Hubspot, Inc. · NYSE:HUBS
Hubspot — Investor Day (2026)
164 slides from Hubspot's investor day presentation, 2026
Slide 1: HubSpot Unbound 26
Slide 2: Analyst Day
Analyst Day
Slide 3: Geoff Koegler
Geoff Koegler Vice President of Investor Relations, HubSpot
Slide 4: Forward-looking statements
Forward -looking statements This presentation contains forward -looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including management’s expectations of future financial and operational performance and operational expenditures, expected growth, and busine
Slide 5: 2026 Analyst Day Agenda
2026 Analyst Day Agenda Welcome & Intro Geoff Koegler 10:00 - 10:05am Strategic Overview Yamini Rangan 10:05 - 10:30am Product Strategy Duncan Lennox 10:30 - 10:55am GTM Strategy Jon Dick 10:55 - 11:20am Financial Overview Kate Bueker 11:20 - 11:40am Q&A Session / Lunch Yamini, Dharmesh, Kate, Dunca
Slide 6: Yamini Rangan
Yamini Rangan CEO, HubSpot UN 26
Slide 7: HubSpot's Strategy to Win in the Outcomes Era
HubSpot’s Strategy to Win in the Outcomes Era Yamini Rangan, CEO
Slide 8: Vision
AI Opportunity Vision Turn intelligence into measurable customer outcomes HubSpot Transformation Product • Go -to -market • Operating model Durable advantages Customer context • Trusted platform • Distribution • Ecosystem moat Financial commitment Durable growth + expanding margins
Slide 9: The Outcomes Era
The Outcomes Era
Slide 10: Intelligence is necessary, but not sufficient
OUR THESIS Intelligence is necessary, but not sufficient. Context is what turns intelligence into outcomes.
Slide 11: Good context delivers great outcomes
Good context delivers great outcomes Good Context MQLs generated +264% Build Marketing email replies +174% Demand Marketing -influenced deals created +110% Deals closed +224% Win Deals closed won +197% Deals Deals created +194% Connected customer calls +168% Delight Customer meetings booked +200% Cu
Slide 12: Bad context is worse than no AI
Bad context is worse than no AI Bad Context Good Context MQLs generated -28% +264% Build Marketing email replies -64% +174% Demand Marketing -influenced deals created -55% +110% Deals closed -31% +224% Win Deals closed won -27% +197% Deals Deals created -18% +194% Connected customer calls -86% +168%
Slide 13: To help millions of organizations grow better
OUR MISSION To help millions of organizations grow better.
Slide 14: Democratize Inbound, CRM, AI
PHASE THREE PHASE TWO Democratize AI PHASE ONE Democratize Democratize CRM Inbound Inbound Marketing Customer Platform Agentic Customer P latform
Slide 15: HubSpot's position of strength
HubSpot’s position of strength Financial 2021 → 2026e Platform 2021 → 1H 2026 Exceptional 2026 scale advantage distribution REVENUE CUSTOMERS SOCIAL MEDIA FOLLOWERS $1.3B → $3.7B 135,000 → 306,000 4.5M+ OPERATING MARGIN MULTI - HUB ADOPTION SALES AND CUSTOMER SUCCESS 9.0% → 20.7% 42% → 70% 4,500+ FR
Slide 16: The Future of Go-To-Market
The Future of Go -To -Market
Slide 17: Customers care about outcomes
Shift Shift Shift 1 2 3 Customers want Customers Customers care proof and want to build about outcomes predictability
Slide 18: Our Strategy for AI Transformation
Our Strategy for AI Transformation
Slide 19: Product, GTM, Pricing, Company Transformation
Product Delivering features to delivering outcomes GTM Selling software to proving value Pricing Charging for access to charging for value Company Transformation Scaling headcount to transforming with AI
Slide 20: Leading with Outcomes: Product Strategy
PRODUCT STRATEGY Leading with Outcomes
Slide 21: Product focus
