expected to be between $9.47 and $9.53. This assumes 53.4 million fully diluted shares outstanding.

我們預計，2025 年報告的收入成長將受到貨幣順風約 0.5 個百分點的影響。目前預計非公認會計準則營業利潤在 5.68 億美元至 5.72 億美元之間，營業利益率為 18%。非公認會計準則下每股攤薄淨收益預計在9.47美元至9.53美元之間。此假設流通股數為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 5% to 6% for the full year of 2025, driven by higher capitalized software expenses. We now expect free cash flow to be about $580 million for the full year of 2025 with seasonally stronger free cash flow in Q4.

在調整模型時，請記住以下幾點：我們現在預計，受資本化軟體支出增加的推動，2025 年全年資本支出佔收入的百分比將達到 5% 至 6%。我們現在預計 2025 年全年自由現金流約為 5.8 億美元，第四季的自由現金流將因季節性因素而更加強勁。

Before we open the call for questions, I want to invite you to join us for Annual Analyst Day at INBOUND, taking place on September 3 in San Francisco. We look forward to seeing you there.

在我們開始提問之前，我想邀請您參加 9 月 3 日在舊金山舉行的 INBOUND 年度分析師日。我們期待在那裡見到您。

With that, I will turn the call back over to the operator for questions.

說完這些，我將把電話轉回給接線生以回答問題。

(Operator Instructions)

（操作員指示）

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Hi, good evening, and Congrats on a nice 2Q. Yamini, I wanted to pull on the thread where you were talking about maybe the changing nature of INBOUND. So it's good to hear about the traction of agents like customer and prospecting and the value they're adding for clients. But if I zoom out now that you see how customers are deploying agents, is it changing how INBOUND itself is being done? I ask because there's a big investor debate on INBOUND in an Agentic AI world.

大家好，晚上好，恭喜您第二季圓滿成功。Yamini，我想繼續討論你正在談論的 INBOUND 的本質可能正在改變的問題。因此，很高興聽到有關客戶和潛在客戶等代理商的吸引力以及他們為客戶增加的價值。但是如果我現在縮小範圍，您會看到客戶如何部署代理，這是否會改變 INBOUND 本身的執行方式？我之所以問這個問題，是因為投資者對 Agentic AI 世界中的 INBOUND 有激烈的爭論。

And as even humans change their workflows or starting points for search, I'd love to know how hubs, which essentially created INBOUND is pushing the agenda for this next phase shift as well.

而且，即使人類改變了他們的工作流程或搜尋的起點，我很想知道本質上創建了 INBOUND 的中心如何推動下一階段轉變的議程。

Samad, thank you so much for that question. Yes, there are major shifts that's happening in the top of the funnel, partly because of AI, but partly because of how buyer behavior is changing. Organic search is getting disrupted. And people are clicking fewer blue links because AI overviews are providing the answers.

薩馬德，非常感謝您提出這個問題。是的，漏斗頂部正在發生重大轉變，部分原因是人工智慧，但部分原因是買家行為的變化。有機搜尋正在受到干擾。由於人工智慧概覽提供了答案，人們點擊藍色連結的次數減少了。

And then the second big shift that's happening is that people are now asking questions of LLMs rather than even searching for information. So those are two big changes. And when you put that together, SEO, which is kind of what we said with INBOUND is no longer working as it once was. So we moved very early to adapt to the strategy, and I explained this in the earnings, and we have a big opportunity to help our customers navigate a lot of these changes.

然後發生的第二個重大轉變是，人們現在向法學碩士提出問題，而不是搜尋資訊。所以這是兩個重大變化。當你把這些放在一起時，SEO，也就是我們所說的 INBOUND，就不再像以前那樣有效了。因此，我們很早就開始適應這項策略，我在收益報告中解釋了這一點，我們有很大機會幫助我們的客戶應對這些變化。

Let me start with what we did internally and start with a few facts. A lot has been said about HubSpot's blog traffic. And I want to share that 10% of HubSpot's leads comes from blog traffic. The other 90% comes from a diversified source of channels that are all growing. We recognized back in 2022 that overdependence on organic search was not sustainable, and we started diversifying our demand engines across multiple channels.

讓我先從我們內在所做的事情開始，並從一些事實開始。關於 HubSpot 的部落格流量已經有很多討論。我想分享的是，HubSpot 10% 的潛在客戶來自部落格流量。其餘 90% 則來自不斷成長的多元化管道。早在 2022 年，我們就意識到過度依賴自然搜尋是不可持續的，因此我們開始透過多種管道實現需求引擎多樣化。

And as I mentioned in the prepared remarks, we diversified to social channels, YouTube, LinkedIn, Insta that has paid off significantly. We grew our business podcast network and that network today reaches millions of audiences via podcast every month. And our investments in newsletters, e-mail newsletters are paying off, and we're seeing the leads coming from that source grow 50% year-over-year.

正如我在準備好的演講中提到的那樣，我們將業務多元化到社交管道，YouTube、LinkedIn、Insta，這已獲得豐厚的回報。我們擴大了我們的商業播客網絡，如今該網絡每月透過播客覆蓋數百萬聽眾。我們對時事通訊和電子郵件時事通訊的投資正在獲得回報，我們看到來自該來源的潛在客戶同比增長了 50%。

So all of this has helped us continue to grow demand even when blog driven traffic has declined. So the net here is that blog traffic is coming down, but 90% diversified traffic is growing. And that is a playbook that we are helping our customers execute as they navigate all of these changes.

因此，即使在部落格流量下降的情況下，所有這些都幫助我們繼續增加需求。因此，這裡的網路流量正在下降，但 90% 的多元化流量正在成長。這就是我們在幫助客戶應對所有這些變化時執行的劇本。

At the same time, another change is happening because of AI, which is people are asking questions. And therefore, we are leaning into what's next which is AI engine optimization or the industry calls it AEO or GEO. And it's pretty simple. As people start to ask questions of LLMs, there is a new place where companies need to show up, which is answers on these LLMs. And that is what we are experimenting, leaning and it's beginning to work.

同時，人工智慧正在發生另一個變化，那就是人們開始提出問題。因此，我們傾向於下一步的研究，即人工智慧引擎優化，或業界稱之為 AEO 或 GEO。這非常簡單。當人們開始對法學碩士提出疑問時，公司需要出現一個新的地方，那就是這些法學碩士的答案。這就是我們正在嘗試、正在學習並且已經開始發揮作用的。

And we are seeing that clicks from LLMs convert much better than organic search because buyers are deep in the research. They are asking specific questions and when you give an answer, they're ready to act. And so even though it's early stages, we are seeing conversion rate go up, and this is a new nascent emerging channel. So both of these shifts presents a huge opportunity for HubSpot and for us to help our customers navigate all of these changes.

我們發現，由於買家進行了深入研究，LLM 的點擊轉換率比自然搜尋高得多。他們會問一些具體的問題，當你給出答案時，他們就準備好採取行動。因此，儘管還處於早期階段，我們也看到轉換率上升，這是一個新興管道。因此，這兩個轉變都為 HubSpot 和我們提供了巨大的機會，讓我們能夠幫助客戶應對所有這些變化。

You mentioned INBOUND. Look, HubSpot wrote the playbook on INBOUND, helping businesses grow through content. The importance of that content has not changed. What has changed is where people connect with that content. And as AI is reshaping the market, we're writing the next chapter, we're showing our customers how to thrive in that world beyond search, and I'm so excited about this opportunity.

