HubSpot Inc (HUBS) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to the HubSpot's Q3 2025 earnings call. My name is Gigi, and I'll be your operator today. (Operator Instructions)

下午好，歡迎參加 HubSpot 2025 年第三季財報電話會議。我叫吉吉，今天由我來為您接聽電話。（操作說明）

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

現在我將把會議交給投資者關係主管查克·麥克格拉辛。

Thanks, operator. Good afternoon, and welcome to HubSpot's third 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 年第三季財報電話會議。今天，我們將討論市場收盤後發布的新聞稿中公佈的結果。

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

今天下午和我一起參加電話會議的有：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.

在開始之前，我想提請大家注意今天新聞稿中包含的「安全港」聲明。在本次電話會議中，我們將發表一些與我們業務相關的聲明，這些聲明可能被視為 1933 年證券交易法第 27A 條（經修訂）和 1934 年證券交易法第 21E 條（經修訂）所指的前瞻性聲明。

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.

除歷史事實陳述外，所有其他陳述均為前瞻性陳述，包括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日的觀點，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。請參閱今天新聞稿中的警示性語言以及我們今天下午將向美國證券交易委員會提交的 10-Q 表格，其中討論了可能導致實際結果與預期結果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，我們將提及一些根據 G 條例定義的非 GAAP 財務指標。與我們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調整表，可以在我們網站投資者關係部分的 2025 年第二季財報新聞稿中找到。

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交給 HubSpot 的執行長 Yamini Rangan。亞米尼？

Thank you, Chuck, and welcome, everyone. Today, I'll share our Q3 2025 results and the key trends driving our performance. I'll then dive into what we launched at INBOUND, where we are seeing AI momentum and how we are reimagining marketing for the AI era. I'll wrap with our growth formula and how both our current and emerging levers create a durable path to growth.

謝謝你，查克，也歡迎各位。今天，我將分享我們 2025 年第三季的業績以及推動我們業績的關鍵趨勢。接下來，我將深入探討我們在 INBOUND 大會上推出的產品，我們將探討人工智慧的發展勢頭，以及我們如何為人工智慧時代重新構想行銷方式。最後，我將闡述我們的成長模式，以及我們現有和新興的驅動力如何創造一條可持續的成長之路。

Let's dive in. Q3 was another strong quarter for HubSpot. Revenue grew 18.4% year-over-year in constant currency, reaching $810 million. We delivered solid operating leverage with an operating margin of 20%, reflecting our ability to balance growth and profitability. Total customers increased by 10,900 in the quarter, bringing our global customer base to nearly $279,000.

讓我們深入探討一下。HubSpot 第三季表現依然強勁。以固定匯率計算，營收年增 18.4%，達到 8.1 億美元。我們實現了穩健的經營槓桿，營業利潤率達到 20%，這反映了我們平衡成長和獲利能力的能力。本季客戶總數增加了 10,900 人，使我們的全球客戶群達到近 279,000 人。

Our results were powered by three drivers that continue to show up quarter after quarter platform consolidation, multi-hub addiction and upmarket momentum. These themes are consistent compounding and reinforced the strength of HubSpot as we scale.

我們的業績得益於三個持續發展的驅動因素：平台整合、多樞紐依賴和高端市場動能。隨著 HubSpot 規模的擴大，這些主題不斷疊加，增強了 HubSpot 的實力。

HubSpot is winning as a truly unified customer platform. Companies are consolidating their go-to-market stack on HubSpot to reduce total cost of ownership, gain a unified view of their customers and accelerate AI innovation. Multi-hub adoption has become the norm across both new and existing customers. 43% of Pro+ installed base by ARR now subscribed to our three core hubs, up 4 points year-over-year and 39% owned four or more hubs, up 6 points. This expansion shows the value customers see in growing with HubSpot, and it is clear proof that our platform first strategy is working.

HubSpot憑藉著真正統一的客戶平台而脫穎而出。企業正在將市場推廣工具整合到 HubSpot 上，以降低整體擁有成本，獲得統一的客戶視圖，並加速人工智慧創新。無論新舊客戶，採用多中心服務已成為常態。以年度經常性收入 (ARR) 計算，Pro+ 用戶中已有 43% 訂閱了我們的三個核心中心服務，同比增長 4 個百分點；39% 的用戶擁有四個或更多中心服務，同比增長 6 個百分點。此次擴張顯示客戶看到了 HubSpot 帶來的價值，也清楚地證明了我們以平台為先的策略是行之有效的。

Our upmarket segment is humming. Larger companies are choosing HubSpot cords power sophistication and speed to value. Deals over 5,000 monthly recurring revenue grew 35% year-over-year, reflecting the payoff from years of product investment, strong partner alignment and rising brand awareness amongst upmarket physician makers.

我們的高端市場業務發展勢頭強勁。大型公司選擇 HubSpot，是因為它將強大的功能、先進的技術和快速的速度轉化為價值。每月經常性收入超過 5,000 美元的交易同比增長 35%，這反映了多年來產品投資、強大的合作夥伴聯盟以及高端醫生製造商中不斷提高的品牌知名度所帶來的回報。

A great example is QS, a global education services company with over 1,000 employees. They replaced a 20-year-old legacy CRM and chose HubSpot to power their AI-first transformation, citing our AI strategy, approach to agents and pace of product innovation as key reasons for signing a multiyear multi-hub agreement.

QS 就是一個很好的例子，這是一家擁有 1000 多名員工的全球教育服務公司。他們取代了使用了 20 年的傳統 CRM 系統，並選擇 HubSpot 來推動其 AI 優先轉型，並表示我們的 AI 策略、代理商方法和產品創新速度是簽署多年多中心協議的關鍵原因。

AI innovation took center stage this quarter. The highlight was, of course, our annual INBOUND conference. It was great to bring together 13,000 people in person, another 550,000 online from across our ecosystem. We launched more than 200 new updates and products that were well received by our customers and partners. The end and feedback from inbound reinforce that our AI strategy is resonating and customers see HubSpot as the platform to help them grow and win with AI. Our strategy is simple: Embed AI into hubs, our customers use every day, build agents that do work and create brief assistant and connectors that turn data into insight.

本季人工智慧創新成為焦點。當然，最精彩的部分是我們一年一度的INBOUND大會。能夠將 13,000 人親臨現場，以及來自我們生態系統的另外 55 萬人在線上聚集在一起，真是太棒了。我們推出了 200 多項新更新和產品，受到了客戶和合作夥伴的好評。來自客戶的回饋表明，我們的人工智慧策略正在引起共鳴，客戶將 HubSpot 視為幫助他們透過人工智慧實現成長和成功的平台。我們的策略很簡單：將人工智慧嵌入客戶每天使用的中心樞紐中，建立能夠完成工作的代理，並創建簡短的助手和連接器，將數據轉化為洞察。

At INBOUND, we launched new features in every hub from AEO strategy tools in Content Hub to AI-powered e-mail in Marketing Hub and AI meeting assistance in Sales Hub. We introduced Data Hub, which helps customers bring their data together in one place to get more value from AI.

在 INBOUND 大會上，我們為每個中心推出了新功能，從內容中心的 AEO 策略工具到行銷中心的 AI 驅動電子郵件，再到銷售中心的 AI 會議協助。我們推出了資料中心，幫助客戶將資料集中到一個地方，從而從人工智慧中獲得更多價值。

We enhanced our featured agents, customer agent and prospecting agents launched a new data agent and opened up Brief Studio, so customers can build and customize their own agents. And we became the first CRM to connect directly with the three leading LLM, ChatGPT, Claude and Gemini. These innovations are delivering real results for customers.

我們增強了特色代理、客戶代理和潛在客戶代理的功能，推出了新的資料代理，並開放了 Brief Studio，以便客戶可以建立和自訂自己的代理。我們成為第一個直接與三大領先的LLM平台ChatGPT、Claude和Gemini建立連結的CRM系統。這些創新正在為客戶帶來實質的成果。

Customers who use our embedded AI features in marketing hub get better results, higher click-through rates and over 50% higher lead conversion. Similarly, customers who use AI features in Sales Hub are winning almost 10% more deals.

使用我們行銷中心內建人工智慧功能的客戶可以獲得更好的效果、更高的點擊率和超過 50% 的潛在客戶轉換率。同樣，在銷售中心使用人工智慧功能的客戶，成交量平均提高了近 10%。

Our agents are also gaining strong adoption. Customer agent now has over 6,200 customers, up 48% from last quarter, with an average resolution rate in the 60s prospecting agents has been activated by 6,400 customers, up 94% from last quarter, and customers have used it to engage over 1 million prospects. Data agent is new, but already has 1,700 customers who have activated it. Breeze Assistant is the digital assistant for every market employee, and we have seen weekly active usage increased by 56% in the past 6 months as customers use it to summarize records, and uncover insights to drive performance.

我們的代理商也獲得了廣泛認可。客戶代理目前擁有超過 6,200 名客戶，比上一季度增長了 48%，平均解決率在 60% 左右；潛在客戶開發代理已被 6,400 名客戶激活，比上一季度增長了 94%，客戶已使用該代理與超過 100 萬名潛在客戶互動。數據代理雖然是新推出的，但已有 1700 位客戶啟動了它。Breeze Assistant 是每個市場員工的數位助手，在過去的 6 個月裡，我們看到每週活躍使用量增加了 56%，因為客戶使用它來匯總記錄並發現見解以推動業績。

A key part of our AI strategy is our LLM connector approach, and the momentum we're seeing here is impressive. Our ChatGPT Connector has been activated by more than 47,000 customers with 55% of them being Pros customers. and our Cloud Connector is already being used by over 6,000 customers. We believe that LLM and HubSpot are powerful together and complement each other.