Product focus 1 2 3 Build trusted Drive outcomes Make Breeze context as with HubSpot Assistant the intelligence layer Agents and gateway to Custom Agents HubSpot
Slide 22: Driving Customer Outcomes: GTM Strategy
GTM STRATEGY Driving customer Outcomes
Slide 23: Distribution is our advantage
2.8M 306,000 users customers Distribution is our advantage 4,500+ Ability to seed AI adoption sales & customer and scale success
Slide 24: Our Partner Ecosystem is our forward-deployed moat
4,000+ 50% Our Partner solutions partners of deals influenced by partners Ecosystem is our forward - deployed moat 25% 40% of ARR sourced of customer base by partners managed by partners
Slide 25: Our pricing evolution
Our pricing evolution PHASE THREE PHASE TWO Democratize PHASE ONE Democratize AI Democratize CRM Inbound Inbound Marketing Customer Platform Agentic Customer P latform Subscriptions Subscriptions and seats Seats and credits
Slide 26: Hybrid pricing: Seats and credits
VISION Easy to buy Hybrid pricing: Easy to grow Seats and credits Control over costs
Slide 27: 2024: We simplified seats
2024: We simplified seats WHAT WE DID WHAT WE SAW Lowered seat prices More customers Removed seat minimums Healthier customers Introduced the Core Seat More value captured by Core Seats
Slide 28: Pricing focus
Pricing focus Predictability Flexibility Lower price for agents Ability to swap seats for credits Pricing tied to outcomes Credit bundles to simplify buying Dashboards and thresholds to Pilots in -region to test and learn control spend
Slide 29: Growth drivers
Growth drivers Core Emerging Upmarket Multi-Hub Downmarket Seats Credits
Slide 30: Transforming how we operate
COMPANY TRANSFORMATION STRATEGY Transforming how we operate
Slide 31: Embedding AI across our company to create leverage
Embedding AI across our company to create leverage How we build How we grow How we operate of HubSpotters of engineers of inbound chats 100% use AI 84% handled by AI 94% use AI weekly to drive efficiency increase in lines of increase in win rate 123% code per engineer vs pre -AI benchmark 13% for AI
Slide 32: The HubSpot Advantage
The HubSpot Trusted platform with context Advantage Exceptional distribution Ecosystem as a moat AI-first operating model
Slide 33: Duncan Lennox
Duncan Lennox Chief Product & Technology Officer, HubSpot
Slide 34: Build the best agentic platform
OUR VISION Build the best agentic platform for go -to -market teams that delivers an easy, fast, and trusted experience customers love.
Slide 35: AI-Native CRM
AI-Native CRM INTELLIGENCE Aviator Harness Growth Context Graph TRUST Security Governance Observability Quality DATA Structured & Unstructured Data
Slide 36: Apps & Agents, AI-Native CRM
Apps & Agents ACTION Hubs HubSpot Agents Custom Agents AI-Native CRM Aviator Harness Growth Context Graph Security Governance Observability Quality Structured & Unstructured Data
Slide 37: Interaction layer: Apps & Agents
INTERACTION Apps & Agents Hubs HubSpot Agents Custom Agents AI-Native CRM Aviator Harness Growth Context Graph Security Governance Observability Quality Structured & Unstructured Data
Slide 38: Headless, Apps & Agents, AI-Native CRM
Headless MCP CLI Work, Context, & Data APIs INTERACTION Apps & Agents Hubs HubSpot Agents Custom Agents AI-Native CRM Aviator Harness Growth Context Graph Security Governance Observability Quality Structured & Unstructured Data
Slide 39: Aviator Harness
e Aviator Harness °
Slide 40: Execution Loop
Call Context LLM NO Finish? Execution YES Loop Response
Slide 41: Aviator Harness: Quality. Trust. Governance.
Aviator Harness QUALITY. TRUST. GOVERNANCE.
