The HubSpot Journey - Financial Review Q1 2020

GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2015 $ '000s % of Revenues $'000s Three Months Ended December 31, 2015 % of Revenues Three Months Ended March 31, 2016 Three Months Ended June 30, 2016 Three Months Ended September 30, 2016 Three Months Ended December 31, 2016 % of $ '000s Revenues $ '000s % of Revenues $ '000s % of Revenues $ '000s % of Revenues Gross Margin Gross margin 35,233 74% 39,419 74% 44,989 76% 49,779 77% 54,777 78% 59,557 78% Stock-based compensation 404 1% 457 1% 418 1% 608 1% 577 1% 551 1% Amortization of acquired intangible assets 20 0% 20 0% 18 0% 13 0% 13 0% 13 0% Acquisition related expenses 0% 0% 0% 0% 0% 0% Non-GAAP gross margin 35,657 75% 39,896 75% 45,425 77% 50,400 78% 55,367 78% 60,121 79% Loss from Operations Loss from operations (13,290) -28% (10,449) -20% (9,861) -17% (11,030) -17% (9,951) -14% (13,820) -18% Stock-based compensation 4,510 9% 6,015 11% 6,231 11% 8,475 13% 8,695 12% 9,274 12% Amortization of acquired intangible assets 26 0% 26 0% 24 0% 20 0% 20 0% 20 0% Acquisition related expenses 0% 0% 0% 0% 0% 0% Non-GAAP loss from operations (8,754) -18% (4,408) -8% (3,606) -6% (2,535) -4% (1,236) -2% (4,526) -6% Three Months Ended March 31, 2017 Three Months Ended June 30, 2017 $ '000s % of Revenues $ '000s % of Revenues $ '000s Three Months Ended September 30, 2017 % of Revenues Three Months Ended December 31, 2017 Three Months Ended March 31, 2018 Three Months Ended June 30,2018 $'000s % of Revenues $ '000s % of Revenues $ '000s % of Revenues Gross Margin Gross margin 65,180 79% 70,502 79% 78,716 81% 85,485 80% 92,179 80% 97,725 80% Stock-based compensation 564 1% 844 1% 754 1% 823 1% 967 1% 1,163 1% Amortization of acquired intangible assets 9 0% 0% 38 0% 50 0% 50 0% 50 0% Acquisition related expenses 0% 0% 0% 0% 0% 0% Non-GAAP gross margin 65,753 80% 71,346 80% 79,508 81% 86,358 81% 93,196 81% 98,938 81% Loss from Operations Loss from operations (8,000) -10% (10,577) -12% (12,126) -12% (9,433) -9% (11,324) -10% (14,052) -11% Stock-based compensation 9,303 11% 13,006 15% 12,110 12% 12,898 12% 16,046 14% 19,675 16% Amortization of acquired intangible assets 16 0% 0% 38 0% 50 0% 50 0% 50 0% Acquisition related expenses 0% 0% 439 0% 827 1% 802 1% 802 1% Non-GAAP loss from operations 1,319 2% 2,429 3% 461 0% 4,342 4% 5,574 5% 6,475 5% . . 28

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