我們人工智慧策略的關鍵部分是我們的LLM連接器方法，我們在這裡看到的勢頭令人印象深刻。我們的 ChatGPT 連接器已被超過 47,000 位客戶激活，其中 55% 為專業版客戶；我們的雲端連接器也已被超過 6,000 位客戶使用。我們相信LLM和HubSpot結合起來會非常強大，兩者相輔相成。

Why? Well, there are three reasons. First, LLMs create insights. HubSpot provides the context that makes insights possible for go-to-market teams. LLMs are great at generating ideas from public data or a user prompt, but HubSpot is where the full go-to-market context lives, every interaction, sales conversation, support ticket, marketing campaign. That context is necessary to turn generic AI output into insights that are accurate, relevant and actionable.

為什麼？原因有三點。首先，LLM（法學碩士）能夠創造洞見。HubSpot 提供的背景資訊使市場推廣團隊能夠獲得洞察。LLM 非常擅長從公共數據或使用者提示中產生想法，但 HubSpot 才是完整市場推廣環境的所在，包括每一次互動、銷售對話、支援工單和行銷活動。要將通用人工智慧輸出轉化為準確、相關且可操作的見解，就需要了解其背景。

Second, LLM generate ideas. HubSpot turns them into action within a business context. On their own, elements can tell you what to do with HubSpot, you can actually do it. HubSpot is where companies build sophisticated workflows launched multichannel campaigns and take actions to drive growth.

其次，LLM能夠產生想法。HubSpot 將這些想法轉化為商業環境中的實際行動。單獨來看，這些元素可以告訴你如何使用 HubSpot，你實際上可以按照它們來操作。HubSpot 是企業建立複雜工作流程、啟動多通路行銷活動並採取行動推動成長的地方。

And third, LLM are great at single-player task, and HubSpot is built for multiplayer teams. HubSpot remembers each user, their role, preferences, team, what they have permissions to access and where they can take action. Now stepping back, HubSpot houses AI and is the customer platform where intelligence and context are applied, acted on and shared team. platforms were sticky pre-AI, they will be even stickier in the AI era.

第三，LLM 擅長單人任務，而 HubSpot 是為多人團隊設計的。HubSpot 會記住每個使用者、他們的角色、偏好、團隊、他們擁有的存取權限以及他們可以在哪裡採取行動。現在退一步講，HubSpot 是人工智慧的載體，也是一個客戶平台，團隊可以應用、利用和分享智慧和情境資訊。在人工智慧出現之前，平台就已經具有很強的用戶黏性，在人工智慧時代，它們的黏性會更強。

Okay. Let's talk about how we are reimagining marketing for the AI era and the opportunity it creates for HubSpot. Marketing landscape is changing fast. Search traffic has declined globally as AI overviews provide answers. Customers are spreading their attention across channels and visiting fewer websites. At the same time, AI is creating entirely new opportunities via LLM like Answer Engine Optimization or AEO. At HubSpot, we saw these shifts coming early. We've been diversifying marketing channels and experiment with AO, and that strategy is working.

好的。讓我們來談談我們如何重新構想人工智慧時代的行銷，以及這為 HubSpot 帶來的機會。行銷格局正在快速變化。由於人工智慧概覽提供了答案，全球搜尋流量有所下降。消費者將注意力分散到各個管道，造訪的網站數量減少。同時，人工智慧正透過學習管理（LLM）等技術創造全新的機遇，例如答案引擎優化（AEO）。HubSpot很早就預見了這些轉變。我們一直在拓展行銷管道，並嘗試AO（廣告投放），而且這項策略正在發揮作用。

At INBOUND, we introduced the Loop, our new playbook for growth in the AI era. It gives customers clear step-by-step guidance on how to drive growth by combining human creativity with AI efficiency. And the response has been incredibly strong. with 270 million impressions on Loop content and over 100,000 views of the Loop playbook experience.

在 INBOUND 大會上，我們推出了 Loop，這是我們在人工智慧時代實現成長的新策略。它為客戶提供清晰的逐步指導，教您如何將人類創造力與人工智慧效率相結合，從而推動成長。反應非常熱烈，Loop 內容的曝光量已達 2.7 億次，Loop 操作指南體驗的觀看次數超過 10 萬次。

We also launched new products to help customers put the loop into action, including Data Hub which makes it easy to build ideal customer profiles and marketing studio, which helps marketers personalized content based on buyer intent. A key part of the loop is helping customers show up in AI-generated answers. Our AEO greater and AEO strategy tools launched at INBOUND, make it easy for businesses to come up with a strategy and improve their visibility in LLM.

我們也推出了新產品，幫助客戶將循環付諸實踐，包括資料中心（Data Hub），它可以輕鬆建立理想客戶畫像；以及行銷工作室（marketing studio），它可以幫助行銷人員根據買家意圖自訂內容。這個循環的關鍵部分是幫助客戶出現在人工智慧生成的答案中。我們在 INBOUND 上推出的 AEO 更強大和 AEO 策略工具，使企業能夠輕鬆制定策略並提高其在 LLM 中的可見度。

And last week, we announced an agreement to acquire XFunnel, one of the first and most complete platforms for tracking and improving how brands appear across LLMs. XFunnel shows when and how often your brand is mentioned in AI-generated answers and provides clear guidance on how to strengthen that presence. We'll natively build XFunnel into HubSpot, giving our customers even more ways to understand, improve and grow their brand visibility in the AI era.

上週，我們宣布達成協議收購 XFunnel，它是最早也是最完整的平台之一，用於追蹤和改進品牌在 LLM 中的展示方式。XFunnel 會顯示您的品牌在 AI 生成的答案中被提及的時間和頻率，並提供關於如何加強品牌影響力的明確指導。我們將把 XFunnel 原生整合到 HubSpot 中，讓我們的客戶在人工智慧時代擁有更多了解、改進和提升品牌知名度的方法。

Now let's talk about our growth formula and how we are unlocking new levers for HubSpot. Our core growth levers continue to perform, platform consolidation, multi-hub adoption and upmarket traction. At the same time, emerging levers are gaining momentum, including seats, pricing change, core seats and credits. We introduced the core seat last year to give customers edit access to the Smart CRM, the unified record that powers our platform and that strategy is working. At INBOUND, we made the core seat even more valuable by adding AI and data capabilities like Breeze Assistant part starts, projects and enrichment data.

現在讓我們來談談我們的成長模式，以及我們如何為 HubSpot 解鎖新的成長點。我們的核心成長動力持續發揮作用，包括平台整合、多中心採用和高端市場拓展。與此同時，包括座位、價格變化、核心座位和積分在內的新興槓桿正在獲得發展動力。我們去年推出了核心席位，讓客戶能夠編輯 Smart CRM（為我們的平台提供支援的統一記錄），而這項策略正在發揮作用。在 INBOUND，我們透過添加 AI 和數據功能（例如 Breeze Assistant 零件啟動、專案和豐富數據），使核心席位更有價值。

And by unbundling the smart CRM, so customers can start right there. Our vision is to make the core seat essential with AI and data value for every go-to-market employee. Credits are another powerful emerging lever. They are our universal usage-based pricing system, covering AI agent actions and data hub pints and soon will extend across the entire platform. Credit tie our growth directly to customer value. And as customers use more data, use more AI and automation inside HubSpot, they'll grow with us. Together, core seats and credits expand how HubSpot captures value, building on our durable foundation and creating a long runway for growth.

透過將智慧 CRM 系統拆分，客戶可以直接開始使用。我們的願景是讓核心職位透過人工智慧和數據價值，成為每位市場拓展員工的必備工具。信貸是另一個強大的新興槓桿。它們是我們通用的基於使用量的定價系統，涵蓋 AI 代理操作和資料中心點數，並且很快就會擴展到整個平台。信貸將我們的成長與客戶價值直接連結。隨著客戶使用更多的數據，在 HubSpot 中使用更多的 AI 和自動化功能，他們將與我們一起成長。核心席位和積分共同擴展了 HubSpot 獲取價值的方式，鞏固了我們穩固的基礎，並為長期成長創造了條件。

As I wrap up, I want to share our conviction that HubSpot is positioned to lead in the AI era and drive durable long-term growth. We are innovating rapidly transforming into an agentic customer platform and operating efficiently at AI speed. We have durable differentiators and growth levers and we deeply understand our segment and what small and medium businesses need to grow with AI. We are uncovering new ways to drive efficiency and finding signals to show our customers what's possible with AI.

最後，我想分享我們的信念：HubSpot 已做好準備，引領人工智慧時代，並推動持久的長期成長。我們正在快速創新，轉型為智慧客戶平台，並以人工智慧的速度高效運作。我們擁有持久的差異化優勢和成長動力，並且我們深刻了解我們的細分市場以及中小企業利用人工智慧實現成長所需的條件。我們正在探索提高效率的新方法，並尋找訊號來向客戶展示人工智慧的可能性。

I'm more confident than ever in our strategy and our ability to deliver value for customers in this new era. Thank you to all our customers, partners and shareholders for your continued support and a huge thank you to all HubSpotters around the world for staying focused on solving for our customers every single day.

我對我們的策略以及在新時代為客戶創造價值的能力比以往任何時候都更有信心。感謝所有客戶、合作夥伴和股東的持續支持，也衷心感謝世界各地的所有 HubSpot 員工，感謝你們每天專注於為客戶解決問題。

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

接下來，我將把電話交給凱特，讓她更詳細地為大家介紹我們第三季的財務表現。凱特？

Thanks, Yamini. Let's turn to our third quarter, 2025 financial results. Q3 revenue grew 18% year over year in constant currency and 21% on an as-reported basis. Subscription revenue grew 21% year over year, while services and other revenue increased 19% on an as-reported basis. Q3 domestic revenue grew 17% year over year. International revenue growth was 20% in constant currency and 25% as reported, representing 49% of total revenue.