Slide 42: Aviator Harness Differentiators
Aviator Harness Differentiators Model Agnostic GTM Evals
Slide 43: AI-Native CRM
AI-Native CRM Aviator Harness Growth Context Graph Security Governance Observability Quality Structured & Unstructured Data
Slide 44: Growth Context Graph
Team Roles Goals Approvals Methodologies Growth Context Graph Business Brand Voice Product Customer Positioning ICP Communications Contracts Revenue
Slide 45: Aviator Harness Growth Context
Aviator Harness Growth Context
Slide 46: Aviator Harness + Growth Context
Aviator Harness + Growth Context Quality Performance Cost
Slide 47: HubSpot is delivering the best outcomes for customers
HubSpot is delivering the best outcomes for customers.
Slide 48: AI-Native CRM
AI-Native CRM Aviator Harness Growth Context Graph TRUST Security Governance Observability Quality Structured & Unstructured Data
Slide 49: Self-Updating CRM
Self-Updating CRM CRM property suggestions (3) Deal stage Qualified to buy Deal amount $40,000.00 Next steps Schedule internal alignment call with procurement officer and facilities manager by Friday. Action items (3)
Slide 50: Context Home
Context completeness ‘Your business Information about the shape of your business and brand, Relevant Al responses % Get personalized and tailored ‘conversations and responses from agents with a complete picture of your business and how it operates. 4 Learn about context 3 % Agent Hub jerview Agents
Slide 51: New Message
New Message Subject new UI, new pricing Hi there, I'm following up on our original conversation. We wanted to reach out and share some updates about our platform. Since our last conversation, we've done an overhaul. We've also reduced pricing, making it more efficient to scale. Would you be open to
Slide 52: Addressing your UI and pricing concerns
Subject Addressing your UI and pricing concerns Harriet, I'm following up on your Defiant Al trial from April. Your reps loved us but you gave us direct feedback that managing the platform wasn’t intuitive and finance couldn't swing the cost. Since then, we've rebuilt the admin experience with a ded
Slide 53: Defiant AI trial from April
oe — Defiant Al trial from April. reduces the cost of rolling it out across your 23,000 employees | { Customers ~~ Se eeear
Slide 54: Business, Team, Customers
Business Team Customers meeting at UNBOUND . seeeear:
Slide 55: Business
Business - platform wasn’t intuitive | couldn’t swing the cost. =Soaaeal across your 23,000 employees ——o— soed you or Deanna be open to meeting = seeeear
Slide 56: Slide 56
Slide 57: AI-Native CRM
AI-Native CRM Aviator Harness Growth Context Graph Security Governance Observability Quality Structured & Unstructured Data
Slide 58: Apps & Agents
Apps & Agents Hubs HubSpot Agents Custom Agents
Slide 59: HubSpot Agents lineup
Customer Agent Prospecting Agent Deal Progression Revenue Context Campaign Agent Context Home AEO Agent Builder Revenue Agent Content Agent Growth Context Agentic Onboarding Nurture Agent
Slide 60: Breeze Assistant
4+ Breeze Assistant turn your current-quarter open pipeline into a hed executive summar Summary: Open Deals Clos. ated a polished executive summary fore Itincludes: your current-quarter open pipeline + which de kely he pipeline is dist deals deserve the most attention win/loss trend c: Deals ~ Alide
Slide 61: Build demand
MARKETING SERVICE Build Win Delight demand deals customers
Slide 62: Find in HubSpot + Breeze Assistant
Find in HubSpot + Breeze Assistant m Moar + Marketing Studio Analyze Campaigns (3) vx Date range (This year) v ‘Attribution model (Linear) Attribution method = Advanced filters. v Organic Traffic Recovery Campaign Topline metrics © Ezitattribution interactions) (2 Edit reports Goal: Generate leads A