您提到了 INBOUND。看，HubSpot 在 INBOUND 上編寫了劇本，幫助企業透過內容實現成長。該內容的重要性並沒有改變。改變的是人們與內容的連結方式。隨著人工智慧重塑市場，我們正在寫下一章，向客戶展示如何在搜尋之外的世界中蓬勃發展，我對這個機會感到非常興奮。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great. I wanted to follow up on the comment about 25% of Pro+ customers adding more core seats. I was curious who are some of the types of personas that are getting access. And it may be a bit of a longer-term view, but as you expand kind of personas across the platform, how do you think about building, the opportunity to build any solutions or specific workflows for those personas that may interact with HubSpot today but may not be that core customer.

偉大的。我想跟進有關 25% 的 Pro+ 客戶增加更多核心席位的評論。我很好奇哪些類型的人物可以獲得存取權限。這可能是一個比較長遠的觀點，但是隨著您在平台上擴展各種角色，您如何考慮建立機會，為那些今天可能與 HubSpot 互動但可能不是核心客戶的角色建立任何解決方案或特定的工作流程。

Elizabeth, I love this question. I think you're keying into one of our biggest growth levers for the future, which is the core seat and maybe just to explain, the core seat is what customers buy to get the full value of our Smart CRM and think of the Smart CRM as the brains of our platform. This is where the unified customer record sits.

伊莉莎白，我喜歡這個問題。我認為您正在關注我們未來最大的成長槓桿之一，即核心席位，也許只是為了解釋一下，核心席位是客戶購買以獲得我們智慧 CRM 的全部價值並將智慧 CRM 視為我們平台的大腦的東西。這是統一客戶記錄的位置。

This is where you get the full visibility of the customer, and it provides customers the most value. And we've been investing heavily on this layer of our platform and adding powerful capabilities for admins, powerful capabilities for extending our platform. And last year, in March 2024, we launched the core seat. That value of the core seat is resonating within our customers.

在這裡您可以全面了解客戶，並為客戶提供最大的價值。我們一直在大力投資平台的這一層，為管理員添加強大的功能，為擴展平台添加強大的功能。去年，也就是2024年3月，我們推出了核心座椅。核心座椅的價值在我們的客戶中引起了共鳴。

I shared the stat, which is 25% of our Pro+ customers are upgrading and buying more core seats. And they're doing this for a couple of reasons because they get powerful edit capabilities, they get ability to provide more automation and that does expand our core personas.

我分享了一個統計數據，即 25% 的 Pro+ 客戶正在升級並購買更多核心座位。他們這樣做有幾個原因，因為他們獲得了強大的編輯功能，他們獲得了提供更多自動化的能力，這確實擴展了我們的核心角色。

You're right to point that out in the question, the core personas that we have for sales is Sales Hub seat, for service is Service Hub seat, but then core seat expands it beyond all of those to admins, to OS, to finance folks, and that expands our opportunity. As we think about the future, we're going to add a ton of value into that core platform layer. This will have AI capabilities. It will have smart properties. And I think that we're going to be able to drive that as sustained growth going forward, pretty exciting opportunity for HubSpot.

您在問題中正確地指出，我們的銷售核心角色是銷售中心席位，服務核心角色是服務中心席位，但核心席位擴展到管理員、作業系統、財務人員，這擴大了我們的機會。當我們考慮未來時，我們將為核心平台層增加大量價值。這將具有人工智慧功能。它將具有智慧特性。我認為我們將能夠推動未來持續成長，這對 HubSpot 來說是一個非常令人興奮的機會。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Wonderful. Thank you so much. It's great to see some of the early traction with agents. I did want to ask a question about that. Is there any data that you're looking at, that can illustrate for us your engagement with those customers running agents? In other words, how often are they hitting the agent button coming back into HubSpot interactions.

精彩的。太感謝了。很高興看到代理商早期的一些行動。我確實想問一個有關此的問題。您正在查看的資料是否有任何可以向我們說明您與那些運行代理程式的客戶的互動情況？換句話說，他們多久點擊一次代理按鈕然後返回 HubSpot 互動。

I know it's early, but for some of those customers that might have been on for a couple of quarters here, what are you seeing with regard to that level of engagement for those customers running agents?

我知道現在還為時過早，但對於一些可能已經在這裡使用了幾個季度的客戶來說，您看到這些運行代理的客戶的參與度如何？

I'll start with the agents, and then Dharmesh feel free to add to it. So far, we have multiple featured agents that HubSpot has built. Customer Agent and Prospecting Agent, Content Agent, those are the ones that are featured agents. And I'm really pleased with the momentum that we are seeing with all of these agents.

我將從代理商開始，然後 Dharmesh 可以隨意添加。到目前為止，我們已經擁有 HubSpot 建置的多個特色代理商。客戶代理、潛在客戶代理、內容代理，這些都是特色代理。我對所有這些代理商所展現出的勢頭感到非常高興。

I talked about Customer Agent, which has got 4,000 customers. We are seeing really good weekly usage and resolution rates there that are consistently above 50%, many of the Customer Agent customers are seeing 70% to 80% resolution rates. And we've seen more than 6x increase in resolution since January and surpassed over 1 million ticket deflection.

我談到了 Customer Agent，它擁有 4,000 名客戶。我們看到每週的使用率和解決率都非常好，始終高於 50%，許多客戶代理客戶的解決率達到 70% 到 80%。自一月份以來，我們的解決率提高了 6 倍多，並且已處理了超過 100 萬張罰單。

Now if I step back and think about agent usage, our customers know that with agents, they can actually get help in doing work and that is a big shift. It's not just about delivering software to help people get productivity, but it's actually delivering work. And so the use cases that we are seeing traction are deflecting support tickets, setting up meetings in terms of prospecting, writing content that shows up in a variety of channels, those are all the early use cases that we're seeing traction. And I'm pretty excited about the momentum overall.

現在，如果我退一步思考代理的使用情況，我們的客戶知道，有了代理，他們實際上可以在工作中獲得幫助，這是一個很大的轉變。它不僅僅是提供軟體來幫助人們提高生產力，而且它實際上還在提供工作。因此，我們看到的用例是轉移支援票、安排勘探會議、編寫出現在各種管道中的內容，這些都是我們看到的早期用例。我對整體的發展勢頭感到非常興奮。

Jackson Ader, KeyBanc Capital Markets.

傑克遜·阿德（Jackson Ader），KeyBanc 資本市場。

Great, good evening, guys. Thanks for taking our question.

太好了，大家晚上好。感謝您回答我們的問題。

Yamini, I'd like to follow up on the core seats. Those 25% of customers that have come back and purchased more core seats, I'm just curious on two things. Number one, is it -- are you putting so much featured, like are the core seats so feature-rich that you might be cannibalizing a little bit of people coming and buying full seats for Sales or Service Hub, number one?

Yamini，我想跟進一下核心席位的情況。對於那些回來併購買更多核心座位的 25% 的顧客，我只是對兩件事感到好奇。第一，您是否添加瞭如此多的特色，例如核心席位的功能是否如此豐富，以至於您可能會蠶食一部分前來購買銷售或服務中心完整席位的顧客，第一？

And number two, in the future or if there is a future [sales,] where do you think you'll delineate between these are the things that we're going to build into core seats versus these are the things that we are going to live -- leave to those full seats for Sales Hub, Service Hub and the like?

