Hubspot Investor Day Presentation Deck
Driving Long-Term Margin Expansion Via S&M Leverage
Long Term
Target Model
Gross Margin
R&D
% of revenue
S&M
% of revenue
G&A
% of revenue
Operating Margin
2018
82%
18%
46%
11%
6%
2022e
82%
20%
45%
9%
8%
81% - 83%
18% - 20%
30% -35%
8% -9%
20% - 25%
S&M Leverage
• Invest in data and
systems to improve
rep efficiency
Grow freemium
acquisition
• Non-linear growth
with Commerce
Long-Term Target Model: These estimates reflect our current operating plan as of September 7, 2022 and are subject to change as future events and opportunities arise. 2022e: represents the current midpoint of
HubSpot's full year 2022 guidance. 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.
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