#1HubSpot HubSpot Overview Q3 2023#2Safe Harbor Statement This presentation includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding management's expectations of future financial and operational performance and operational expenditures, expected growth, foreign currency movement, and business outlook, including our financial guidance for the third fiscal quarter of and full year 2023 and our long-term financial framework; statements regarding our positioning for future growth and market leadership; statements regarding the economic environment; and statements regarding expected market trends, future priorities, acquisitions (including our planned acquisition of Clearbit), and related investments, and market opportunities (including with respect to our expanding Total Addressable Market). These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with our history of losses; our ability to retain existing customers and add new customers; the continued growth of the market for a CRM platform; our ability to develop new products and and technologies and to differentiate our platform from competing products and technologies; our ability to complete and realize the anticipated benefits of the Clearbit acquisition; our ability to manage our growth effectively over the long-term to maintain our high level of service; our ability to maintain and expand relationships with our solutions partners; the price volatility of our common stock; the impact of geopolitical conflicts, inflation, foreign currency movement, and macroeconomic instability on our business, the broader economy, our workforce and operations, the markets in which we and our partners and customers operate, and our ability to forecast our future financial performance; regulatory and legislative developments on the use of artificial intelligence and machine learning; and other risks set forth under the caption "Risk Factors" in our SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise. HubSpot 2#3HubSpot is a leading Customer Relationship Management platform for scaling companies Our mission is to help millions of organizations grow better. HubSpot 3#4HubSpot at a Glance $2.1b TTM revenue 26%¹ YoY growth $280m² TTM FCF 194k customers 7.5k employees 120+3 14% margin 22% YoY growth countries 1 As-reported YoY growth based on trailing twelve month period as of Q3 2023, compared to prior trailing twelve month period as of Q3 2022. 2 FCF = Free Cash Flow is a non-GAAP metric. Please refer to the end of this presentation for a reconciliation of GAAP to non-GAAP figures. 3 Customers located in 120+ countries globally. HubSpot 4#5ㄱ L L Our foundational choices • Focus on SMB • Move from app to suite to platform • Build products organically Deliver value before you monetize 5#6Sales Productivity Websites Data Sync Service Ticketing The SMB market is underserved Reporting Acquisition Marketing Automation Reporting Disconnected point solutions Data Acquisition Service Acquisition Analytics Acquisition Messaging Acquisition Marketing Automation Acquisition Cobbled enterprise solutions HubSpot 6#7HubSpot is well positioned to solve this problem Websites Sales Productivity Data Sync Service Ticketing Marketing Automation Reporting Disconnected point solutions ୪ Data Acquisition Reporting Acquisition Analytics Acquisition Messaging Acquisition Service Acquisition Marketing Automation Acquisition Cobbled enterprise solutions HubSpot 7#8To help our customers make connections, we've transformed from a single app to platform + AI-Powered Marketing Hub™ Sales Hub™ Service Hub™ CMS Hub Lead Generation Marketing Automation Prospecting Help Desk Operations Hub™ Content Creation