第二，在未來，或者如果有未來的[銷售]，您認為您將如何劃分這些是我們要構建到核心席位中的東西，以及這些是我們將要生活的東西——留給銷售中心、服務中心等的完整席位？

Those are great questions. And I'll take the first part of the question, what goes into the persona seats and what goes into the core seats. It's really clear. The use cases are super distinct. For sales, it is how do you drive deals, how do you forecast, how do you manage that entire process?

這些都是很好的問題。我來回答問題的第一部分，角色席位包含什麼，核心席位包含什麼。非常清楚。用例非常不同。對銷售來說，問題是如何推動交易、如何預測、如何管理整個過程？

That's what goes into the Sales Hub persona seat.

這就是銷售中心角色席位的內容。

And then similarly for service, it's everything to do with your customer success workspace or your help desk workspace. And so it's very, very distinct in terms of what goes into persona seats. Let me take your direct question on are we cannibalizing core seats? We don't think so. We've always had this approach for pricing where we add a lot of value and then we monetize value.

同樣對於服務而言，一切都與您的客戶成功工作區或幫助台工作區息息相關。因此，就個人座位而言，它有非常非常明顯的差異。讓我直接回答你的問題：我們是否會蠶食核心席次？我們不這麼認為。我們一直採用這種定價方法，即增加大量價值，然後將價值貨幣化。

And I think the core seat value is resonating, and we plan to continue to add value there.

我認為核心座位價值正在引起共鳴，我們計劃繼續在那裡增加價值。

The second part of the question you asked is what goes into core seat and what maybe gets into AI and so on. And here's our early thinking on it. Everything that goes into the daily flow, like a personal AI use case. So if it's a Copilot, it's going to belong to that core seat. Anything that is in the daily flow of work that helps someone in the go-to-market organization do better work, that will be either in the persona seat or in the core seat.

您提出的問題的第二部分是，什麼進入核心席位，什麼可能進入人工智慧等等。以下是我們對此的初步想法。進入日常流程的一切，例如個人 AI 用例。因此，如果它是副駕駛，它將屬於核心座位。日常工作流程中任何能幫助行銷組織中的某個人更好地完成工作的事情，都可以在角色席位或核心席位上完成。

If AI is actually doing work for you as in the case of Customer Agent resolving a support ticket or a Prospecting Agent setting up a meeting, that will belong in agents and will be monetized through credits. And so to step back, core seat is a platform opportunity. Persona seats are functional opportunities and AI credits will help us monetize the work that we get done. And all of that provides durable ways for us to grow.

如果人工智慧確實為您工作，例如客戶代理解決支援票或潛在客戶代理安排會議，那麼這將屬於代理，並將透過信用貨幣化。退一步來說，核心席位就是一個平台機會。角色席位是功能性機會，而人工智慧積分將幫助我們將完成的工作貨幣化。所有這些都為我們的發展提供了持久的途徑。

Mark Murphy, JP Morgan.

摩根大通的馬克墨菲。

Kate, when we look at the billings growth of 20% constant currency and if that is outpacing revenue growth by a couple of points. Do you think it's fair to conclude that the [worm] has turned here? In other words, the leading indicators or your net new bookings are outperforming the lagging indicator of revenue. I'm just wondering if you think it's fair to consider that, that equation maybe has inverted a little from where it was 4 to 6 quarters ago.

凱特，當我們觀察以固定匯率計算的 20% 的營業額成長率，以及這是否比收入成長率高出幾個百分點時。您認為可以公平地得出「蟲子已經轉向」的結論嗎？換句話說，領先指標或淨新預訂量優於落後指標收入。我只是想知道您是否認為可以公平地考慮這一點，這個等式可能與 4 到 6 個季度前的情況相比略有顛倒。

Yeah. Mark, thanks for the question. I'm not sure that I know this [worm] analogy, but maybe I'll talk a little bit about our constant currency billings growth of 20%. We were actually -- we're pleased with the strength in the billings growth. You are right that billings tends to lead when the business is showing positive momentum.

是的。馬克，謝謝你的提問。我不確定我是否了解這個[蠕蟲]類比，但也許我會稍微談談我們 20% 的恆定貨幣賬單增長。事實上，我們對帳單成長的強勁勢頭感到滿意。您說得對，當業務呈現積極勢頭時，比林斯往往會處於領先地位。

But I would remind you that we called out strength in upmarket in Q2 specifically, larger deals, more multi-hub deals.

但我要提醒你，我們在第二季特別強調了高端市場的實力，也就是更大的交易、更多的多中心交易。

And these deals tend to have higher billing terms. So longer months upfront, which means an extension of duration. And this helps create a bit of a gap -- a positive gap for constant currency billings growth relative to constant currency revenue growth. If you just think about kind of the next couple of quarters anyway, our expectation is that the revenue and billings growth will track each other, but we will still see this small benefit from duration over the next couple of quarters.

而這些交易的結算條款往往更高。因此，需要提前幾個月支付，這意味著期限的延長。這有助於創造一點差距——恆定貨幣帳單成長相對於恆定貨幣收入成長的正差距。如果您只是考慮接下來的幾個季度，我們預計收入和帳單成長將相互跟踪，但在接下來的幾個季度中，我們仍然會看到持續時間帶來的小幅收益。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect. Thank you so much. Yamini, I had one for you going back to Agentic AI. I think Brad maybe touched on this a little bit, but I want to follow up. It seems like you're getting great adoption, right, in terms of the pure number of customers that are adopting HubSpot agents.

完美的。太感謝了。Yamini，我有一個關於 Agentic AI 的資訊。我認為布拉德可能稍微談到了這一點，但我想跟進一下。從採用 HubSpot 代理的客戶數量來看，似乎您的採用率很高。

I'm curious where you are in terms of consumption in the consumption model for your Agentic capabilities? Are customers kind of still burning through their initial credits? Are you seeing them kind of come back to the [well,] buy more credits? Where are we in that journey? Or should we expect that to be more of a 2026 plus dynamic?

我很好奇您在 Agentic 功能的消費模式中的消費如何？客戶是否仍在消耗他們最初的信用額度？您是否看到他們又回來購買更多積分？我們在這段旅程中處於什麼位置？或者我們應該預期這將是一個 2026 年以後的動態？

Yeah. Thank you, Arjun, for the question. Look, we have had a clear and consistent philosophy when it comes to monetization, which is we focus on value before monetizing. And the signal that we very specifically look for in terms of monetizing is predictable value for customers and that is exactly what we are seeing with Customer Agent.

是的。謝謝 Arjun 提出的問題。你看，在貨幣化方面我們有一個明確而一致的理念，那就是在貨幣化之前我們關注的是價值。我們在貨幣化方面特別尋找的訊號是客戶可預測的價值，這正是我們在客戶代理中看到的。

We're seeing predictable value, really good resolutions and good adoption by customers, and that's why we added it to our credit-based pricing model. And you can assume that we will take a similar approach as the rest of the agents come into GA and continue to deliver value. So very excited about the progress that we are making in agent adoption and delivering value.

我們看到了可預測的價值、真正好的解決方案和客戶的良好採用，這就是我們將其添加到基於信用的定價模型中的原因。並且您可以假設，當其他代理商進入 GA 並繼續提供價值時，我們將採取類似的方法。我們對代理商採用和提供價值方面的進展感到非常興奮。

Now specifically on credits, we launched credit at INBOUND last year and added Customer Agent to credit in June. And it's rolling into our installed base of Customer Agent customers this week. So it's super early, and there's not that much in terms of very clear monetization patterns that we can say, but we feel very confident that the usage and value that we are delivering translates into monetization. So overall, very happy with the progress we're making. It will have impact in 2026, but all of the leading indicators are very positive.