謝謝你，亞米尼。讓我們來看看2025年第三季的財務表現。第三季營收以固定匯率計算年增 18%，以報告匯率計算年增 21%。訂閱收入年增 21%，服務和其他收入按報告基準增長 19%。第三季國內營收年增17%。國際收入以固定匯率計算增長了 20%，並按報告匯率計算增長了 25%，佔總收入的 49%。

We added 10,900 net new customers in Q3, bringing our total customer count to 279,000, growing 17% year over year. Average subscription revenue per customer was $11,600 in Q3, up 1 point year over year in constant currency, and up 3 points on an as-reported basis.

第三季我們新增淨客戶 10,900 人，客戶總數達到 279,000 人，較去年同期成長 17%。第三季每位客戶的平均訂閱收入為 11,600 美元，以固定匯率計算年增 1 個百分點，並按報告資料計算年增 3 個百分點。

While we're happy with the strong net adds in Q3, we continue to expect net additions to be in the range of 9,000 to 10,000 in Q4 and for ASRPC growth in constant currency to be up roughly 1 point.

雖然我們對第三季強勁的淨新增人數感到滿意，但我們仍然預計第四季度淨新增人數將在 9,000 至 10,000 人之間，並且按固定匯率計算的 ASRPC 增長率將上升約 1 個百分點。

Customer dollar retention remained in the high 80s in Q3, and net revenue retention was flat sequentially at 103% as expected. As I shared last quarter, we expect to see a step up in net revenue retention in Q4, resulting in a couple point improvement in net revenue retention for the full year of 2025.

第三季客戶美元留存率維持在 80% 以上，淨收入留存率較上季持平，符合預期，為 103%。正如我上個季度分享的那樣，我們預計第四季度淨收入留存率將有所提高，從而使 2025 年全年淨收入留存率提高幾個百分點。

Calculated billings for $804 million in Q3, growing 19% year over year in constant currency and 18% on an as-reported basis.

第三季計算的帳單金額為 8.04 億美元，以固定匯率計算年增 19%，並以報告基準計算年增 18%。

The remainder of my comments will refer to non-GAAP measures. Q3 operating margin was 20%, up 1 point compared to the year ago period and 3 points sequentially. Net income was $140 million in Q3, or $2.66 per fully diluted share.

我接下來的評論將涉及非GAAP指標。第三季營業利益率為 20%，較去年同期成長 1 個百分點，較上一季成長 3 個百分點。第三季淨利為 1.4 億美元，即每股完全稀釋收益 2.66 美元。

Free cash flow, it was $147 million or 18% of revenue in Q3. Our cash and marketable securities totaled $1.7 billion at the end of September. In Q3, we repurchased 780,000 shares of common stock under our share repurchase program, representing $375 million.

第三季自由現金流為 1.47 億美元，佔營收的 18%。截至9月底，我們的現金和有價證券總額為17億美元。第三季度，我們根據股票回購計畫回購了 78 萬股普通股，總額達 3.75 億美元。

With that, let's dive into our guidance for the fourth quarter and full year of 2025. For the fourth quarter, total as reported revenue is expected to be in the range of $828 million to $830 million up 16% year over year in constant currency, and 18% on an as reported basis.

接下來，讓我們深入探討我們對 2025 年第四季和全年的業績展望。預計第四季總營收（以報告基準計算）將在 8.28 億美元至 8.3 億美元之間，以固定匯率計算年增 16%，並按報告基準計算年增 18%。

Non-GAAP operating profit is expected to be between $183 million and $184 million representing a 22% operating profit margin. Non-GAAP diluted net income per share is expected to be between $2.97 and $2.99. This assumes 52.7 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 $3.113 billion to $3.115 billion up 18% year over year in constant currency, and 19% on an as reported basis.

預計非GAAP營業利潤將在1.83億美元至1.84億美元之間，營業利益率為22%。預計以非GAAP準則計算的稀釋後每股淨收益將在2.97美元至2.99美元之間。此預測基於5270萬股完全稀釋後的流通股。預計 2025 年全年總收入（按報告數據）將在 31.13 億美元至 31.15 億美元之間，按固定匯率計算同比增長 18%，按報告數據計算同比增長 19%。

Non-GAAP operating profit is now expected to be in the range of $574 million to $575 million representing an 18% operating profit margin. Non-GAAP diluted net income per share is now expected to be between $9.60 and $9.62. This assumes 53.2 million fully diluted shares outstanding.

目前預計非GAAP營業利潤將在5.74億美元至5.75億美元之間，營業利益率為18%。根據非GAAP準則，預計每股攤薄淨收益將在9.60美元至9.62美元之間。此預測基於5320萬股完全稀釋後的流通股。

As you adjust your models, please keep in mind the following. We now expect CapEx as a percentage of revenue to be 6% for the full year of 2025, driven by higher capitalized software expenses. And we still expect free cash flow to be about $580 million for the full year of 2025.

在調整模型時，請記住以下幾點。我們現在預計，2025 年全年資本支出佔收入的百分比將達到 6%，主要原因是資本化軟體支出增加。我們仍預期 2025 年全年自由現金流約為 5.8 億美元。

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

這樣，我就把電話轉回接線生，回答大家的問題。

(Operator Instructions) Samad Samana, Jefferies

（操作說明）薩馬德·薩馬納，傑富瑞

So yeah, my question for you: I think the core focus of investors is HubSpot getting back to 20% growth, and I think investors are pretty excited and myself included seeing that accelerating ARR slide at the Analyst Day. We might have gotten ahead of ourselves, but how do you think about the path to get back to 20% growth? Can the current focus on that 2,000 and below segment support that level of growth, or do you think that hitting the gaps on enterprise is necessary? Maybe just help us think through that, and again, as always, appreciate you taking my question.

所以，我的問題是：我認為投資者的核心關注點是 HubSpot 能否恢復到 20% 的增長，而且我認為投資者（包括我自己）在分析師日上看到 ARR 加速下滑的情況時都非常興奮。我們可能有點操之過急了，但您認為如何才能恢復到 20% 的成長速度？目前專注於 2000 人及以下細分市場能否支撐這種成長水準？或者您認為填補企業級市場的空缺是必要的？或許您可以幫我們理清思路，再次感謝您一如既往地回答我的問題。

Yeah, thanks a lot, Samad. I appreciate it. Look, we believe we can grow faster than where we are today, and we are focused on doing it in a durable, disciplined way. The thing I would point out is that net new ARR is the leading indicator that we shared with you, and revenue is the lagging indicator which will flow through.

是啊，非常感謝你，薩馬德。謝謝。我們相信我們能夠比現在發展得更快，我們專注於以一種可持續、自律的方式實現這一目標。我想指出的是，淨新增 ARR 是我們之前和大家分享的領先指標，而收入是落後指標，它會逐漸顯現出來。

Now, if I step back and look at the foundation, our core growth drivers are strong and they are proven. We have a playbook that works, which is platform consolidation, moving upmarket, and multi-hub momentum, and you can see that in our customer retention numbers, the seat upgrades that are consistent, and the large deal momentum that is compounding quarter after quarter. We're going to continue to expand our sales capacity as well as productivity across all of our segments to capture that opportunity.

現在，如果我退後一步，從基礎層面來看，我們的核心成長動力是強勁的，而且已經過驗證。我們有一套行之有效的策略，那就是平台整合、向高端市場轉型以及多中心發展勢頭，你可以從我們的客戶留存率、持續增長的席位升級以及逐季增長的大宗交易勢頭中看出這一點。我們將繼續擴大銷售能力，提高所有業務部門的生產力，以抓住這項機會。

Then we have a set of emerging growth drivers that strengthen that outlook further and put us on a path of durable growth, and we shared that at Analyst Day, but I'll walk through it. The pricing changes that we drove last year are a tailwind. We are seeing seat upgrades pick up, and as the change rolls through our install base this year and next year, we'll continue to see growth from that. And AI is a multi-year tailwind. We are in the very early stages of this whole innovation cycle playing out, and we are acting with urgency to cement a leadership position and set ourselves up for long-term growth. Specifically with AI, we see the opportunity to monetize both through seats as well as credits.

然後，我們還有一系列新興的成長驅動因素，這些因素進一步加強了這一前景，使我們走上了可持續成長的道路。我們在分析師日上分享了這些因素，但我會詳細解釋一下。我們去年推動的價格調整是一個利好因素。我們看到座椅升級的需求正在增加，隨著這一變化在今年和明年逐步滲透到我們的安裝基礎中，我們將繼續看到由此帶來的成長。人工智慧將帶來多年的發展機會。我們正處於整個創新週期的早期階段，我們正在緊急行動，以鞏固領導地位，並為長期成長做好準備。具體到人工智慧領域，我們看到了透過座位和積分兩種方式來實現盈利的機會。

More seats, which we talked about at Analyst Day, are becoming more valuable, and they are embedded with AI and data platform value, and that opens up a large opportunity. Credits give us a new way to monetize usage for customers as they consume more AI and agent-driven actions.

我們在分析師日上討論過的更多席位正變得越來越有價值，它們蘊含著人工智慧和數據平台價值，這帶來了巨大的機會。隨著客戶越來越多地使用人工智慧和代理驅動的功能，積分為我們提供了一種新的獲利方式。

So look, we are very excited about the emerging drivers, the strength that we see within the emerging drivers, and we're really excited about the upmarket momentum. We think we have plenty of time to be able to drive and grow faster than where we are. Most importantly, we have a track record of consistent execution and helping our customers grow, and that gives us confidence that HubSpot can be a durable growth business for years to come.

所以你看，我們對新興驅動因素感到非常興奮，我們看到了新興驅動因素的強大實力，我們對高端市場的發展勢頭感到非常興奮。我們認為我們有足夠的時間，能夠比現在更快地發展壯大。最重要的是，我們擁有持續執行和幫助客戶發展的良好記錄，這讓我們有信心 HubSpot 在未來幾年內成為一家可持續成長的企業。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Yamini, several of your partners have said that they're pretty encouraged about their own growth potential moving into 2026. I'm curious if you see any signs that Google's AI overviews are actually driving an extra wave of interest for HubSpot to try to use your lube concept and your answer engine optimization tools so that they can gain their own visibility in AI-generated answers. Is there anything tangible there that you can speak to?