Advanced Reporting Deal Management Self Service Content Management Process Automation Commerce Hub Payments & Subscriptions Billing & Invoices Smart CRM Unified Customer Data Customer Intelligence Customization & Extensibility Marketplace Find integrations, templates & services Academy Learn new skills, gain credentials Network Join our community, grow your craft HubSpot 8#9AI Assistants AI Agents HubSpot AI: Powering all Hubs + platform AI Assistant in Text Editors • AI Content Recommendations AI Powered Image Generation Content remix to ads + social Generate campaign + social copy Generate marketing + sales emails AI Assisted Report Creation AI Powered Content Ideas AI Knowledgebase Article Editing • AI Chatbot (Available in Service Hub) AI-driven chatbots that respond to incoming support inquiries. Automation Cleanup AI Conversation Summaries AI Insights • AI Sales Email Summaries AI Driven Call Summaries • AI Sales Forecasts AI Sales Talking Points ChatSpot GA by end of '23 Accelerated Sales Prospecting Integrated Content Generation Deep Company Insights SEO Analysis ✓ AI-powered Smart CRM Action Item Identification Automatic CRM Associations Call Speaker Identification HubSpot CRM Integration Beta by end of '23 HubSpot 9#10What matters to our customers? Acquire customers 66 Quality rather than quantity. Make Improve data-driven customer Increase efficiency Thrive with AI decisions experience 66 66 Being smarter with our data. 66 Winning where winning matters. Don't scale chaos. 66 We want to show up like people, not bots. Sr. CRM Manager, Cambridge University Press (EE: 2000+) Marketing Manager, Safe Contractors (EE: 101-500) COO, Owl Cyber Defence (EE: 101-500) Director Client Success, Sandler EAM Consulting (EE: 1-10) CIO, IDEO (EE: 101-500) HubSpot#11Early stages of large TAM opportunity $51b¹ <10% Penetration across all product and customer segments 2023 1 Includes Total Addressable Market for software in HubSpot's core product groups including Marketing Hub, Sales Hub, Service Hub, Operations Hub and CMS Hub. Does not include Commerce Hub. Source: IDC and HubSpot estimates $77b 1 2028#12Our focus is on driving broad and efficient distribution Who is buying Large Medium Digital, sales and partner-driven Digital and sales-driven Small Digital-driven How we are serving 12#13Building a company future generations will be proud of #2 Best Place to Work in 2022 by Glassdoor #3 Best CEOs for Women by Comparably 100 Best Companies to Work ForⓇ by Great Places to Work Best Workplaces for Millennials™ by Great Places to Work HubSpot 13#14The HubSpot Journey Performable Acquisition Marketing Hub Launch $50m CRM Launch Sales Hub Launch 1 $100m Service Hub Launch $500m $250m '06 '11 '12 '13 '14 '15 '16 '17 '18 '19 HubSpot founded Sales Hub originally launched and branded as "Sidekick". 2 ARR: Annual Recurring Revenue. 3 Clearbit acquisition expected to be completed in the fourth quarter of 2023. CMS Hub Clearbit Acquisition 3 Commerce Hub Launch Operations Hub Launch 回 Launch 899 100K PieSync Customers Acquisition I $1b ARR 2 20 '20 '21 *Payments Launch Revenue 222 122 $2b ARR 2 23 123 HubSpot 14#15HubSpot is positioned for long-term, durable growth Mission Aspiration Product Strategy Go-to-Market Strategy Company Strategy Help millions of organizations grow better. Become the #1 Customer Platform for scaling companies. Power our Engagement Hubs and Smart CRM with AI. Scale breadth of distribution with multiple GTM motions. Build an equitable, sustainable organization. 