現在具體到信用方面，我們去年在 INBOUND 推出了信用，並在 6 月將客戶代理添加到信用中。本週，它已進入我們已安裝的客戶代理客戶群。所以現在還處於非常早期的階段，我們還沒有太多可以講的非常明確的貨幣化模式，但我們非常有信心，我們所提供的使用和價值可以轉化為貨幣化。總的來說，我們對所取得的進展感到非常高興。它將對2026年產生影響，但所有領先指標都非常積極。

Michael Turrin, Wells Fargo Securities.

圖林 (Michael Turrin)，富國證券。

Hey, great, thanks. I appreciate you taking the question and Great. And hitting the search topic head on in the prepared remarks. It also stands out you're one of the few in software calling out growth contribution from seats and a few different flavors with the new model.

嘿，太好了，謝謝。感謝您回答這個問題，太好了。並在準備好的發言中直接切入搜尋主題。值得注意的是，您是軟體領域中少數幾個透過新模型強調座椅和幾種不同風格的成長貢獻的公司之一。

So I was just wondering if you could expand on whether you're finding the more patient monetization strategy, you've taken there a competitive advantage in this environment.

所以我只是想知道您是否可以詳細說明您是否找到了更有耐心的貨幣化策略，您是否在這種環境中獲得了競爭優勢。

And then just moving forward, you've touched on it with a few of the answers, but just how you're thinking about AI and the puts and takes of monetizing some of the value you're delivering there early versus waiting and bring some of the durable growth like you've done with the seat model here.

然後繼續前進，你已經觸及了幾個答案，但你如何看待人工智慧，以及如何將你早期提供的部分價值貨幣化，而不是等待並帶來一些持久的增長，就像你在這裡對座位模型所做的那樣。

Yeah. Definitely a lot of puts and takes there in terms of it. And look, we are very disciplined when it comes to pricing and monetization, and it does pay off. We really focus on delivering value before monetizing. And you mentioned the seats growth.

是的。就此而言，肯定有很多事情要做。而且，我們在定價和貨幣化方面非常自律，而且確實獲得了回報。我們真正注重的是先創造價值，再實現獲利。您提到了座位數的成長。

We have seen it consistently. We have seen it in core seats. We're seeing it in Sales Hub seat upgrades. We're seeing it in Service Hub seat upgrades.

我們一直都看到這種情況。我們在核心席位上已經看到了這一點。我們在銷售中心席位升級中看到了這一點。我們在服務中心座位升級中看到了這一點。

And it comes down to how our philosophy is always focused on value. Last year, you knew that we lowered the entry price, and we removed the friction of customers upgrading to Pro on Service Hub and Sales Hub seats. And the rationale for us doing that was to make it super easy for customers to buy and easy for customers to upgrade with HubSpot. And that is exactly what is playing through, and we see it in all of the upgrade motions that you talked about.

歸根究底，我們的理念始終關注價值。去年，您知道我們降低了入門價格，並消除了客戶在服務中心和銷售中心席位上升級到專業版的摩擦。我們這樣做的理由是讓客戶能夠非常輕鬆地購買並輕鬆使用 HubSpot 進行升級。這正是正在發生的事情，我們在您談到的所有升級動議中都看到了這一點。

Now in terms of the puts and takes, in terms of the pricing strategy, our pricing strategy is hybrid. We will have seats that monetizes the core value that we deliver for all of the personas that we support, and we have credits that will help us monetize the value that is not tied to seats. And the combination of these two, we think, is going to be really useful as the AI kind of adoption wave continues.

現在就投入和產出而言，就定價策略而言，我們的定價策略是混合的。我們將擁有能夠將我們為所有支持的角色提供的核心價值貨幣化的席位，並且我們擁有可以幫助我們將與席位無關的價值貨幣化的信用。我們認為，隨著人工智慧應用浪潮的持續，這兩者之間的結合將會非常有用。

Now everybody talks about P times Q, and they talk about quantity going down. But the more important part of it is the quantity goes down only when the value goes up, and we have a very clear mechanism to monetize that value. So overall, feel very good in terms of the approach that we have taken. Patience pays off, and it is paying off for us.

現在每個人都在談論 P 乘以 Q，並且他們談論的是數量下降。但更重要的是，只有當價值上升時數量才會下降，而且我們有一個非常明確的機制來將價值貨幣化。總體而言，我們對所採取的方法感覺非常好。耐心終有回報，而我們也正在獲得回報。

patience pays off and it is paying off for us.

耐心終有回報，而且它正在為我們帶來回報。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Good afternoon. Thanks for taking the question. Yami, I think we could spend the next 45 minutes talking about core seat. It seems super important. I'm sure we'll touch about more on that at the event here next month. But Kate, I wanted to go back to the quarter. The Americas growth accelerated by 1 point.

午安.感謝您回答這個問題。Yami，我想我們可以花接下來的 45 分鐘來討論核心席位。這看起來非常重要。我相信下個月的活動中我們會更多地討論這個問題。但是凱特，我想回到這個街區。美洲地區增速加快1個百分點。

Even if I back out FX, it looks like Q2 was the highest dollar sequential increase in revenue that we've ever seen.

即使我不考慮外匯，看起來第二季的營收也是我們所見過的最高美元連續成長。

It looks like it's the highest percent sequential increase in over a year. So as we just think about the fundamental drivers here of the upside in the quarter, was there any sort of onetime anomalies that we should think about outside of FX? Or is that just broad-based strength that you're seeing in the business driving that acceleration in Americas and again, pretty strong sequential increase in overall revenue.

這看起來是一年多來連續最高百分比的成長。因此，當我們思考本季上行的基本驅動因素時，除了外匯因素之外，我們是否還應該考慮任何一次性異常現象？或者這只是您在業務中看到的全面實力推動了美洲地區的加速發展，並且再次帶來了整體收入的強勁環比增長。

Yeah. Thank you so much for the question, and I appreciate your positive commentary on the performance in the quarter. We were happy with the performance in Q2. It came in largely as we expected. The sequential growth was nice.

是的。非常感謝您提出這個問題，我很欣賞您對本季表現的正面評價。我們對第二季的表現感到滿意。其結果基本上符合我們的預期。連續的成長是不錯的。

We beat by $21 million, had a little bit of help there from FX, probably another -- probably $5 million of the $21 million, but we had a nice solid beat based on core business performance.

我們超出預期 2,100 萬美元，這得益於 FX 的一點幫助，可能還有另外 500 萬美元的幫助，但基於核心業務表現，我們取得了不錯的超出預期。

Look, I think that what you should hear from us in sort of the performance in Q2 and how we set our guidance for the full year is a few things. One is the business is performing well. Yamini mentioned the strength that we're seeing upmarket, our continued velocity downmarket, our overall traction and platform consolidation, like this is driving nice business momentum. And we saw revenue growth and constant currency improve Q1 to Q2.

聽著，我認為您應該從我們這裡聽到一些關於第二季度業績以及我們如何制定全年業績指引的消息。一是業務表現良好。Yamini 提到了我們在高端市場看到的實力、我們在低端市場的持續速度、我們的整體牽引力和平台整合，這些都在推動良好的業務發展勢頭。我們看到第一季至第二季的營收成長和固定匯率改善。

The team is executing well. We had a strong execution through the first half of the year, even though the external environment does remain a bit choppy. And then you're right, we saw some favorability in FX. Between Q1 and Q2, the dollar has weakened. It's a tailwind for us and we included an additional $20 million of FX tailwind in the back half of the year in the guidance that we put forward.