Yamini，你的幾位合作夥伴都表示，他們對自身在 2026 年的發展潛力感到非常鼓舞。我很好奇，你是否看到任何跡象表明，谷歌的 AI 概覽實際上正在推動 HubSpot 產生額外的興趣，嘗試使用你的潤滑劑概念和答案引擎優化工具，以便在 AI 生成的答案中獲得自己的曝光度。那裡有什麼具體的東西可以讓你談談嗎？

Mark, thanks a lot for the question, and thanks all this for talking to our partners to uncover the underlying trends. Look, I would say marketing and the trends that we are seeing within marketing is a big opportunity for our customers and for HubSpot to grow.

馬克，非常感謝你的提問，也感謝你與我們的合作夥伴交流，揭示潛在的趨勢。我認為，行銷以及我們目前在行銷領域看到的趨勢，對我們的客戶和 HubSpot 來說都是一個巨大的發展機會。

And specifically, you talked about what is happening with the marketing, but really we see it as a couple of things. One, AI overviews are providing answers, which means website visits are declining. And that means there is a need for a new playbook to diversify the channels that you are present and including AEO. And that is exactly what we launched at INBOUND.

具體來說，您談到了行銷方面的情況，但我們認為這實際上包含兩個方面。第一，人工智慧概覽提供了答案，這意味著網站訪問量正在下降。這意味著需要製定新的策略來拓展你所處的管道，包括AEO。而這正是我們在INBOUND大會上推出的內容。

At INBOUND, we launched the playbook, which you referenced, which is the loop. And I would say that the response from customers and partners have exceeded our expectations across every metric in terms of impressions, we had 270 million impressions, playbook compressions, number of conversations that's generating.

在 INBOUND 大會上，我們推出了你提到的策略手冊，也就是循環。我想說，客戶和合作夥伴的回饋在各個指標上都超出了我們的預期，包括曝光量（2.7 億次）、劇本壓縮率以及由此產生的對話數量。

And specifically, there are three parts of the playbook that are resonating with customers as well as partners. The first one is diversifying channels, and the number one thing that you can do to counter SEO volume decline is to diversify your channels into YouTube and Insta and podcast and new flatters and that is resonating.

具體來說，策略手冊中有三部分引起了客戶和合作夥伴的共鳴。第一種方法是拓展管道，應對 SEO 流量下降的首要措施是拓展管道，例如 YouTube、Instagram、播客以及其他正在引起共鳴的新平台。

The second is, how do you actually use AI for deeper segmentation and personalization Look, there's just a lot of talk about AI driving disruption. But the bigger story is how AI can be helpful in using intent data to drive better conversion, and that is resonating.

第二個問題是，如何真正利用人工智慧進行更深層的細分和個人化？你看，現在到處都在談論人工智慧將帶來顛覆性變革。但更重要的故事是，人工智慧如何幫助利用意圖數據來提高轉換率，這引起了廣泛共鳴。

And then, of course, building visibility in LLMs through answer engine optimization that you mentioned. And all of that is resonating, and we're seeing lots of conversations within AEO. AEO is early. We got in earlier, and we have an AEO-radar out in the market that has been used by 70,000 customers already.

當然，還有你提到的透過答案引擎優化來提高LLM中的可見度。所有這些都引起了共鳴，我們在AEO內部看到了許多相關的討論。AEO還處於早期階段。我們搶佔了先機，我們的AEO雷達已經推出市場，並且被7萬名客戶使用。

Our AEO strategy tools are getting used in order to look at this nascent channel. And last week, we announced XFunnel, which completes our platform of providing visibility to customers on which LLM they're showing up and how to improve their presence within that.

我們正在運用AEO策略工具來研究這個新興管道。上週，我們發布了 XFunnel，完善了我們的平台，讓客戶了解他們在哪些 LLM 中展示，以及如何提高他們在這些 LLM 中的影響力。

And so look, if I step back, SEO is a big disruption, but this is also one of the biggest opportunities for our customers to figure out how to grow, and it is one of the biggest opportunities for HubSpot, which is why we have the playbook, we have products and we have the whole partner ecosystem activated to deliver on that, and we're super excited about the opportunity.

所以你看，如果我退後一步來看，SEO 是一個巨大的顛覆，但這也是我們的客戶找到發展方式的最大機會之一，也是 HubSpot 的最大機遇之一，這就是為什麼我們制定了行動方案，推出了產品，並激活了整個合作夥伴生態系統來實現這一目標，我們對此感到非常興奮。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Yamini, you continue to point to platform consolidation is one of the key drivers of the business. Traditionally, cost savings were one of the things that drove people towards that consolidation. How often are you seeing with the launch of Breeze and these new agency brought to the platform that a desire to really embrace agents and have a unified data source is the reason for consolidation versus just traditional cost savings?

Yamini，你一直指出平台整合是業務的關鍵驅動因素之一。傳統上，節省成本是促使人們合併的原因之一。隨著 Breeze 的推出以及新代理商加入該平台，您是否經常看到，真正接納代理商並擁有統一的資料來源才是整合的原因，而不僅僅是傳統的成本節約？

Yes. That's a fantastic question. I think equal parts, I would say three reasons why customers talk to us about consolidating on a platform. The first one, as you said, is total cost of ownership. And remember, we've come from a period of people buying a lot of point solutions and tools and TCO like bloating up, and that continues to be the number one reason.

是的。這真是個絕妙的問題。我認為客戶向我們諮詢在平台上進行整合的原因主要有以下三點，而且各佔一半。正如你所說，第一個因素是總擁有成本。請記住，我們經歷了人們購買大量單點解決方案和工具，導致總擁有成本 (TCO) 不斷膨脹的時期，而這仍然是首要原因。

The second reason is actually getting all of the customer data and context into a unified platform. whether they're leveraging AI or they're just getting their whole digitization journey going, you need data and you need customer context across the whole journey. And if you have a lot of point solutions and a lot of point agents, you just do not have the visibility to drive insight.

第二個原因是將所有客戶資料和背景資訊整合到一個統一的平台中。無論他們是利用人工智慧，還是剛開始整個數位轉型之旅，都需要數據，也需要貫穿整個過程的客戶背景資訊。如果你有很多獨立解決方案和獨立代理商，你就無法獲得足夠的洞察力來驅動洞察。

And then I would say the third reason is really AI and wanting to adopt AI. And while AI is not always the primary driver. It is a clear pool in terms of the conversations. And what we hear from prospects from customers is that they want one platform that has all of the data and they want to be able to have a clear road map so that they can future proof their investments and they like what we are doing with our AI strategy, which is embedding AI across all of the hubs and making it easier for our customers to build on that road map. So I see all three reasons probably split equally.

然後，我認為第三個原因實際上是人工智慧以及想要採用人工智慧。雖然人工智慧並不總是主要驅動因素。就對話內容而言，這是一個清晰的領域。我們從潛在客戶那裡了解到，他們想要一個包含所有數據的平台，並且希望能夠有一個清晰的路線圖，以便他們的投資能夠面向未來。他們喜歡我們正在實施的人工智慧策略，即將人工智慧嵌入所有中心，使我們的客戶更容易根據該路線圖進行建置。所以我覺得這三個原因可能各佔一半。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

I guess, Yamini, I'll be a little bit direct. If I look at the magnitude of the beat this quarter, it was a little bit lower than I think some people were thinking about. But at the same time, the raise for Q4 is I think the strongest raise on a constant currency basis that you guys have ever done. Is there any moving pieces that you can comment on in billings, I think, was a little bit of a decel. But then net new ARR, as you showed us that slide at the Analyst Day was really, really strong in the first half and seemingly in Q2. So any commentary on a forward-looking metric basis around how net new ARR performed in 3Q, maybe to disentangle some of the in-quarter versus guide confidence dimensions?

亞米尼，我想我會直截了當地說。如果我看一下本季業績超出預期的幅度，它比一些人預想的要低一些。但同時，我認為第四季的加薪幅度是你們有史以來以固定匯率計算的最大幅度加薪。比林斯方面有什麼值得關注的動態嗎？我覺得，比林斯的發展速度稍微放緩了一些。但正如您在分析師日上向我們展示的幻燈片所示，淨新增 ARR 在上半年和第二季的表現都非常強勁。那麼，能否從前瞻性指標的角度對第三季新增淨 ARR 的表現進行一些評論，以便釐清季度內數據與預期信心之間的差異？

Yeah, Alex, it's Kate. Maybe I'll take this and if Yamini has more to add. She's welcome to do at the end. We did outperform in Q3, we executed really well. And the outperformance was driven by all the things you heard Yamini talk about, continued strength of market, continued strength with multi-hub and continued strong seat expansion. We also saw some incremental FX tailwind versus what we expected when we guided last quarter, and we fully flowed that through our revised 2025 guidance.

是的，Alex，我是Kate。或許我會接受這個，看看亞米尼是否還有其他補充。她可以在最後做這件事。我們在第三季表現出色，執行得非常好。而業績優異的原因正是 Yamini 所說的那些因素：市場的持續強勁、多樞紐業務的持續強勁以及座位數量的持續大幅增長。與上個季度我們給出的預期相比，我們也看到了一些額外的外匯利好因素，並且我們已將這些因素完全體現在我們修訂後的 2025 年業績指引中。

I think you heard from Yamini, and I've talked about it in the past as well as at Analyst Day. It will take some time for our strong net new ARR growth to translate into an inflection in revenue growth. just given the scale and size of our installed base, but we've seen stability here over the last few quarters. All that said, our approach to guidance was consistent this quarter.