15#16Financial Overview Q3 2023#17Strong Revenue Growth $82m Q1'17 Quarterly Revenue $558m Q3'23 Q3'23 revenue $558m revenue 24%¹ growth yoy 1 Excludes impact of foreign currency. Q3'23 revenue growth was 26% as reported and 24% in constant currency. Constant Currency is presented by converting current and comparative prior period operating results for entities reporting in currencies other than U.S. Dollars into U.S. Dollars at constant exchange rates rather than actual exchange rates in effect during the respective period. HubSpot 17#18Strong Customer Growth 31k Q1'17 Total Customers 194k Q3'23 Q3'23 customers 194k customer growth yoy 22% HubSpot 18#19Growing Profitability with Scale $1m Q1'17 Quarterly Operating Profit 1 $90m Q3'23 Q3'23 operating profit¹ $90m operating profit¹ margin 16% 1 Non-GAAP operating profit excludes expenses associated with stock based compensation, amortization of acquired intangible assets, acquisition related expenses and restructuring charges. Please refer to the end of this presentation for a reconciliation of GAAP to non-GAAP figures. HubSpot 19#20Philosophy on balancing growth and profitability $ Drive durable revenue growth at scale Generate operating leverage as we scale toward long-term margin targets 20#21Strong Track Record of Profitable Growth $376m 2017 Annual Revenue 34% CAGR 1 $2,145m $9m 2023e 3 2017 1 CAGR: compound annual growth rate. Based on as-reported revenue from 2017 to 2023e. 2 See definition and reconciliation of non-GAAP operating profit in appendix. 3 2023e = midpoint of FY 2023 revenue guidance as of November 8, 2023. Annual Operating Profit 2 20% $317.5m 0% 2023e 3 Operating Profit Margin (%, as reported) 2 HubSpot 21#22$325 Increasing Free Cash Flow Generation Trailing Twelve Month Free Cash Flow 1 16% $280m $14m $0 0% Q1'17 Q3'23 Free Cash Flow Margin 1 (Trailing Twelve Month, %) Free Cash Flow ¹ (Trailing Twelve Month, $m) Q3'23 free cash flow¹ $65m cash position $1.7b Free cash flow is a non-GAAP metric and is defined as cash and cash equivalents provided by (used in) operating activities less purchases of property and equipment and capitalization of software development costs. Please refer to the end of this presentation for a reconciliation of GAAP to non-GAAP figures. HubSpot 22#23Long term financial targets 2026 2022 Q1'23 Q2'23 Q3'23 Target Model¹ Gross Margin 83% 84% 85% 85% 84% Long Term Target Model¹ 81% - 83% R&D 19% 19% 20% 19% 20% 20% % of revenue S&M 45% 44% 43% 42% 36% -38% 30% - 35% % of revenue G&A 9% 8% 8% 8% 8% 8% % of revenue Operating Margin 10% 13% 14% 16% 18% - 20% 20%-25% 1 These estimates reflect our current operating plan as of November 8, 2023 and are subject to change as future events and opportunities arise. All percentages are non-GAAP and exclude expenses associated with stock-based compensation, amortization of acquired intangibles and acquisition related expenses. Percentages are based on actual values. Totals may not sum due to rounding. Please refer to appendix for a reconciliation of GAAP to non-GAAP figures. HubSpor3#24GAAP to Non-GAAP Reconciliations#25GAAP to Non-GAAP Reconciliations 2020 $ '000s Revenues Cost of Revenue Subscription Stock-based compensation 130,685 15% (4,408) 0% Amortization of acquired intangibles (2,340) 0% Gain on termination of operating leases 0% Loss on disposal of fixed assets 0% Non-GAAP subscription Professional services and other 123.937 14% 36,274 4% Stock-based compensation (2,536) 0% Gain on termination of operating leases 0% Loss on disposal of fixed assets 0% Non-GAAP professional services and other 33,738 4% Gross Margin Gross margin 716,067 81% Stock-based compensation 6,944 1% Amortization of acquired intangible assets 2,340 0% Gain on termination of operating leases 0% Loss on disposal of fixed assets 0% Non-GAAP gross margin Operating Expenses 