該團隊表現良好。儘管外部環境仍然有些不穩定，但我們在上半年的執行情況仍然強勁。你說得對，我們在 FX 上看到了一些有利因素。第一季和第二季之間，美元走弱。這對我們來說是一個順風，我們在提出的指導中還包括了下半年額外的 2000 萬美元外匯順風。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Thank you for taking the question. Kate, on the improved outlook for new customer adds and then I believe also ASRPC for the back half. Could you just unpack the key drivers of that? I mean it sounds like a lot of great momentum, as Yamini was alluding to in terms of the non-blog, traffic sources. But is this simply a macro -- slightly better macro view? Or are you seeing kind of some incremental, kind of organic improvements in lead generation just given the diversified channel approach you're taking?

感謝您回答這個問題。凱特，關於新客戶增加的前景有所改善，我相信下半年 ASRPC 也會有所改善。您能否解釋一下其中的關鍵驅動因素？我的意思是，這聽起來有很大的發展勢頭，正如 Yamini 所暗示的非部落格流量來源一樣。但這只是一個宏觀的——稍微好一點的宏觀觀點嗎？或者，您是否看到，僅僅因為您採取了多元化管道方法，潛在客戶生成就出現了某種漸進式、有機的改善？

Yeah. I mean I guess I wouldn't overreact to quarter-over-quarter changes to net additions, like we see that move from one quarter to the next. We are happy to see net adds come in above our 9,000 expectation for Q2. We saw nice performance across both the starter tier and also the professional and enterprise tiers. In starter, what we saw was like a nice uplift in the free to starter conversion rate.

是的。我的意思是，我想我不會對淨增值的季度變化反應過度，就像我們看到的那樣，從一個季度到下一個季度的變化。我們很高興看到第二季淨增人數超過了我們預期的 9,000 人。我們看到入門級、專業級和企業級都表現出色。在入門級中，我們看到免費到入門級的轉換率有了顯著的提升。

And we saw some positive impact from an annual pricing promotion that we put in place at the beginning of June. On the professional and enterprise side, it's just really consistent momentum quarter-over-quarter. And so like our expectation here over the next couple of quarters is that we continue to be in that 9,000 to 10,000 range at the top end of that range. And then ASRPC expectations is up roughly 1 point in constant currency in Q3 and Q4.

我們在六月初實施的年度價格促銷活動產生了一些正面影響。在專業和企業方面，每個季度都保持著非常一致的成長勢頭。因此，我們對未來幾季的預期是，我們將繼續保持 9,000 到 10,000 這一範圍的高端。然後，ASRPC 預期在第三季和第四季按固定匯率計算上升了大約 1 個百分點。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Hi, good evening, good afternoon. I'd like to invite Dharmesh on if he's available. And the question is, you've seen a number of trends in your technology career, and there is a lot of cross-currents associated, in particular with the Marketing Hub. And as you think about what the Marketing Hub is today, HubSpot is adding Agentic capabilities, whether part of that solution as an additional add-on. But what does the solution look like in two, three years that customers are buying?

大家好，晚上好，下午好。如果 Dharmesh 有空的話，我想邀請他加入。問題是，您在技術生涯中看到了許多趨勢，並且存在許多相關的逆流，特別是與行銷中心相關的逆流。當您思考今天的行銷中心是什麼時，HubSpot 正在添加 Agentic 功能，無論它是否作為附加元件作為該解決方案的一部分。但是兩三年後客戶購買的解決方案是什麼樣的呢？

Is it still through the Marketing Hub? Or are you buying agents that are supported by it? I'm just trying to understand how you think the actual advent of Agentic technology is going to change the construct of what a Marketing Hub is. And then secondly is, how do you think the -- and maybe this is for Kate or Yamini, but how do you think the evolution of what customers are paying for may evolve? I know there's been a lot of talk about seats today, which is candidly great to see or hear rather.

還是透過行銷中心嗎？還是你購買的是其支援的代理商？我只是想了解您認為 Agentic 技術的實際出現將如何改變行銷中心的結構。其次，您認為——也許這對 Kate 或 Yamini 來說是這樣，但您認為客戶支付方式的演變會如何？我知道今天有很多關於座位的討論，坦白說，看到或聽到這些討論真是太好了。

But how does that evolve? In other words, do you think consumption grows over time as a percent of your revenue? Thank you so much.

但這是怎麼演變的呢？換句話說，您認為消費佔收入的百分比會隨著時間的推移而增長嗎？太感謝了。

Yeah. I'll start out. Thanks for the question. In terms of things we're most excited about, we are excited about this kind of emerging new operating system. This is the AI operating system that's happening now.

是的。我先走了。謝謝你的提問。就我們最興奮的事情而言，我們對這種新興的作業系統感到興奮。這就是目前正在發生的人工智慧作業系統。

And so you saw us earlier this year release these connectors for both ChatGPT and Claude. And the idea behind these connectors is that in this kind of new age, users are going to be spending some time in these kind of frontier AI applications. And the reason we're excited is that now this gives us another point of leverage, which is how can we use the platform that we have and deliver more user and customer value.

因此，您看到我們在今年早些時候發布了適用於 ChatGPT 和 Claude 的連接器。這些連接器背後的想法是，在這個新時代，用戶將會花一些時間在這些前沿的人工智慧應用上。我們感到興奮的原因是，這為我們提供了另一個槓桿點，即我們如何利用現有的平台並為用戶和客戶帶來更多價值。

And as people spend more time there, we think we can take what we've done in the past and say, Oh, add APIs. We'll add ways for customers to get benefit from being on the HubSpot customer platform. With this kind of new Agentic world, we're going to see more and more use cases emerge on the frontier apps, and we can build these connectors to kind of create more value for our customers. I'll give you an example.

隨著人們在那裡花費的時間越來越多，我們認為我們可以利用過去所做的事情並說，哦，添加 API。我們將為客戶增加從 HubSpot 客戶平台獲益的方式。在這種新的 Agentic 世界中，我們將看到越來越多的用例出現在前沿應用程式上，我們可以建立這些連接器來為我們的客戶創造更多價值。我給你舉個例子。

If you're sitting inside ChatGPT, which, by the way, now has 700 million weekly active users, right, lots and lots of usage there, someone could type in and say, Oh, what was my best performing geo in Europe last quarter. And I want to send them an e-mail, right? So now it goes through the connector because ChatGPT knows that there's a native connector for HubSpot. The data comes back from HubSpot that says, here were your best performing geos. Now these are approved, the e-mail being sent.

如果您坐在 ChatGPT 裡面，順便說一下，現在每周有 7 億活躍用戶，對吧，那裡的使用量很大，有人可能會輸入並說，哦，上個季度我在歐洲表現最好的地理位置是哪裡。我想給他們發一封電子郵件，對嗎？所以現在它通過連接器，因為 ChatGPT 知道 HubSpot 有一個原生連接器。HubSpot 傳回的數據表明，這裡是您表現最好的地理位置。現在這些都已批准，電子郵件已發送。

So the interaction is happening in ChatGPT, the action to be able to take on that insight that just came back happens inside of HubSpot. Now this is a very novel use case because now ChatGPT knows about the world, right? It knows about the web, everything that's on the Internet and HubSpot knows about your customers.