我想你已經從 Yamini 那裡聽到了，我過去也談到過這件事，在分析師日上也談到過。鑑於我們龐大的用戶群，強勁的新增年度經常性收入淨增長需要一段時間才能轉化為營收成長的拐點，但過去幾季我們已經看到了這種穩定性。儘管如此，本季我們的業績指引與以往保持一致。

Keith Bachman, BMO.

Keith Bachman，BMO。

Yes. Actually, it's a good segue from Alex. I wanted to ask a similar question, but I'll phrase it differently in that billings growth is one metric but the constant currency billings growth is generally in the last six quarters, been in a range of the highest 21%, the lowest 19%. So in that range for six straight quarters. And so, a, you've talked about a lot of goodness that's coming through the model. But what's the offset? What's been constraining? And particularly this quarter with 19% which was a little bit lower beat than you've had in the past quarters. What's not going as well that's constraining it?

是的。實際上，這是亞歷克斯一個很好的過渡。我想問一個類似的問題，但我會換個說法：帳單成長是一個指標，但以固定匯率計算的帳單成長在過去六個季度中，通常在最高的 21% 和最低的 19% 之間波動。所以連續六個季度都維持在這個範圍內。所以，你談到了這種模式帶來的許多好處。但偏移量是多少？有哪些限制因素？尤其是本季度，成長率為 19%，比過去幾季的預期略低。是什麼方面進展不順利，從而製約了它？

And then also, Kate, per your last comment, you've mentioned that net new ARR has been strong, but it takes a while, but maybe you could put a little more context around that in that the stock is down pretty materially here in the after hours. How should investors think about when will the net new be fulfilling enough, if you will, to then translate or show up into the revenue growth. What is the -- any timing expectations that we should put in consideration?

凱特，還有，根據你上次的評論，你提到淨新增 ARR 表現強勁，但這需要一段時間，但也許你可以再補充一些背景信息，因為該股在盤後交易中大幅下跌。投資人該如何思考，淨新增價值何時才能達到足夠的水平，進而轉化為營收成長？有哪些時間的預期需要考慮？

Yeah. Maybe I'll start with the billings question because I want to make sure that we are aligned with the metric and our expectations for billings. My baseline expectation is that constant currency revenue growth and constant currency billings growth are going to track each other really closely. And that's because more than 90% of our billings come from revenue in period. Billings, as you know, is a bit noisier. It shows impacts of FX that shows impacts of the mix of net new ARR, and it shows duration pretty acutely.

是的。或許我可以先從帳單問題入手，因為我想確保我們與帳單指標和我們的預期保持一致。我的基本預期是，以固定匯率計算的收入成長和以固定匯率計算的帳單成長將會非常緊密地同步變動。這是因為我們超過 90% 的帳單都來自當期收入。如你所知，比林斯比較吵鬧。它顯示了外匯的影響，外匯影響了淨新增 ARR 的組合，並且它非常清晰地顯示了持續時間。

And when you kind of look at what's happening in these factors this quarter versus last quarter, like we had a bit of a mix shift towards installed base selling, which has lower months upfront. And we saw less of a benefit of expanding duration versus what we saw in Q2.

當你觀察本季與上季相比這些因素的變化時，你會發現銷售結構略有轉變，更多地轉向了已安裝基礎的銷售，而這種銷售方式的預付款較低。與第二季相比，我們看到的延長持續時間的好處減少。

And so as a result, what you're seeing in billings growth is something that is still above revenue growth in constant currency, but just a little bit closer than what we saw in Q2. And for Q4, there's always going to be some variability here. But I would expect that constant currency billings and revenue are going to track each other.

因此，您看到的帳單成長仍然高於以固定匯率計算的收入成長，但比我們在第二季度看到的差距略小一些。至於第四季度，總是會存在一些波動。但我認為，以固定匯率計算的帳單金額和收入將會保持同步。

If you want to address the net new ARR question as well.

如果您也想解決新增年度經常性收入淨額的問題。

Yes. I mean, I think that what we have said, and you said it yourself, is like net new ARR is the leading metric Revenue is the lagging metric. And it will take repeating quarters of net new ARR growth above revenue for revenue to inflect. Net new ARR hit its low point in the first half of 2023. We saw a steady increase throughout 2024. And since the back half of 2024 through the first half of 2025 as we shared at Analyst Day, it has been above revenue growth. And so what we have seen is that our installed base ARR has started to inflect and then revenue will follow the inflection of the core installed base. It just will take time to get there.

是的。我的意思是，我認為我們已經說過，你自己也說過，淨新增 ARR 是領先指標，收入是落後指標。只有連續幾季淨新增 ARR 成長超過營收成長，營收才會出現轉機。2023年上半年，新增淨ARR跌至最低點。2024年全年我們都看到了穩定成長。正如我們在分析師日上分享的那樣，從 2024 年下半年到 2025 年上半年，其營收成長一直高於平均水準。因此，我們看到的是，我們的已安裝基礎 ARR 已經開始出現拐點，然後收入將跟隨核心已安裝基礎的拐點而變化。只是需要時間才能達到目標。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

I wanted to follow up on some of the emerging drivers. You called out the customer adoption of HubSpot agents has been strong and credits are going to be a lever for growth in the future. So although some of the subscription plans currently include some usage credits, Among your early adopters, what are -- are customers using up those credits? And where are we on the path for customers to purchase additional ones? Just overall, some of the trends you're seeing in credit consumption or usage intensity that can give confidence to that lever become a larger impact in the near to medium term.

我想跟進了解一些新興的驅動因素。您指出 HubSpot 代理商的客戶接受度很高，積分將成為未來成長的槓桿。所以，儘管目前有些訂閱方案包含一些使用額度，但在你們的早期用戶中，這些額度是否都被用完了呢？那麼，我們目前在引導顧客購買更多產品的道路上處於什麼位置呢？總的來說，你看到的一些信貸消費或使用強度方面的趨勢，可以增強人們對這一槓桿的信心，並在中短期內產生更大的影響。

Elizabeth, thank you. Thank you for that question. We launched HubSpot credits. And as everybody knows, that is our universal usage-based pricing system. Today, it includes agent actions for any agent that is out in general availability and it also includes data hub things. Those are the two things. And as we go into the future, we'll add more and more usage-based features into that system.

伊麗莎白，謝謝你。謝謝你的提問。我們推出了 HubSpot 積分。眾所周知，這是我們通用的按使用量計費系統。今天，它包含了所有已正式發布的代理的代理操作，也包含了資料中心的內容。就是這兩件事。隨著我們不斷向前發展，我們將在該系統中添加越來越多的基於使用情況的功能。

Now we have a clear framework for how we monetize credit. We focus on product and feature activation, then we drive repeat usage then consistent customer value. And from then on, we monetize. And having this disciplined structured approach ensures that when customers start paying for usage with credit, it's because they are getting clear value and repeatable value.

現在我們有了明確的信用貨幣化框架。我們專注於產品和功能激活，然後推動重複使用，再持續創造客戶價值。從那時起，我們就開始獲利。這種嚴謹的結構化方法確保了當客戶開始使用信用額度支付使用費時，是因為他們獲得了清晰的價值和可重複的價值。

Now in terms of the patterns that we're seeing for credits monetization, it's been just about a quarter but customer agent is the strong growth driver of credits. It's delivering value. It's highly retentive. So when customers adopt customer agents, they continue to use it. we're seeing positive signals on credit growth, which is they start with the included credits and they continue to grow beyond that included credits with customer agent.

就我們目前看到的積分貨幣化模式而言，雖然只有大約一個季度的時間，但客戶代理是積分成長的強勁驅動力。它正在創造價值。它具有很高的記憶力。因此，當客戶採用客服代理服務後，他們會繼續使用。我們看到信用額度成長方面出現了正面訊號，也就是說，他們最初使用包含的信用額度，然後透過客服代理服務不斷增加信用額度。

The second one is data hub sync. This is where when you bring in data and when you use that data then it consumes credit, that's the second area where we're beginning to see credit consumption.

第二個是資料中心同步。當你匯入資料並使用這些資料時，就會消耗信用額度，這是我們開始看到信用額度消耗的第二個領域。

And then the third is prospecting agent. This is one where our customers use it to research accounts and scale their outreach campaign, and we're beginning to see clear trends. And I shared some of the adoption trends and metrics, which is also driving credit adoption.

第三種是銷售代理。我們的客戶利用這個工具來研究帳戶並擴大推廣活動規模，我們開始看到明顯的趨勢。我還分享了一些採用趨勢和指標，這些趨勢和指標也正在推動信貸的普及。

Look, it's early days, but we are very pleased with the progress so far in terms of credit consumption. The one thing that I will point out, and it's an important point is that credits are just one way for us to monetize AI.

你看，現在下結論還為時過早，但我們對目前信貸消費方面取得的進展非常滿意。我要指出的一點，也是非常重要的一點是，積分只是我們實現人工智慧貨幣化的一種方式。

Broadly, if you step back and think about it, credit monetization does not equal AI monetization at spot, and that's because we have embedded AI. And when that embedded AI drives value, then we see it in attach rates as well as seat upgrades, which we have been seeing now for a few quarters.

總的來說，如果你退後一步思考，你會發現信用貨幣化並不等於人工智慧貨幣化，這是因為我們已經將人工智慧嵌入其中。當嵌入式人工智慧帶來價值時，我們就能在附加率和座位升級中看到它，而這種情況我們已經持續了幾個季度。

We're also driving AI value within core seats. And we will see the monetization there as we shared in Analyst Day, and we'll continue to monetize usage-based components with credit. So overall, we feel very good about our AI strategy and the monetization strategy, and this is a solid foundation for credits to emerge as a lever for growth.