Slide 63: Win deals
SALES MARKETING SERVICE Build Win Delight demand deals customer
Slide 64: Find in HubSpot + Breeze Assistant
Find in HubSpot sistant My Deals @ MOBI + Northgate Deal - Sales pipeline Qualified to Buy A Overview Deal summary WE* 9 Sources toto L | @ @ B)( SB Emat )( & call Key information Sarah Chen (09/02/2026 9:00 AM PDT $20,000 View all properties Contacts (3) Patrick H © Chandler P. Actions v
Slide 65: AI-Native CRM
AI-Native CRM Aviator Harness Growth Context Graph Security Governance Observability Quality Structured & Unstructured Data
Slide 66: Agent sprawl
Agent sprawl
Slide 67: Agent Hub
Breadcrumb / Agent Hub agent noox ) SD Overview Agents. Workflows Needs Attention Context Build demand Win Deals Delight Customers. Scale Growth Increase brand visibility, Increase win rate improvement Increase resolution rate Increase net revenue retention gent Manage featured agent Activate featur
Slide 68: Create a campaign
« Back to campaign details Closed-Lost Deal Create) A Automate Create a campaign Hi Jane. Let's build your campaign together. Before I plan, I have a question: I searched your portal and found a strong match for your audience: @ Mid-Market Finance Controllers Finance leaders at mid-market firms mana
Slide 69: Headless
Headless MCP CLI Work, Context, & Data APIs
Slide 70: Custom Agents can run on HubSpot
OUR ECOSYSTEM STRATEGY Custom Agents Custom Agents can run on can run HubSpot HubSpot
Slide 71: Headless: Data, Context, Work
Headless 01 02 03 Data Context Work Deal data Deal insight Deal action
Slide 72: First CRM connectors with leading AI models
First CRM with First CRM connectors for all First CRM connector with four leading frontier with MCP Claude models APRIL 2025 JUNE 2025 JULY 2025 MAY 2026 MID 2026 SEP 2026 First CRM with deep Launched #1 CRM connector research connector for Agent CLI for ChatGPT and ChatGPT Claude
Slide 73: First CRM to integrate with ChatGPT Ads
First CRM to integrate with ChatGPT Ads UNBOUND 2026 Launched AI Growth Bundle
Slide 74: What differentiates HubSpot?
New foundation built for the agentic era What Platform that makes AI easy differentiates API strategy built for customer choice HubSpot? Trust built into core
Slide 75: Growth Context drives outcomes on HubSpot
Growth Context drives outcomes 3.6x 3.2x 2.1x more MQLs more deals more tickets closed on HubSpot.
Slide 76: Driving GTM outcomes that customers love
OUR GOAL Driving GTM outcomes that customers love.
Slide 77: Jon Dick
Jon Dick Chief Customer Officer, HubSpot
Slide 78: Customers in the Outcomes Era
Customers ~ Outcomes Era
Slide 79: Outcomes Era priorities
Democratize AI for SMBs Outcomes Era Drive customer outcomes Ensure durable HubSpot growth
Slide 80: The SaaS era was about promise
THE OLD JOURNEY The SaaS era was about promise Aware Evaluate Commit Adopt
Slide 81: The Outcomes Era is about proof
THE NEW JOURNEY The Outcomes Era is about proof
Slide 82: The Outcomes Era is about proof
THE NEW JOURNEY The Outcomes Era is about proof Consider Build Prove Grow Arrive ready Start with See clear Expand to buy first use case outcomes use cases
Slide 83: Transforming our GTM: Distribution, Engagement
01 02 Transforming Distribution our GTM Engagement
Slide 84: Distribution
01 Distribution Transforming our GTM
Slide 85: Our distribution advantage
Our distribution advantage HubSpot Media* Morning Brew Axios Bloomberg Forbes Reuters Financial Times Workweek Fast Company Industry Dive HubSpot Media vs. other outlets Inc. Distribution
Slide 86: #1 in AI search share of voice
HubSpot is #1 in AI search share of voice for the CRM category.