因此，交互發生在 ChatGPT 中，而根據剛剛返回的洞察採取的行動發生在 HubSpot 內部。這是一個非常新穎的用例，因為現在 ChatGPT 了解世界，對吧？它了解網路、網路上的一切，而 HubSpot 了解您的客戶。

'And we can bring all those three things together to say, Oh, I want to bring this data back from HubSpot, intersect it with what we know of the world and then take this action back within the customer platform and actually do things. I'm really excited about this new operating system, and we're sort of very kind of early to this market. And we believe in this kind of open platform that says, Okay, well, we want to kind of pipe those insights and that data through and the action continues to happen in HubSpot. So that's what I'm most excited about.

「我們可以將這三件事結合起來，說，哦，我想從 HubSpot 帶回這些數據，將其與我們對世界的了解相交叉，然後在客戶平台內採取這一行動並實際採取行動。我對這個新作業系統感到非常興奮，我們進入這個市場還很早。我們相信這種開放平台，它說，好的，我們希望將這些見解和數據傳遞出去，並且行動會繼續在 HubSpot 中進行。這就是我最興奮的事。

And I think, Keith, there's also a lot of excitement in terms of what we can do within Marketing Hub to help our customers just adapt and navigate to all of the changes. And one thing I want to make very clear, search is getting disrupted, which means SEO is not as effective as it is before. But here's the key. Content matters even more in the new world.

基思，我認為，我們在行銷中心能夠做的事情也讓我們非常興奮，能夠幫助我們的客戶適應並應對所有變化。我想明確指出的是，搜尋正在受到干擾，這意味著 SEO 不再像以前那麼有效。但關鍵在於此。在新世界中，內容更為重要。

The content needs to actually show up in social. It needs to show up in podcast and newsletters. It needs to show up in LLM answers. And that is exactly what Marketing Hub and Content Hub will do. You asked a specific question, how does this all look like?

內容需要真正出現在社交中。它需要出現在播客和新聞通訊中。它需要出現在 LLM 答案中。這正是行銷中心和內容中心要做的事。你問了一個具體的問題，這一切看起來怎麼樣？

I think Marketing Hub and Content Hub, we have a huge opportunity to really transform how this content shows up for our customers, and that's exactly what we're building.

我認為行銷中心和內容中心有巨大的機會真正改變這些內容向客戶呈現的方式，而這正是我們正在建構的。

And content agent helps marketers generate high-quality content. The work that we've been doing to innovate on Content Hub, which is content remix, podcast remix. What it does is actually helps our customers diversify because SEO is one piece of the broader marketing strategy we support and what we really support with is how we power our customers' ability to diversify channels across e-mail, ads, social, journey analytics and so on.

內容代理商幫助行銷人員產生高品質的內容。我們一直在對內容中心進行創新，即內容混音、播客混音。它的作用實際上是幫助我們的客戶實現多樣化，因為 SEO 是我們支持的更廣泛的行銷策略的一部分，而我們真正支持的是如何增強客戶透過電子郵件、廣告、社交、旅程分析等實現管道多樣化的能力。

And so I think that we're pretty excited about the broader opportunity to help our customers with marketing. And as we do that and as we evolve our pricing strategy, we'll have a balance of seats and credits where we provide value in this seat to help our customers get productivity, seats will grow, where we do the work for customers like Customer Agent, credits will go. And I think that opens up a lot of opportunity for us.

因此，我認為我們對幫助客戶進行行銷的更廣泛機會感到非常興奮。當我們這樣做並改進我們的定價策略時，我們將在席位和信用之間取得平衡，我們在這個席位上提供價值以幫助我們的客戶提高生產力，席位將會增加，而我們為客戶代理等客戶完成工作，信用就會減少。我認為這為我們帶來了很多機會。

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 my question. You guys, both Yamini and Dharmesh have given such great thoughtful answers to these kind of higher altitude questions. Maybe kind of in a similar vein, Yamini, are you -- given the disruption happening in and around marketing, are you seeing customers pause and evaluate and sales cycles either take longer or budgetary decisions be a little bit more interspersed? Or are you actually seeing this a call to action where, to your point, content is more important than ever.

嘿夥計們，謝謝你們回答我的問題。你們，Yamini 和 Dharmesh 都對這些高層次的問題給出了非常深思熟慮的答案。亞米尼，也許情況有點類似，考慮到行銷內部和周圍發生的混亂，您是否看到客戶停下來並進行評估，銷售週期要么變得更長，要么預算決策變得更加穿插？或者您實際上將此視為一種行動號召，就您的觀點而言，內容比以往任何時候都更重要。

You're seeing more engagement and time in app around putting -- broadening the surface area of where people are marketing. And Dharmesh, for you, if the UX layer, if the OS is now the LLM to some extent in however many years that reality happens. As you move upmarket, it feels like the monetization path with some of your competitors is to monetize data access, right, or monetize actions. When you think about monetizing not at the UX layer, but at this process layer, how does that change vis-a-vis your competitors? And how do you see that evolving?

您會看到，人們在應用程式中投入的參與度和時間都在增加，從而擴大了人們進行行銷的表面積。Dharmesh，對你來說，如果 UX 層、OS 現在在某種程度上是 LLM，無論多少年後，現實都會發生。隨著你向高端市場邁進，感覺你的一些競爭對手的盈利途徑是將數據訪問貨幣化，對吧，或者將行動貨幣化。當您考慮不是在使用者體驗層而是在流程層實現盈利時，與競爭對手相比，情況會有什麼變化？您認為這項發展將如何進行？

Alex, you just sneaked in a multiple part question there. But I will take the first part, which is on Marketing Hub and what we're seeing. Look, there's a lot shifting within marketing and marketers are not pausing to evaluate. They're really focused on driving growth, driving leads and diversifying their sources, and that is what we see. I talk to CMOs all the time, and we talk about what is working today, what is not working.

亞歷克斯，你剛才偷偷地提出了一個由多個部分組成的問題。但我將討論第一部分，即行銷中心和我們所看到的內容。你看，行銷領域正在發生很多變化，但行銷人員並沒有停下來進行評估。他們真正專注於推動成長、推動銷售線索和實現來源多樣化，這就是我們所看到的。我經常與 CMO 交流，我們討論目前哪些方法有效，哪些方法無效。

They're looking to HubSpot because they trust HubSpot. We've brought playbooks together. We've brought product together that can help them execute on the playbook, and we have an ecosystem of partners that we have activated to help them. And so they're coming to us, and it's actually causing a new [CTA] within marketing teams to evaluate their playbooks and reimagine what they need to do in the world beyond search. So that's why I think it's a big opportunity. And I can't wait to share much more about this vision at INBOUND next month.

他們之所以選擇 HubSpot，是因為他們信任 HubSpot。我們已經把劇本整合在一起。我們整合了可以幫助他們執行劇本的產品，我們有一個合作夥伴生態系統來幫助他們。所以他們來找我們，這實際上促使行銷團隊內部產生新的 [CTA] 來評估他們的劇本並重新想像他們在搜尋之外的世界中需要做什麼。所以我認為這是一個巨大的機會。我迫不及待地想在下個月的 INBOUND 上分享更多關於這個願景的內容。

And Dharmesh?

還有達美甚？

Yeah. One thing I'd like to add, I'm going to add on to the marketing since we've talked a lot about marketing and INBOUND kind of intersecting with agents. One of the new things we've learned recently, I'll kind of catch you guys up. So we launched a product called Agent.ai at INBOUND last year. We had 47,000 users at that time.