我們也在核心席位中提升人工智慧的價值。正如我們在分析師日上分享的那樣，我們將看到這方面的獲利模式，我們將繼續透過積分的方式實現基於使用量的組件的利潤。總的來說，我們對我們的人工智慧策略和貨幣化策略感到非常滿意，這為積分成為成長槓桿奠定了堅實的基礎。

(Operator Instructions) Tyler Radke, Citi.

（操作說明）泰勒·拉德克，花旗銀行。

Yes. One clarification and then sort of a product question. So just on the clarification, I know there's been a lot of questions just around the net new ARR trends. And I guess the clarification is, did the growth rate in net new ARR that you observed in the first half, did that continue or perhaps accelerate or decelerate into 3Q? And then, Yamini, you talked about a lot of customers, I think 47,000 customers using the chat connector. Just curious if you're seeing any interesting usage or expansion trends for customers that are using that versus customers that are not.

是的。首先需要澄清一點，然後問一個產品方面的問題。所以，為了澄清一下，我知道大家對新增 ARR 趨勢有很多疑問。我想澄清的是，您在上半年觀察到的淨新增 ARR 成長率，在第三季是否繼續保持、加速或減速？然後，Yamini，你提到了很多客戶，我想有 47,000 名客戶在使用聊天連接器。我只是好奇，在使用該服務的客戶和未使用該服務的客戶之間，您是否觀察到任何有趣的用量或成長趨勢？

Yeah, Tyler, I'll start with a short answer to your question on net new ARR growth. In Q3, net new ARR growth did remain above constant currency revenue growth.

是的，泰勒，我先簡單回答你關於新增年度經常性收入淨增長的問題。第三季度，淨新增年度經常性收入成長率仍高於以固定匯率計算的營收成長率。

Yeah. And then on the second part of the question in terms of the LLM connectors and what kinds of use cases and what types of trends we are seeing there. Look, I think we'll start with why we build these connectors. It's because our customers and prospects are spending a ton of time in LLMs, and we want to bring the insights from HubSpot regarding their business and growth opportunities there. And the more deeper reason is this, LLM are basically the new AI operating system. And just like you had browser wars and mobile wars, there will be a clear winner in the AI operating system.

是的。然後是關於 LLM 連接器問題的第二部分，以及我們看到的用例和趨勢類型。好的，我想我們應該先從為什麼要建造這些連接器開始說起。這是因為我們的客戶和潛在客戶在LLM上花費了大量時間，我們希望將HubSpot提供的有關他們業務和成長機會的見解帶到LLM中。更深層的原因是，LLM本質上就是新的AI作業系統。就像瀏覽器大戰和行動大戰一樣，人工智慧作業系統領域也會出現明顯的贏家。

Now that has just a lot of implications across the industry, but there's a very specific implication for our customers and our ecosystem, which is that will be a way in which companies will be found. And that means it will become an AI referral source for companies. We see this in our AEO efforts. We are seeing this in our customers' AEO efforts, and that is why we want to be the best platform that enables that growth. And so that's the reason.

這無疑會對整個產業產生諸多影響，但對我們的客戶和生態系統而言，有一個非常具體的影響，那就是這將成為企業被發現的一種方式。這意味著它將成為企業的AI推薦來源。我們在AEO工作中看到了這一點。我們在客戶的 AEO 工作中看到了這一點，這就是為什麼我們希望成為能夠促進這種成長的最佳平台。這就是原因。

In terms of the traction, I shared some numbers. ChatGPT Connector is our fastest growing app in five years, 47,000 installations. And if I look at the patterns, I see a lot of directors and about using it for meeting prep. So they're using it to understand pipeline trends before they go into a weekly meeting or a board meeting. They are using it to get insights on what changed week-to-week or month-to-month. The second pattern that we see is doing deeper research and then being able to take actions within HubSpot.

關於市場反響，我分享了一些數據。ChatGPT Connector 是我們五年來成長最快的應用程序，安裝量已達 47,000 次。如果我觀察這些模式，我發現很多導演都在使用它來進行會議準備。因此，他們在召開每週例會或董事會會議之前，會利用這個方法來了解銷售管道的趨勢。他們利用它來了解每週或每月發生了哪些變化。我們看到的第二個模式是進行更深入的研究，然後能夠在 HubSpot 中採取行動。

For example, we were talking to customer base group they used to prompt from our library to identify the highest converting persona and then they built a nurture campaign in HubSpot, and that campaign open rates actually jumped from 8% to 40%. So huge improvement in terms of conversion rates. So we're seeing customers ask questions, get insight and then begin to you take the action within HubSpot. And that's the pattern that we want to see, get insights and then drive actions to drive growth within HubSpot and very encouraged by the patterns there.

例如，我們與客戶群進行了交流，他們利用我們的庫來識別轉換率最高的用戶畫像，然後在 HubSpot 中創建了一個培育活動，該活動的開啟率實際上從 8% 躍升至 40%。轉換率方面有了巨大提升。所以我們看到客戶提出問題，獲得見解，然後開始在 HubSpot 中採取行動。這就是我們希望看到的模式，獲得洞察，然後採取行動來推動 HubSpot 的成長，我們對那裡的模式感到非常鼓舞。

Bradley Sills, Bank of America.

布拉德利·西爾斯，美國銀行。

I wanted to ask a question about ASP growth. It's been kind of bumping along at this kind of flattish level for several quarters. And historically, before we entered into some of these macro pressures, it was more in the 12% to 15% range. So my question is, what would it take to get ASP growth back to -- back in the green and moving up north? What are some of the unlocks there? I think in the past, Kate, you've talked about how you're still seeing some pressure on those upgrades. So maybe an update on that trend as well.

我想問一個關於平均售價成長的問題。過去幾個季度以來，它一直以這種相對平穩的水平波動。從歷史上看，在我們面臨這些宏觀壓力之前，這個數字通常在 12% 到 15% 之間。所以我的問題是，要怎麼樣才能讓平均售價成長恢復正常並繼續向北增長？那裡有哪些解鎖內容？凱特，我想你之前說過，你仍然看到這些升級改造面臨一些壓力。所以或許也需要更新這方面的趨勢。

Yeah. Thanks, Brad, for the question. I think you know that there are a number of factors that drive ASRPC and it is also a lagging indicator because revenue is the numerator for ASRPC. It's impacted by the volume and mix of our customers. It's impacted by new ASPs and as you rightly point out, upgrades.

是的。謝謝你的提問，布拉德。我認為您也知道，影響 ASRPC 的因素有很多，而且它仍然是一個落後指標，因為 ASRPC 的分子是收入。它受到客戶數量和組成的影響。它受到新應用服務提供者 (ASP) 的影響，正如您所指出的，也受到升級的影響。

We continue to see a number of headwinds and a number of tailwinds around ASRPC growth. They're all going to sound very familiar to you. The headwinds are robust starter additions and the lower ASPs associated with new customers post our pricing change in 2024.

我們持續看到 ASRPC 成長面臨許多不利因素和有利因素。這些名字你聽起來都會非常熟悉。不利因素包括強勁的新增用戶以及 2024 年價格調整後新客戶的平均售價降低。

In terms of tailwinds, we continue to see momentum in large deals, multi-hub adoption and then increasingly seat upgrades and credits. We did see a bit of inflection in the third quarter with constant currency growth of ASRPC up 1%. We expect to see that continue into Q4.

就利好因素而言，我們繼續看到大宗交易、多樞紐航線的採用以及座位升級和積分的增加。第三季我們確實看到了一些轉折點，以固定匯率計算，ASRPC 成長了 1%。我們預計這種情況會持續到第四季。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful. It's Rishi Jaluria from RBC here. I wanted to dive a little bit deeper into the existing traction that you're seeing with your current AI products and agents, right, including the most recent announcements out of inbound. Obviously, you've seen some really good traction there. As we think about new products that you're going to be working on and getting out into the market, totally understand it's going to take a while before this turns into direct monetization, whether through credits or any other way.

精彩的。我是來自加拿大皇家銀行的Rishi Jaluria。我想更深入地了解您目前在人工智慧產品和代理商方面所取得的進展，包括最近在入站方面發布的公告。顯然，你們已經看到了一些非常好的進展。當我們考慮您即將開發並推向市場的新產品時，我們完全理解，無論是透過積分還是其他任何方式，都需要一段時間才能直接獲利。

But how are you internally gauging the success of newer AI offerings and working directly with your customers to not only make sure that it's delivering their value that I think they expect out of you, but also that the way they're using it is aligned with future contemplated pricing mechanisms that you have in place?

但是，你們內部是如何衡量新型人工智慧產品的成功，並直接與客戶合作，不僅確保產品能夠提供他們期望的價值，而且還要確保他們的使用方式與你們已製定的未來定價機制保持一致？

Rishi, that's a great question. And I think I'll start with our strategy, the momentum and then how we are driving customer adoption because that is the right question to be begin in due. If we step back, our strategy for AI has been consistent and clear, which is we want to embed AI into all of our hubs and platform. we want to build agents that deliver work for our customers, and we want to deliver a brief assistant and connectors that convert data into insight. And the strategy has just been consistent across the board.

里希，這是一個很好的問題。我想我會先談談我們的策略、發展勢頭，以及我們如何推動客戶採納，因為這才是應該著手解決的正確問題。回顧過去，我們的人工智慧策略始終如一且清晰明確，那就是將人工智慧嵌入我們所有的中心和平台中。我們希望建立能夠為客戶完成工作的智能體，並提供能夠將數據轉化為洞察的簡短助手和連接器。而且，這項策略在各方面都保持一致。

So when we look at momentum as well as traction in terms of the strategy, we look at all factors there. So the first thing is, is the embedded strategy is working. And the answer for us is very clear because embedded features are being used across Marketing Hub, Sales Club Service Hub they are improving the outcomes for our customers, things like conversion rate that I mentioned before, win rate and improvement in 10% win rate in sales.