725,351 82% Research and development 205,589 23% 301,970 Stock-based compensation (39,366) -4% (61,614) Acquisition/disposition related income (1,287) 0% (1,152) Gain on termination operating leases 0% Loss on disposal of fixed assets 0% (2,036) Non-GAAP research and development 164,936 19% 238,514 Sales and marketing 452,081 51% 649,681 Stock-based compensation (50,552) -6% (67,413) Amortization of acquired intangible assets (79) 0% Acquisition related expenses 0% Gain on termination of operating leases 0% Loss on disposal of fixed assets 0% Non-GAAP sales and marketing 401,450 45% General and administrative 109,225 12% Stock-based compensation (24,626) -3% Acquisition related expenses (545) 0% Gain on termination of operating leases 0% Loss on disposal of fixed assets 0% Non-GAAP general and administrative 84,054 10% 115,821 Restructuring charges 0% Loss from Operations Loss from operations (50,828) -6% (54,799) Stock-based compensation 121,488 14% 166,761 Amortization of acquired intangible assets 2,419 0% 1,326 Acquisition related expenses 1,832 0% 2,087 Gain on termination of operating leases 0% (4,276) Loss on disposal of fixed assets 0% 6.468 Restructuring charges Non-GAAP loss from operations 0% 74,911 8% 117.567 ********** 1,041,801 1,416,710 82% 419,574 84% 441,852 13,469 1% 3,832 1% 4,975 1,203 0% 399 0% 405 0% 0% 0% 0% 1,052,197 81% 1,431,382 83% 423,805 84% 447,232 442,022 26% (107,517) -6% 300 0% 0% 0% 334.805 19% 886,069 51% (107,640) -6% (1,426) 0% 0% 0% 0% 777,003 45% 197,720 11% (47,223) -3% 0% 0% 0% 0% 150,497 9% 0% 0% (2,781) 580,570 144,949 (28,345) གྲྭཛིཛྫཱ eཟུང། ནད། ། % of $ '000s 2021 211,132 (6,297) Revenues 2022 March 31, 2023 % of $ '000s % of Revenues $ '000s % of Revenues Three Months Ended June 30, 2023 % of Three Months Ended September 30, $ *000s Revenues $ '000s % of Revenues 257,513 15% 68,339 14% (9,076) -1% (2,745) -1% 73,824 (3,516) 14% 73,781 13% -1% (3,157) -1% (1,203) 0% (399) 0% (405) 0% (408) 0% 0% 0% 0% 0% 0% 0% 0% 0% 203,693 247,234 14% 65,195 13% 69,903 13% 70,216 13% 47,725 56,746 3% 13,707 3% 13,462 3% 13,745 2% (3,092) (4,393) 0% (1,087) 0% (1,459) 0% (1,201) 0% 0% 0% 0% 0% 0% 0% 0% 0% 44,908 52,353 3% 12,620 3% 12,003 2% 12,544 2% Three Months Ended 127,683 25% 169,955 (33,324) -7% (64,060) 0% 0% 0% 94,359 19% 105,895 250,683 50% 265,294 (30,169) -6% (38,625) (446) 0% (446) 0% 0% 0% 220,068 226,223 44% 57,405 11% 61,222 (15,712) -3% (20,343) 0% 0% 0% 40,879 41,693 8% 63,880 28,570 6% (109,101) -6% (44,767) -9% (118,499) 128,003 275,849 16% 83,037 17% 851 2,629 0% 845 0% (305) 0% 0% 0% 0% 0% 0% 63,880 0% 28,570 6% ************************* 470,031 84% 4,358 1% 408 0% 0% 0% 474,797 85% 156,871 28% (49,460) -9% 0% 0% 0% 107,411 19% 271,448 49% (34,439) -6% (1,903) 0% 0% 0% 0% 235,106 42% 61,308 11% (19,249) -3% 0% 0% 0% 42,059 8% 846 0% (20,442) -4% 107,506 19% 2,311 0% 0% 0% 0% 846 0% 74,235 90,221 16% 169,072 10% 67.685 13% 25#26GAAP to Non-GAAP Reconciliations Three Months Ended March 31, 2017 $'000s % of Revenu Three Months Ended June 30, 2017 % of $'000s Revenues $'000s Revenues Three Months Ended September 30, 2017 % of Three Months Ended December 31, 2017 $ '000s % of Revenues Three Months Ended March 31, 2018 % of $'000s Revenues Three Months Ended June 30,2018 % of $'000s Revenues Gross Margin Gross margin 65,180 79% 70,502 79% 78,716 81% Stock-based compensation 564 1% 844 1% 754 1% Amortization of acquired intangible assets 9 Non-GAAP gross margin 65,753 0% 80% 0% 71,346 80% 38 79,508 0% 81% 85,485 823 50 86,358 80% 1% 92,179 80% 97,725 80% 967 1% 1,163 1% 0% 50 0% 50 0% 81% 93,196 81% 98,938 81% Loss from Operations Loss from operations Stock-based compensation