是的。我想補充一點，我將補充有關行銷的內容，因為我們已經討論了很多有關行銷和與代理商的 INBOUND 交叉的內容。這是我們最近學到的新事物之一，我會向你們介紹一下。所以我們去年在 INBOUND 推出了一款名為 Agent.ai 的產品。當時我們有 47,000 名用戶。

We just crossed the 2 million user mark. But one thing that was kind of surprising was this kind of emerging use case that was unexpected, which is people using agents as a lead magnet.

我們的用戶數剛剛突破200萬大關。但有一件事情有點令人驚訝，那就是這種出乎意料的新興用例，即人們使用代理作為引導磁鐵。

So think of it agents as a form of content where before you might have said, Oh, I'm going to create this research PDF or I'm going to create this Excel spreadsheet that I'm going to give away in exchange for someone's e-mail address. Now what we see customers doing is creating agents, taking their domain expertise or whatever is embodying it inside of an agent and using it as a lead magnet and using Agent.ai as a platform to do that.

因此，可以將其視為一種內容形式，之前您可能會說，哦，我要創建這個研究 PDF，或者我要創建這個 Excel 電子表格，我要將其贈送出去以換取某人的電子郵件地址。現在我們看到客戶正在做的是創建代理，利用他們的領域專業知識或代理內部體現的任何內容，並將其用作引導磁鐵，並使用 Agent.ai 作為平台來實現這一點。

Now the really cool thing is that now you can take that kind of domain expertise that you had and drive kind of value for customers. So it's a new form of INBOUND, a new form of content that's very, very Agentic, and it's exciting. Now -- and the cool feature in Agent.ai is if you're using this lead magnet feature and you're a HubSpot customer, which you would need to be, those leads that you generate on Agent.ai go into your HubSpot account. So there's this nice flywheel effect that's happening there that I'm super excited about. I know that's not the question you asked, but that's the question I wanted to answer.

現在真正酷的事情是，您現在可以利用自己擁有的領域專業知識為客戶創造價值。所以，這是一種新的 INBOUND 形式，一種非常具有代理性的新內容形式，而且令人興奮。現在 —— Agent.ai 中一個很酷的功能是，如果您使用這個引導磁鐵功能並且您是 HubSpot 客戶（您需要成為 HubSpot 客戶），那麼您在 Agent.ai 上產生的那些潛在客戶就會進入您的 HubSpot 帳戶。所以那裡發生了這種很好的飛輪效應，我對此感到非常興奮。我知道這不是你問的問題，但這是我想要回答的問題。

So here we are.

所以我們到了這裡。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hey, good afternoon. Thanks for taking my question. This one is for Dharmesh as well. Dharmesh, I'd love your perspective from a frontier model standpoint. As we see frontier models add more agents and Agentic applications to their platform layer, how do you think about that being a source of competition longer term? And how important is the domain experience and the workflow experience that you have at HubSpot in that context?

嘿，下午好。感謝您回答我的問題。這也是為 Dharmesh 準備的。Dharmesh，我很想從前沿模型的角度來了解你的觀點。我們看到前沿模型在其平台層添加了更多代理和 Agentic 應用程序，您如何看待這會成為長期競爭的根源？在這種情況下，您在 HubSpot 的領域經驗和工作流程經驗有多重要？

Yes. I think a lot of the -- and what we're seeing now, and I think we're going to continue to see for a while is the agent development that's happening within the frontier model is going to be one of two things. They're going to be a very horizontal consumer-facing Agentic capability, right? That says, Oh, we're going to build something for a calendaring or something that's kind of very broad-based versus kind of vertical B2B focused things. And the other thing they're doing is kind of extending their platforms to allow third parties like HubSpot to be able to build more Agentic capabilities with better reasoning models, better tooling and tool calling. So those are the things that are happening.

是的。我認為很多——我們現在看到的，以及我認為我們將繼續看到的一段時間內，前沿模型中發生的代理發展將是兩件事之一。它們將成為一種面向消費者的非常水平的代理能力，對嗎？也就是說，哦，我們要建立一個日曆之類的東西，或者一些基礎非常廣泛的東西，而不是垂直的 B2B 重點的東西。他們正在做的另一件事是擴展他們的平台，以允許像 HubSpot 這樣的第三方能夠透過更好的推理模型、更好的工具和工具呼叫來建立更多的 Agentic 功能。這些就是正在發生的事情。

In terms of the value of the domain expertise, within -- and I'm biased here, but within industries like CRM and ERP and others, there's just so much embodied in. It's not just the data and the data model and things that we're passing back to the LLM. It's, in our case, 19 years' worth of domain expertise that's embodied in millions of lines of code that capture what a salesperson does all day and what a service rep might do all day. And I think that is going to be hard and sort of messy for frontier models to try and they have bigger fish to fry in my mind. They're going after the kind of trillion dollar opportunities, not the kind of individual vertical opportunities one at a time, but that's my thesis.

就領域專業知識的價值而言——我在這一點上有偏見，但在 CRM、ERP 等行業中，體現的內容實在太多了。我們傳回給 LLM 的不僅僅是資料、資料模型和其他東西。就我們而言，這是 19 年的領域專業知識，體現在數百萬行程式碼中，這些程式碼捕捉了銷售人員一整天都在做什麼以及服務代表一整天都在做什麼。我認為這對前沿模型來說將會很困難，而且有點混亂，在我看來，他們有更重要的事情要做。他們追求的是數萬億美元的機會，而不是單一垂直機會，但這是我的論點。

Brett Huff, Stephens Inc.

布雷特·哈夫，史蒂芬斯公司

Good evening. Congrats on a nice quarter. Mine is a little bit higher-level question. Given all the changes going on in AI moving upmarket, new products, et cetera, can you just remind us if there's been a reshuffle in sort of the stack rank of where you see growth coming first, most, biggest, sort of however you want to sort of rank them for us, which ones you're going after first, which ones might be bigger, just to help reframe the debate or reframe sort of the growth pie as you guys think about it going forward with all the dynamics going on.

晚安.恭喜本季取得良好業績。我的問題稍微有點高級。鑑於人工智慧在高端市場、新產品等方面發生的所有變化，您能否提醒我們，在您看來，增長最快、增長最大的領域排名是否進行了重新洗牌，無論您想如何排列，您首先關注的是哪些領域，哪些領域可能更大，這只是為了幫助重新構建爭論或重新構建增長格局，讓大家思考如何在未來實現所有動態。

Absolutely. That's a very good question. Look, we have a current playbook that is working, and you can see it from the consistency of delivery of results from those. This is platform consolidation, moving upmarket and delivering compelling customer value in all of the seats. And that playbook is working.

絕對地。這是一個非常好的問題。看，我們有一個正在運行的劇本，你可以從其結果交付的一致性中看到這一點。這是平台整合、走向高端市場並在所有領域提供引人注目的客戶價值。而這個劇本正在發揮作用。

You see it in strong customer dollar retention. You see it in upgrade momentum and the large deal momentum.

您可以從強勁的客戶美元保留率中看到這一點。您可以從升級勢頭和大型交易勢頭中看到這一點。

Those existing growth levers will continue going in the forward. In addition to that, there are a few durable growth drivers. We've always been able to thoughtfully and intentionally add reps in very specific segments and geographies, and we see continuing to do that. The other lever, which we've talked about a lot in this call and previous calls, is the pricing change that we drove last year.