因此，當我們從策略角度審視發展動能和市場吸引力時，我們會考慮所有相關因素。所以首先要看的是，這種嵌入式策略是否有效。對我們來說，答案非常明確，因為行銷中心、銷售俱樂部和服務中心都在使用嵌入式功能，這些功能正在改善我們客戶的業績，例如我之前提到的轉換率、成交率以及銷售成交率提高 10%。

I mean, previously, before AI, I don't think that types of outcome would have been possible with Sales Hub, I think that's a huge improvement for our customers. And similarly, Service Hub customers who are using AI see much better ticket closure as well as much better customer sentiment.

我的意思是，以前，在人工智慧出現之前，我認為銷售中心不可能有這樣的成果，我認為這對我們的客戶來說是一個巨大的進步。同樣，使用人工智慧的 Service Hub 客戶不僅獲得了更好的工單解決率，而且客戶滿意度也更高。

So all of that translates into much better attach rates for us, which we have seen with Content Hub, which we've seen with Service Hub as well as adoption of sales seats as well as service subsea. The second part of the strategy, which is probably earlier in the journey is the agent journey, right? All of us within the industry, we know we're building agents that do work.

因此，所有這些都轉化為我們更好的附加率，我們在內容中心、服務中心以及銷售席位和服務子系統的採用方面都看到了這一點。策略的第二部分，可能處於旅程的早期階段，是代理人旅程，對嗎？我們業內人士都知道，我們正在培養的是能夠真正工作的經紀人。

And the adoption is slightly less than the embedded products. And for us, the three featured agents that we launched which is customer agent, prospecting agent and data agent, we look at what are the signs in terms of adoption as well as repeat usage. And customer agent is the most mature there. It has been in GA the longest. 6,200 customers with 62%-plus resolution rate and credit consumptions that are really in the pattern that we expect. So really clear trajectory in terms of the agents.

而且，其普及率略低於嵌入式產品。對於我們推出的三個特色代理（客戶代理、潛在客戶代理和資料代理），我們會觀察它們在採用率和重複使用方面的跡象。客服人員是其中最成熟的。該公司在喬治亞州營運時間最長，擁有 6200 名客戶，問題解決率超過 62%，信用額度消耗也完全符合我們的預期。所以就代理人而言，發展軌跡非常清晰。

And you ask broadly about customer adoption. Part of what is happening is that when you look at AI, people have road maps, but they are on very different portions of the adoption journey. So we work with our partners. We work with our customer success managers and we work with our customers to help them build a road map, and they like our strategy. They like that they're getting a platform that is future-proofed and all of that leads to traction.

你廣泛詢問了客戶採納情況。部分原因是，當你審視人工智慧時，人們都有路線圖，但他們所處的採用階段卻截然不同。所以我們與合作夥伴共同努力。我們與客戶成功經理合作，也與客戶合作，幫助他們制定路線圖，他們很喜歡我們的策略。他們喜歡這種面向未來的平台，而這一切都有助於獲得用戶成長。

I continue to believe that AI is early, and this is going to play out for the next 5 years, 10 years, and we are setting ourselves up to be leaders within this and doing it in a way where we focus on small, medium businesses and helping them grow with this new technology. So very confident there.

我仍然認為人工智慧還處於早期階段，未來 5 年、10 年內，我們將持續發展，並努力成為這一領域的領導者，我們將專注於中小企業，幫助他們利用這項新技術實現成長。所以對此我非常有信心。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

For the Yamini or Dharmesh, I would love to hear you talk a little bit about what are you seeing in terms of customer data states and the quality of those data estates. Yamini, you mentioned a handful of times this idea of converting data into insights. How would you describe customer readiness from a data hygiene standpoint? Is there a period of time where they have to work to clean up their data and/or work to standardize a HubSpot. I think you have a really unique position because of how your hubs are organically connected together. So maybe just a little more on what you're seeing in the environment with respect to that.

Yamini 或 Dharmesh，我很想聽你們談談你們在客戶資料狀態和這些資料資產的品質方面看到了什麼。Yamini，你曾多次提到將數據轉化為洞察的想法。從資料衛生角度來看，您如何描述客戶的準備？他們是否有一段時間需要清理資料和/或規範 HubSpot？我認為你們的優勢非常獨特，因為你們的各個中心之間是有機地連結在一起的。所以，或許可以再多談談你在這方面所觀察到的環境狀況。

Yes. I'll start there, Gabriela, and I'm sure Dharmesh can add to it. That's a very broad question in terms of the state of data. And I would probably say that it's multiple the stage of data maturity for our customer depends on how mature they are within their stack. And I would maybe talk about -- the first is, if they already have data, is it high quality?

是的。我就從這裡開始吧，加布里埃拉，我相信達爾梅什也能補充一些內容。就數據現狀而言，這是一個非常廣泛的問題。而且我認為，我們客戶的資料成熟度階段取決於他們在自身技術堆疊中的成熟程度。我可能會談談——首先，如果他們已經有了數據，那麼數據的品質如何？

And within our customer base, if they have adopted all of our hubs, then it tends to be in higher quality versus having point solutions that they're trying to bring together. But partly, we also have Data Hub that we launched at INBOUND that helps with improving data quality. That is exactly what the purpose is for Data Hub.

在我們的客戶群中，如果他們採用了我們所有的中心，那麼其品質往往比他們試圖整合的零散解決方案更高。但部分原因在於，我們在 INBOUND 大會上推出的資料中心也有助於提高資料品質。這正是資料中心的作用所在。

The second is it's not just about data quality. Can you get data across the customer journey -- and can you build a context layer on top of that data that enable you to do more with AI and this is where I have a very strong point of view that platforms that bring together data that the -- and helps build a customer context, they're going to be able to get much more done with AI.

第二點是，這不僅僅是數據品質的問題。您能否取得客戶旅程中的數據？能否在這些數據之上建立一個上下文層，使您能夠利用人工智慧做更多的事情？我強烈認為，能夠將數據整合在一起並幫助建立客戶上下文的平台，將能夠利用人工智慧完成更多的事情。

And then the third, which you didn't answer the question, but comes up in all our customer conversations is unstructured data. You can do a lot more with sales conversations with service conversations, pulling unstructured data together, and that is exactly where HubSpot shines.

第三個問題，雖然你沒有回答，但在我們與客戶的對話中卻常被提及，那就是非結構化資料。銷售對話與服務對話結合使用，可以將非結構化資料整合在一起，從而實現更多目標，而這正是 HubSpot 的優勢所在。

Our ability to bring better quality data to bring data across the entire customer journey and to add both structured and unstructured data. Those three things are the foundation to get anything done with AI. And that's one of the reasons why we brought Data Hub to the forefront at INBOUND.

我們有能力提供更高品質的數據，涵蓋整個客戶旅程，並添加結構化和非結構化數據。這三點是利用人工智慧完成任何事情的基礎。這也是我們在 INBOUND 大會上將資料中心放在首要位置的原因之一。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Kate, maybe for you. I think if I heard you correctly, you reiterated the outlook for NRR to be a couple of points higher this year than last year. And if I look at what that potentially implies for 4Q, it looks like it could be closer to $106 million. So one, just wanted to check if I'm doing that math right. And if that is right, that would be probably the biggest uptick in NRR that you guys have seen over the last several quarters.

凱特，或許是為了你。如果我沒聽錯的話，你重申了今年淨收益率（NRR）將比去年高出幾個百分點的預期。如果我看一下這可能對第四季意味著什麼，看起來可能會接近 1.06 億美元。所以，第一，我只是想確認一下我的計算是否正確。如果情況屬實，那這可能是你們在過去幾季中看到的淨收入增幅最大的一次。

So is that an indicator of some of what you're talking about of like seat expansion activity and the new pricing model throw through like evidence that you're starting to see that materialize into numbers and that alone potentially is a leading indicator? Or maybe you can just talk about like what are the puts and takes in that number and how to think about it going into next year?

所以，這是否表明你所說的座位擴張活動和新的定價模式正在逐步轉化為實際數字，而這本身可能就是一個領先指標？或者，你們可以談談這個數字背後的利弊，以及展望明年時該如何看待它？

Yeah. I appreciate the question. Thank you. And you are right, I did reiterate that we expect net -- we continue to expect net revenue retention to be up a couple of points this year. And it does imply a nice step-up in NRR in Q4. The drivers of net revenue retention are the same as they've been all year. We continue to see healthy customer dollar retention we've seen very stable downgrades, which is a nice indicator that customers have rightsized. And then we've seen strong seat upgrades across both sales and service seats as well as core seats. And we have also seen a benefit and will continue into Q4 to see the benefit of the pricing increase for customers post their migration onto the new model.

是的。感謝您的提問。謝謝。你說得對，我的確重申了我們預期淨收入留存率今年將上升幾個百分點。這確實意味著第四季度淨收益率將顯著增長。影響淨收入留存率的因素與全年一樣。我們持續看到健康的客戶留存率，並且降級情況非常穩定，這很好地表明客戶已經調整了消費規模。然後，我們看到銷售和服務崗位以及核心崗位都出現了強勁的崗位升級。我們也看到了價格上漲的好處，而這種好處將持續到第四季度，屆時客戶在遷移到新模式後，價格上漲將帶來這些好處。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

This is Damian Cogen on for Raimo Lenschow. I guess, piggybacking off the last question. I know it might be a little early for 2026. Would you be able to tell us a little bit about how you're thinking about net retention with stronger pricing, healthy renewal rates on new seed.s model, multiproduct adoption, is there any reason to believe that this metric does not improve?