Amortization of acquired intangible assets Acquisition/disposition related income (expense) Non-GAAP loss from operations (8,000) -10% 9,303 11% (10,577) 13,006 -12% (12,126) -12% (9,433) -9% (11,324) -10% (14,052) -11% 15% 12,110 12% 12,898 12% 16,046 14% 19,675 16% 16 0% 0% 38 0% 50 0% 50 0% 50 0% 0% 0% 439 0% 827 1% 802 1% 802 1% 1,319 2% 2.429 3% 461 0% 4,342 4% 5,574 5% 6,475 5% Three Months Ended September 30,2018 $ '000s % of Revenu $ '000s Three Months Ended December 31, 2018 % of Revenu hree Months Ende March 31, 2019 % of $'000s Revenu hree Months Ende June 30, 2019 % of $'000s Revenu $ '000s Three Months Ended September 30, 2019 % of Revenu Three Months Ended December 31, 2019 % of $ '000s Revenu Gross Margin Gross margin 106,061 80% 116,658 81% 122,220 81% 132,113 81% 140,358 81% 150,211 81% Stock-based compensation 1,194 1% 1,076 1% 1,633 1% 1,488 1% 1,468 1% 1,367 1% Amortization of acquired intangible assets 494 0% 800 1% 800 1% 800 0% 762 0% 839 0% Acquisition related expenses 0% 0% 0% 0% 0% 0% Non-GAAP gross margin 107,749 82% 118,534 82% 124,653 82% 134,401 82% 142,588 82% 152,417 82% Loss from Operations Loss from operations (15,050) -11% (7,832) -5% (9,036) -6% (15,725) -10% (14,072) -8% (8,158) -4% Stock-based compensation 19,612 15% 20,927 15% 21,205 14% 28,663 18% 23,791 14% 24,095 13% Amortization of acquired intangible assets 494 0% 800 1% 800 1% 800 0% 762 0% 839 0% Acquisition/disposition related income (expenses) 802 1% 289 0% 32 0% 32 0% 30 0% 814 0% Non-GAAP loss from operations 5,858 4% 14,184 10% 13.001 9% 13,770 8% 10,511 6% 17,590 9% 26#27GAAP to Non-GAAP Reconciliations Gross Margin Gross margin Stock-based compensation Amortization of acquired intangible assets Gain on termination of operating leases Loss on disposal of fixed assets Three Months Ended March 31, 2020 Three Months Ended June 30, 2020 $'000s % of Revenue $ '000s % of Revenue $ '000s Three Months Ended September 30, 2020 % of Revenue Three Months Ended December 31, 2020 Three Months Ended Three Months Ended March 31, 2021 June 30, 2021 Three Months Ended September 30, 2021 $'000s % of Revenue % of $ '000s Revenu $ '000s % of Revenue $ '000s % of Revenue 160,683 81% 164,831 81% 185,782 81% 204,771 81% 226,631 81% 247,911 80% 269,589 79% 1,505 1% 1,703 1% 1,792 1% 1,945 1% 2,007 1% 2,408 1% 2,408 1% 880 0% 879 0% 442 0% 139 0% 239 0% 236 0% 234 0% 0% 0% 0% 0% 0% 0% (670) 0% 0% 0% 0% 0% 0% 0% 1,015 0% 163,068 82% 167,413 82% 188,016 82% 206,855 82% 228,877 81% 250,555 81% 272,576 80% Non-GAAP gross margin Loss from Operations Loss from operations Stock-based compensation (14,102) -7% (13,625) -7% (15,461) -7% (7,641) -3% (15,032) -5% (16,602) -5% (14,927) -4% 27,463 14% 31,374 15% 31.186 14% 31,466 12% 32,423 12% 43,433 14% 44,987 13% Amortization of acquired intangible assets 900 0% 899 0% 462 0% 159 0% 345 0% 337 0% 326 0% Acquisition/disposition related income (expenses) 333 0% 518 0% 340 0% 640 0% 1,195 0% 372 0% 350 0% Gain on termination of operating leases 0% 0% 0% 0% 0% 0% (4,276) -1% Loss on disposal of fixed assets 0% 0% 0% 0% 0% 0% 6,468 2% Non-GAAP loss from operations 14,594 7% 19,166 9% 16,527 7% 24,624 10% 18,931 7% 27,540 9% 32,928 10% Three Months Ended December 31, 2021 Three Months Ended March 31, 2022 Three Months Ended June 30, 2022 Three Months Ended September 30, 2022 Three Months Ended December 31, 2022 $ '000s % of Revenue $'000s % of Revenue $ '000s % of Revenue $'000s % of Revenue $'000s % of Revenue $ '000s Three Months Ended March 31, 2023 % of Revenue Three Months Ended June 30, 2023 Three Months Ended September 30, 2023 $ '000s % of Revenue $ '000s % of Revenue Gross Margin Gross margin 297,670 