$HUBS
HUBSPOT INC

2014 Q4 Form 10-K Financial Statement

#000119312515079000 Filed on March 05, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4 2013 Q3
Revenue $34.16M $22.38M $20.18M
YoY Change 52.63% 46.27%
Cost Of Revenue $9.929M $7.870M $7.382M
YoY Change 26.16% 57.4%
Gross Profit $24.23M $14.51M $12.80M
YoY Change 66.99% 39.51%
Gross Profit Margin 70.93% 64.83% 63.42%
Selling, General & Admin $33.00M $20.40M $18.03M
YoY Change 61.76% 59.38%
% of Gross Profit 136.21% 140.6% 140.86%
Research & Development $11.10M $4.000M $4.271M
YoY Change 177.5% 37.93%
% of Gross Profit 45.81% 27.57% 33.38%
Depreciation & Amortization $900.0K $1.300M $1.200M
YoY Change -30.77%
% of Gross Profit 3.71% 8.96% 9.38%
Operating Expenses $44.20M $24.40M $22.30M
YoY Change 81.15% 55.41%
Operating Profit -$19.97M -$9.891M -$9.500M
YoY Change 101.92% 86.62%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $200.0K $0.00 -$11.00K
YoY Change
Pretax Income -$19.80M -$8.400M -$9.500M
YoY Change 135.71% 55.56%
Income Tax -$100.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$19.70M -$8.425M -$9.511M
YoY Change 133.79% 56.02%
Net Earnings / Revenue -57.67% -37.65% -47.13%
Basic Earnings Per Share
Diluted Earnings Per Share -$619.5K -$271.0K -$312.5K
COMMON SHARES
Basic Shares Outstanding 31.39M shares 5.141M shares
Diluted Shares Outstanding 5.141M shares

Balance Sheet

Concept 2014 Q4 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.7M $12.60M
YoY Change 881.75% -69.34%
Cash & Equivalents $123.7M $12.64M
Short-Term Investments
Other Short-Term Assets $11.50M $8.800M
YoY Change 30.68% 109.52%
Inventory
Prepaid Expenses
Receivables $14.27M $7.220M
Other Receivables $0.00 $0.00
Total Short-Term Assets $149.5M $28.69M
YoY Change 421.21% -43.2%
LONG-TERM ASSETS
Property, Plant & Equipment $11.38M $7.243M
YoY Change 57.13% 178.58%
Goodwill $9.330M $9.330M
YoY Change 0.0%
Intangibles $89.00K $147.0K
YoY Change -39.46%
Long-Term Investments
YoY Change
Other Assets $116.0K $65.00K
YoY Change 78.46% -87.0%
Total Long-Term Assets $25.35M $21.87M
YoY Change 15.89% 43.91%
TOTAL ASSETS
Total Short-Term Assets $149.5M $28.69M
Total Long-Term Assets $25.35M $21.87M
Total Assets $174.9M $50.56M
YoY Change 245.85% -23.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.800M $2.547M
YoY Change 9.93% 15.77%
Accrued Expenses $15.60M $12.20M
YoY Change 27.87% 54.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $59.43M $39.54M
YoY Change 50.28% 50.36%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $200.0K
YoY Change -50.0%
Other Long-Term Liabilities $4.700M $2.800M
YoY Change 67.86% 115.38%
Total Long-Term Liabilities $4.800M $3.000M
YoY Change 60.0% 130.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.43M $39.54M
Total Long-Term Liabilities $4.800M $3.000M
Total Liabilities $64.16M $42.51M
YoY Change 50.91% 54.04%
SHAREHOLDERS EQUITY
Retained Earnings -$154.3M -$106.1M
YoY Change 45.47%
Common Stock $265.1M $5.000K
YoY Change 5302800.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $110.7M -$93.25M
YoY Change
Total Liabilities & Shareholders Equity $174.9M $50.56M
YoY Change 245.85% -23.05%

Cashflow Statement

Concept 2014 Q4 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income -$19.70M -$8.425M -$9.511M
YoY Change 133.79% 56.02%
Depreciation, Depletion And Amortization $900.0K $1.300M $1.200M
YoY Change -30.77%
Cash From Operating Activities -$1.800M -$5.900M -$6.500M
YoY Change -69.49%
INVESTING ACTIVITIES
Capital Expenditures -$2.100M -$2.000M -$2.000M
YoY Change 5.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$2.100M -$2.000M -$2.000M
YoY Change 5.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 115.4M 300.0K 100.0K
YoY Change 38366.67%
NET CHANGE
Cash From Operating Activities -1.800M -5.900M -6.500M
Cash From Investing Activities -2.100M -2.000M -2.000M
Cash From Financing Activities 115.4M 300.0K 100.0K
Net Change In Cash 111.5M -7.600M -8.400M
YoY Change -1567.11%
FREE CASH FLOW
Cash From Operating Activities -$1.800M -$5.900M -$6.500M
Capital Expenditures -$2.100M -$2.000M -$2.000M
Free Cash Flow $300.0K -$3.900M -$4.500M
YoY Change -107.69%