這是達米安·科根代替雷莫·倫肖上場。我想，這是接上一個問題。我知道現在談2026年可能有點早。您能否簡要談談您如何看待在定價策略更嚴格、新種子模式續訂率健康、多產品採用率提高的情況下，淨留存率會如何變化？是否有任何理由認為這項指標不會改善？

Yeah, I appreciate the question. I'm sure that you're not surprised why, and I'll start by saying that I'm not going to make any specific comments around 2026. That's that we do think that there is a path for further improvement on net revenue retention over the longer term. We talked about some of the drivers, but I'll reiterate them for the sake of completeness here, like we are very confident that we can continue to support really healthy customer dollar retention. We've talked about the fact that we've seen downgrades stabilized nicely over the last year or so and actually cancellation in downgrades together were a benefit to net revenue retention in 2024.

是的，感謝你的提問。我相信你不會對此感到驚訝，首先我要說明的是，我不會對 2026 年發表任何具體評論。也就是說，我們認為從長遠來看，淨收入留存率還有進一步提高的空間。我們討論了一些驅動因素，但為了完整起見，我在這裡重申一下，例如我們非常有信心能夠繼續支持非常健康的客戶消費留存率。我們已經討論過，在過去一年左右的時間裡，降級情況已經趨於穩定，實際上，降級取消訂單對 2024 年的淨收入保留率有利。

The pricing model change is resulting in both stronger seat upgrade motions, but also we will expect to see a continued tailwind to net revenue retention from the pricing changes on the remaining 50% of our installed base that will go through the renewal post the end of 2025.

定價模式的改變不僅會促使用戶更積極地升級座位，而且我們預計，在 2025 年底之後續約的剩餘 50% 的已安裝用戶群中，價格變化將持續對淨收入留存產生積極影響。

And then finally, Yamini talked a lot about the core seats and credits as emerging drivers and they will begin to contribute in a more meaningful way in 2026. So again, nothing specific on 2026, but I do believe that this is a business that's capable of delivering higher net revenue retention.

最後，亞米尼也談到了核心席次和積分作為新興驅動因素，它們將在 2026 年開始以更有意義的方式做出貢獻。所以，對於 2026 年還沒有具體的說法，但我相信這家企業有能力實現更高的淨收入留存率。

Steve Koenig, Macquarie Capital.

史蒂夫·科尼格，麥格理資本。

Great. Some of your peers have also talked about expectation of net new ARR growth higher than revenue, but it's more of an anticipation than historically seeing that. and predicated on sales capacity expansion as being an important driver. I'm wondering, you touched upon many of the drivers that you see for potential acceleration but I'm also curious, to what extent is your sales capacity or execution tactics aside from the pricing model change. To what extent are you lined up to for further acceleration or changes to that strategy might be helping you?

偉大的。一些同業也談到預期淨新增年度經常性收入成長將高於營收成長，但這更多的是一種預期，而非歷史經驗所證實，而這種預期是基於銷售能力擴張這一重要驅動因素。我想知道，您提到了許多您認為可能加速成長的驅動因素，但我也很好奇，除了價格模式的改變之外，您的銷售能力或執行策略在多大程度上有所改變。您目前在多大程度上準備進一步加速發展？或者，對該戰略進行調整可能會對您有所幫助？

I really like that question. I think that it's really good to ask us about the sales capacity and how we are teed up. And look, we have been investing in two fronts: one, in headcount, and we have consistently hired sales capacity in regions, in segments where we see clear opportunity and that has continued, and that will likely continue into 2026. We see further opportunities for expanding sales capacity.

我很喜歡這個問題。我認為詢問我們的銷售能力以及我們已做好哪些準備是非常好的。而且，我們一直在兩個方面進行投資：一是人員配備，我們一直在各個地區、各個細分市場招聘銷售人員，因為我們看到了明顯的機遇，這種情況一直在持續，而且很可能會持續到 2026 年。我們看到了進一步擴大銷售能力的機會。

The second thing, which I'm really excited about is all the investments that we have made in terms of AI to transform our own go-to-market has had a clear impact in terms of sales productivity, how we are using intent data to drive our prospecting, how we are using data during the deal process, we call it guided selling.

第二點讓我非常興奮的是，我們在人工智慧方面所做的所有投資，旨在改變我們自身的市場推廣方式，這些投資已經對銷售效率產生了明顯的影響，例如我們如何利用意向數據來推動潛在客戶開發，以及我們如何在交易過程中使用數據，我們稱之為引導式銷售。

So internally, every sales rep knows the insights that they need, they prepare better for meetings. They follow up faster for meetings. They have much better competitive insights during the call and post call. And all of that has had measurable impact in terms of sales productivity. So both sales capacity and sales productivity are really humming, and we see that continue going into 2026. So we feel pretty good about that.

因此，公司內部每位銷售代表都知道他們需要的訊息，他們也能更好地為會議做好準備。他們會更快地跟進會議安排。他們在通話期間和通話後都擁有更敏銳的競爭洞察力。所有這些都對銷售效率產生了可衡量的影響。因此，銷售能力和銷售效率都非常高，我們預計這種情況將持續到 2026 年。所以我們對此感覺相當不錯。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

So I'd love to understand from your perspective, what you're seeing in terms of demand trends, maybe a little bit more by geography. We saw international was a little bit stronger this quarter. We picked it up in some of our partner checks. But as we think about the growth opportunity going forward, anything you can call out in terms of international versus North America in terms of growth expectations?

所以我很想從你的角度了解一下，你觀察到的需求趨勢是什麼，也許可以再以地理劃分一些。本季國際業務略有成長。我們在一些合作夥伴的帳單中發現了這個問題。但展望未來的成長機遇，就國際市場和北美市場的成長預期而言，您有什麼特別需要指出的嗎？

Yeah, I appreciate the question. Look, we have not seen any material changes in terms of segments or industries or geographies. It continues to be very consistent with prior quarters. Now if I look at our pipeline, we see a handful of trends that is not geo-based but generally based on the products that we have launched and the momentum we are seeing.

是的，感謝你的提問。你看，我們在各個細分市場、產業或地理方面都沒有看到任何實質的變化。與前幾季相比，情況依然非常穩定。現在，如果我看一下我們的產品線，我們會發現一些趨勢，這些趨勢並非基於地理位置，而是總體上基於我們已經推出的產品以及我們所看到的勢頭。

We saw a very positive response from inbound. Specifically, customers are excited about the loop they are excited about Data Hub, and I explained why Data Hub is almost and critical for value from AI. And I see a lot of our customers and prospects talking to us about customer agent prospecting agent.

我們看到了來自入境客戶的非常正面的回饋。具體來說，客戶對資料中心的循環感到興奮，我解釋了為什麼資料中心對於人工智慧的價值幾乎是至關重要的。我看到很多客戶和潛在客戶都在和我們談論客戶代理和潛在客戶開發代理。

All of that has landed really well. I continue to see multi-hub adoption as well as upmarket momentum. The large deal momentum this year has been consistent and compounding and we see that both in Q3 as well as entering into the Q4 in terms of the pipeline, and that has been a consistent driver. So not as much as segment or geo change, but really consistency in what is driving the demand across all of these regions.

所有這些都取得了非常好的效果。我持續看到多中心架構的普及以及高端市場的發展勢頭。今年的大宗交易勢頭一直保持穩定增長，我們在第三季度以及進入第四季度時都看到了這一點，這已成為持續的驅動力。所以，與其說是細分市場或地理變化，不如說是所有這些地區的需求驅動因素的一致性。

And Brian, just one small point to make on the domestic versus international growth. You will just remember that the legacy Clearbit business is about 0.5 point of headwind to our growth in 2025. All of that business is domestic business. And so it's about a 1 point headwind to domestic growth this year.

布萊恩，關於國內成長與國際成長，我只想補充一點。您只需記住，Clearbit 的傳統業務在 2025 年將對我們成長造成約 0.5 個百分點的阻力。所有這些業務都是國內業務。因此，今年國內經濟成長將面臨約 1 個百分點的阻力。

Jackson Ader, KeyBank Capital Markets.

Jackson Ader，KeyBank Capital Markets。

I was just curious to ask on two things as far as the fourth quarter is concerned. Number one is, is there anything kind of seasonally here in the fourth quarter? I know you guys aren't giant deal dependent. But is there anything in terms of the fourth quarter bookings that could impact the timing, Kate, of when you expect that net new piece to be kind of large enough to accelerate growth as we head into '26? And then also, I think we're getting into the heart of the pricing renewals for some of your larger customers. And so just curious whether the pricing -- how those larger customers are handling the pricing increases, whether it's firmer or softer than you expected?

關於第四季度，我有兩個問題想請教一下。首先，第四季是否存在某種季節性因素？我知道你們並不依賴大宗交易。但是凱特，就第四季度預訂情況而言，是否有任何因素可能會影響到你預計淨新增訂單量何時能夠達到足夠大的規模，從而在進入 2026 年時加速增長？此外，我認為我們正在深入探討一些大客戶的價格續約問題。所以，我很好奇定價方面——那些大客戶是如何應對價格上漲的，他們的反應是比你預期的更堅決還是更溫和？

Yeah. Thanks for the question. Look, I think that Q4 is always our most important quarter of the year in terms of being the largest net new ARR quarter with November and obviously, December being pretty critical. We do see a lot of the migrated customers coming up for renewal at the end of this year, and so that will impact Q4 a bit. And so far, they are performing as reported over the last couple of quarters.

是的。謝謝你的提問。我認為，就新增年度經常性收入 (ARR) 的淨成長季度而言，第四季始終是我們一年中最重要的季度，其中 11 月和 12 月顯然都非常關鍵。我們看到許多遷移後的客戶將在今年年底到期續約，因此這將對第四季產生一定影響。到目前為止，他們的表現與過去幾季的報導相符。

Thank you. This concludes the HubSpot Q3 2025 earnings call. Thank you to everyone who was able to join us today. You may now disconnect your lines.

謝謝。HubSpot 2025 年第三季財報電話會議到此結束。感謝今天所有到場的朋友。現在您可以斷開線路了。