這些現有的成長槓桿將繼續發揮作用。除此之外，還有一些持久的成長動力。我們始終能夠深思熟慮並有意地在特定的細分市場和地區增加代表，而且我們看到我們會繼續這樣做。另一個槓桿是我們去年推動的價格變化，我們在本次電話會議和先前的電話會議中已經多次討論過這個槓桿。

What we did was to lower seat minimums, remove the friction and provide us an opportunity for growth. That's obviously playing through this year, but we'll continue to see that roll through our installed base into next year. That will be a durable lever for growth. And then finally, AI. This is a multiyear tailwind.

我們所做的是降低座位最低限額，消除摩擦並為我們提供成長機會。這顯然會在今年持續下去，但我們將繼續看到這一趨勢在明年繼續影響我們的安裝基礎。這將成為推動成長的持久槓桿。最後是人工智慧。這是一個持續多年的順風。

We are taking a super patient and very strategic approach to AI, which is we are embedding it into the platform and delivering work through agents, and we have the ability to monetize both of those, but first by focusing on the value. So to net it out, current playbook is working. We'll continue to drive value through the current playbook. We have rep-driven growth. We have pricing changes that adds to durable lever and AI, which is a multiyear tailwind.

我們對人工智慧採取了非常耐心和策略性的方法，即將其嵌入平台並透過代理商交付工作，我們有能力將這兩者貨幣化，但首先要關注的是價值。因此，總而言之，當前的劇本正在發揮作用。我們將繼續透過當前的策略來推動價值。我們擁有聲譽驅動的成長。我們調整了定價，增加了持久的槓桿和人工智慧，這是多年的順風。

We feel very confident about that.

我們對此非常有信心。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Yeah, hi, thanks for taking my question. So NRR improved 1 point in the quarter, and I know you've talked a lot about seeing some nice seat expansion activity. So is that largely just a function of the pricing model change? Or are you seeing any unlock or improvement in other expansion motion areas?

是的，你好，謝謝你回答我的問題。因此，NRR 在本季度提高了 1 個百分點，我知道您已經多次談到看到一些不錯的座位擴展活動。那麼這很大程度上只是定價模式變化的結果嗎？或者您看到其他擴張運動領域的解鎖或改善？

And then I know the guide implies an improvement as we move throughout the year, but maybe you could just give a little bit of more color in terms of where you think that could go? And what would need to happen to get well into the 105, 110 type range again?

然後我知道該指南暗示我們全年都會有所改進，但也許您可以更詳細地說明您認為可以取得哪些進步？那麼，需要做什麼才能再次進入 105、110 類型的範圍呢？

Yeah. Thanks, Taylor, for the question. It was nice to see the sequential improvement in net revenue retention. As we talked about in the prepared remarks, it was about 1 point increase quarter-over-quarter. When you think about the drivers of the net revenue retention, like they're very much the same as the ones that we've been talking about for a number of quarters now.

是的。謝謝泰勒提出這個問題。很高興看到淨收入保留率連續改善。正如我們在準備好的發言中談到的，這一數字比上一季增加了約 1 個百分點。當您考慮淨收入保留的驅動因素時，您會發現它們與我們過去幾季一直在談論的驅動因素非常相似。

Like it starts, again, with the healthy customer dollar retention at the foundation. It's been really stable in the high 80s now for a number of years. You're right, the primary reason for the expansion of net revenue retention is the strong seat upgrade performance. That is a combination of the core seat adoption that Yamini is talking about as well as increased rates of seat upgrades across sales and service.

就像它再次以健康的客戶美元保留為基礎開始一樣。多年來，它一直穩定在 80 多度。您說得對，淨收入留任率擴大的主要原因是座位升級表現強勁。這是 Yamini 所說的核心座椅採用率以及銷售和服務中座椅升級率的提高的組合。

Most of that, I would say all of that is a result of the seats model pricing change that we rolled out last year. Outside of seats, we continue to see challenges in the other net upgrade motions. Customers remain very value focused, and we have not seen that unlock. That said, we do still expect that net revenue retention is going to be up a couple of points year-over-year with, call it, flat into Q3 and then a nice step-up in Q4 as we start to see more of the migrated customers come up for renewal. So again, largely driven by the seat expansion motions and the pricing change.

我想說，其中大部分都是我們去年推出的座位模型定價變化的結果。除了席位之外，我們繼續看到其他淨升級動議面臨挑戰。客戶仍然非常注重價值，但我們尚未看到這種釋放。儘管如此，我們仍然預計淨收入保留率將比去年同期上升幾個點，即在第三季度持平，然後在第四季度出現大幅增長，因為我們開始看到更多遷移的客戶前來續約。因此，這在很大程度上受到座位擴張動議和價格變化的推動。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Thanks for taking the question and congrats on a really strong quarter. Yamini, I wanted to follow up on your answer to efforts to diversify the sources at the top of the funnel. I'm curious, have you seen any material changes into how you're bringing in leads specifically for enterprise? And I'm also curious, how has your channel influence business trended this year versus your expectations? And what is their role as AI becomes much more important?

感謝您回答這個問題，並祝賀本季業績表現強勁。Yamini，我想跟進你關於努力實現通路頂端來源多樣化的回答。我很好奇，您是否看到過為企業帶來潛在客戶的方式發生任何重大變化？我還很好奇，今年您的通路影響力業務趨勢與您的預期相比如何？隨著人工智慧變得越來越重要，他們扮演著什麼角色？

Yeah. Great question. Look, I think on the diversification of our lead sources, that has been a play that has been multiple years in the making, and it's working, and it's working across our segments. We have our small business, mid-market and corporate segments. It's working across all of those segments.

是的。好問題。看，我認為，關於我們主要來源的多樣化，這是一個經過多年籌備的舉措，而且它正在發揮作用，並且正在我們各個部門發揮作用。我們有小型企業、中型市場和企業部門。它適用於所有這些領域。

And so we're going to continue on that diversification strategy, and we're going to educate our customers to continue on that diversification strategy.

因此，我們將繼續推行多元化策略，並將教育我們的客戶繼續推行多元化策略。

Now specifically about our partner channel, partners are influencing about 40% of our ARR, and that has continued. They are co-selling as well as sourcing. And I mentioned this in the earnings prepared remarks that we're seeing partners source more, and they are also co-selling with our reps more, and they are a good way for us to deliver higher win rates, higher ASP deals within the upmarket.

現在具體到我們的合作夥伴管道，合作夥伴影響著我們約 40% 的 ARR，而且這種影響一直持續著。他們既進行聯合銷售，也進行採購。我在收益準備發言中提到過，我們看到合作夥伴的採購越來越多，他們也更多地與我們的銷售代表進行聯合銷售，這是我們在高端市場實現更高贏率、更高平均售價交易的好方法。

And more importantly, when they deliver the value, customers stay longer with us and they buy more into the future. So partner channel continues to be a good moat for HubSpot and has expanded into co-selling and sourcing. Thank you for that question.

更重要的是，當他們提供價值時，客戶會與我們保持更長的合作關係，並且會在未來購買更多產品。因此，合作夥伴管道繼續成為 HubSpot 的良好護城河，並已擴展到共同銷售和採購。謝謝你的提問。

Thank you. This concludes the HubSpot Q2 2025 earnings call. Thank you to everyone who was able to join us today. You may now disconnect your lines.

謝謝。HubSpot 2025 年第二季財報電話會議到此結束。感謝今天能加入我們的所有人。現在您可以斷開線路了。