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0
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0.15 pure
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2022-04
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0 shares
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P8Y
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5113000 shares
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523000
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470000
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54000
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29039000
CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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514000
CY2013 us-gaap Cost Of Goods Sold Subscription
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20280000
CY2013 us-gaap Defined Contribution Plan Cost Recognized
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366000
CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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830000
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CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
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54000
CY2013 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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12367000
CY2013 hubs Property And Equipment Acquired Under Capital Leases
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299000
CY2013 hubs Capitalized Software Development Costs Excluded From Stock Based Compensation
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CY2013 hubs Share Based Compensation Included In Capitalized Software
ShareBasedCompensationIncludedInCapitalizedSoftware
273000
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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P7Y6M
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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4.46
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
HUBSPOT INC
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Trading Symbol
TradingSymbol
HUBS
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 Reporting_Unit
CY2014 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Not Possible
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The Company does not expect any significant change in its unrecognized tax benefits within the next 12 months.
CY2014 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <b>Use of Estimates</b> &#x2014; The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11562000 shares
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 us-gaap Number Of Operating Segments
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1 Segment
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-12464000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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324000 shares
CY2014 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
On September 25, 2014, the Company’s Board of Directors approved a 1-for-3 reverse stock split of the Company’s common stock. The reverse stock split became effective on September 25, 2014. Upon the effectiveness of the reverse stock split, (i) every three shares of outstanding common stock was combined into one share of common stock, (ii) the number of shares of common stock into which each outstanding warrant or option to purchase common stock is exercisable was proportionally decreased, (iii) the exercise price of each outstanding warrant or option to purchase common stock was proportionately increased, and (iv) the conversion ratio for each share of preferred stock outstanding was proportionately reduced.
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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1067000 shares
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
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WeightedAverageNumberOfDilutedSharesOutstanding
11562000 shares
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P7Y7M6D
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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12.10
CY2014 us-gaap Operating Loss Carryforwards Expiration Date
OperatingLossCarryforwardsExpirationDate
2034-12-31
CY2014 us-gaap Preferred Stock Redemption Terms
PreferredStockRedemptionTerms
Prior to the IPO, upon written notice of 65% of the holders of Preferred Stock, the Preferred Stock was redeemable in three annual installments commencing 30 days after receipt by the Company at any time on or after March 3, 2020
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P6Y9M18D
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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19.39
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001404655
CY2014 us-gaap Earnings Per Share Basic And Diluted
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-4.20
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0.35 pure
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b>Concentrations of Credit Risk and Significant Customers</b>&#xA0;&#x2014;Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, restricted cash and accounts receivable.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> A significant portion of the Company&#x2019;s cash is held at one financial institution that management believes to be of high credit quality. Although the Company deposits it cash with multiple financial institutions, its deposits exceed federally insured limits.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other hedging arrangements.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company generally does not require collateral from its customers and generally requires payment 30 days from the invoice date. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. Credit risk arising from accounts receivable is mitigated as a result of transacting with a large number of geographically dispersed customers spread across various industries.</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> At December&#xA0;31, 2014 and 2013 there were no customers that represented more than 10% of the net accounts receivable balance. There were no customers that individually exceeded 10% of the Company&#x2019;s revenue in any of the periods presented.</p> </div>
CY2014 us-gaap Preferred Stock Redemption Date
PreferredStockRedemptionDate
2020-03-03
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
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850000 shares
CY2014 dei Entity Current Reporting Status
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Yes
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11562000 shares
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2924000
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4634000
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CY2014 us-gaap Gross Profit
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78796000
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1313000
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213000
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16800000
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3300000
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713000
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-48321000
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3794000
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CY2014 us-gaap Research And Development Arrangement With Federal Government Customer Funding To Offset Costs Incurred
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839000
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-66000
CY2014 us-gaap Nonoperating Income Expense
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288000
CY2014 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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-48321000
CY2014 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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632000
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683000
CY2014 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
80000
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564000
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-66000
CY2014 us-gaap Income Loss From Continuing Operations
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CY2014 us-gaap Revenues
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115876000
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7266000
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-48560000
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-48229000
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InvestmentIncomeInterest
46000
CY2014 us-gaap Interest Paid
InterestPaid
199000
CY2014 us-gaap Increase Decrease In Accounts Receivable
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