81% 322,663 82% 342,824 65% 361,831 65% 389,393 83% 419,574 84% 441,852 84% 470,031 84% Stock-based compensation 2,563 1% 2,658 1% 3,631 1% 3,479 1% 3,673 1% 3,832 1% 4,975 1% 4,358 1% Amortization of acquired intangible assets 228 0% 321 0% 306 0% 292 0% 283 0% 399 0% 405 0% 408 0% Non-GAAP gross margin 300,461 81% 325,642 82% 346,761 66% 365,602 66% 393,349 84% 423,805 84% 447,232 85% 474,797 85% Loss from Operations Loss from operations (8,237) -2% (11,154) -3% (118,499) -22% (19,596) -4% (13,486) -3% (44,767) -9% (118,499) -22% (19,596) -4% Stock-based compensation 45,914 12% 45,704 12% 128,003 24% 107,506 19% 76,768 16% 83,037 17% 128,003 24% 107,506 19% Amortization of acquired intangible assets 318 0% 410 0% 851 0% 2,311 0% 729 0% 845 0% 851 0% 2,311 0% Acquisition/disposition related income (expenses) 170 0% 0% 0% 0% 0% 0% 0% 0% Restructuring charges 0% 0% 0% 0% 0% 28,570 6% 63,880 12% 0% Non-GAAP loss from operations 38,165 10% 34,960 9% 10,355 2% 90,221 16% 64,011 14% 67,685 13% 74,235 14% 90,221 16% 27#28GAAP to Non-GAAP Reconciliations GAAP net cash and cash equivalents provided by (used in) operating activities Purchases of property & equipment Capitalization of software development costs Repayment of 2022 Convertible Notes attributable to the debt discount Free cash flow GAAP net cash and cash equivalents provided by (used in) operating activities Purchases of property & equipment Capitalization of software development costs Repayment of 2022 Convertible Notes attributable to the debt discount Free cash flow GAAP net cash and cash equivalents provided by (used in) operating activities Purchases of property & equipment Capitalization of software development costs Repayment of 2022 Convertible Notes attributable to the debt discount Free cash flow March 31, 2017 $'000s June 30, 2017 $ '000s September 30, 2017 '000s December 31, 2017 $ '000s March 31, 2018 $ '000s June 30,2018 $ '000s September 30,2018 $ '000s 35,279 35,364 37,893 49,614 57,244 62,018 (14,983) (5,925) 14.371 (15,592) (6,577) (17,528) (6,882) (20,276) (7,071) (20,680) 13,195 13,483 22,267 (8,077) 28,487 (20,514) (9,537) 31,967 65,734 (21,875) (10,491) 33,368 December 31, 2018 $ '000s March 31, 2019 $'000s June 30, 2019 $ '000s September 30, 2019 $ '000s December 31, 2019 $ '000s March 31, 2020 $ '000s June 30, 2020 $'000s 84,851 95,845 96,041 104,193 118,972 104,267 56,880 (22,305) (20,331) (23,051) (26,814) (40,372) (47,249) (48,257) (11,168) (11,373) (10,690) (11,581) (13,474) (15,422) (18,309) 48,675 51,378 64,141 62,300 65,798 65,126 41,596 38,989 September 30, 2020 December 31, 2020 March 31, 2021 $ '000s $ '000s $ '000s June 30, 2021 $ '000s September 30, 2021 December 31, 2021 March 31, 2022 $ '000s $ '000s $ '000s 75,878 88,913 128,602 200,483 (46,972) (37,318) (30,143) (28,123) 204,469 (26,920) 238,728 (28,726) 258,254 (34,699) (19,979) (21,599) (24,171) (27,857) (31,593) (33,139) (35,520) 48,675 49,048 58,853 13,401 57,602 79,044 133,141 157,904 24,830 170,786 26,428 16,623 203,291 204,658 June 30, 2022 $ '000s September 30, 2022 $ '000s December 31, 2022 '000s March 31, 2023 $ '000s June 30, 2023 $'000s September 30, 2023 $ '000s 260,984 278,395 273,177 272,021 307,643 336.625 (36,252) (42,711) (37,426) (30,796) (33,343) (31,073) (36,649) (38,851) (44,345) (49,745) (56,009) (62,283) 13,400 1,971 22,513 32,938 37,163 201,483 198,804 191.406 213,993 251,229 280,432 GAAP net cash and cash equivalents provided by (used in) operating activitie Purchases of property & equipment Capitalization of software development costs Repayment of 2022 Convertible Notes attributable to the debt discount Payment of restructuring charges Free cash flow 28