Slide 87: Our distribution advantage
Our distribution advantage 300K+ 70% 19% customers of install base ARR Pro+ customers using using 3+ hubs HubSpot agents Distribution
Slide 88: Engagement
02 Transforming our GTM Engagement
Slide 89: Customer Success and Sales
Customer Sales Success Engagement
Slide 90: Sales + Customer Success
Sales + Customer Success Engagement
Slide 91: Partners are our forward-deployed team
Partners are our forward -deployed team Engagement
Slide 92: Partner value: industry experience, technical expertise
Change Industry Technical management experience expertise resources Engagement
Slide 93: Partner impact on upmarket deals
Partner impact on upmarket deals 8pt 75% 14pt higher win rates higher ASP higher NRR Engagement
Slide 94: Downmarket
Downmarket
Slide 95: More options. Same challenges.
More options. Same challenges. Downmarket
Slide 96: Positioning, Promotion, Pricing
Positioning Promotion Pricing Outcomes and value Marketing and partnerships Flexibility and control Downmarket
Slide 97: Downmarket
Downmarket
Slide 98: Computer and Network Security | 11-50 employees
Computer and Network Security | 11 -50 employees Downmarket
Slide 99: Problem: prospect research over prospecting
PROBLEM Sales reps spent more time on prospect research than prospecting Combed through thousands of emails for insights Downmarket
Slide 100: Results: 2x email response rate
RESULTS 2x email 8x credits commitment response rate with HubSpot Downmarket
Slide 101: Technology | 11-50 employees
Technology | 11 -50 employees Downmarket
Slide 102: Problem: no way to collect leads at scale
PROBLEM No way to collect leads at scale Needed outcomes in weeks, not months Downmarket
Slide 103: Results: 1 week touchless implementation
RESULTS 1 week Touchless HubSpot upgrade from free implementation to enterprise Downmarket
Slide 104: Easy, fast, better outcomes
OUR DOWNMARKET VALUE PROPOSITION Easy, fast, better outcomes Downmarket
Slide 105: Upmarket
Upmarket
Slide 106: More scrutiny. Higher expectations.
More scrutiny. Higher expectations. Upmarket
Slide 107: Headless, Apps & Agents, AI-Native CRM
Headless MCP CLI Work, Context, & Data APIs INTERACTION Apps & Agents ACTION Hubs HubSpot Agents Custom Agents AI-Native CRM INTELLIGENCE Aviator Harness Growth Context Graph TRUST Security Governance Observability Quality DATA Structured & Unstructured Data Upmarket
Slide 108: Credibility upmarket
Credibility upmarket Upmarket
Slide 109: Playbook, Protection, Partnership
Playbook Protection Partnership White -glove and specialized Embedded and de -risked Discovery and delivery Upmarket
Slide 110: Upmarket momentum
Upmarket momentum 38% 27% YoY increase in YoY increase in $120K ARR deals Upmarket Partner attach Upmarket
Slide 111: Upmarket customer: Eventus
Upmarket SJ EVENTUS
Slide 112: Manufacturing | 5,000+ employees
Manufacturing | 5,000+ employees Upmarket
Slide 113: Problem: over-customized, expensive system
PROBLEM Existing system over - customized and expensive Wanted a solution to manual data entry Upmarket
Slide 114: Results: 29x annual spend
RESULTS 29x annual spend 1 4 Enterprise Hubs with HubSpot expansion Upmarket
Slide 115: Fintech | 50-200 employees
Fintech | 50 -200 employees Upmarket
Slide 116: Problem: heavy research and personalization
PROBLEM Prospects require heavy research and personalization Weighed building a customized in -house solution Upmarket
Slide 117: Results: 3.3x influenced pipeline
RESULTS 27% increase in 3.3x credits commitment influenced pipeline with HubSpot Upmarket
Slide 118: Easy, fast, trusted, with lower TCO
OUR UPMARKET VALUE PROPOSITION Easy, fast, trusted, with lower TCO Upmarket
Slide 119: Why HubSpot Wins
SS Why HubSpot Wins = —O
Slide 120: Why HubSpot Wins
Why HubSpot Wins Vs. Incumbents Vs. Custom -coded Vs. AI point solutions We’re easier, We do the hard We offer unified faster, and trusted. stuff well for less. breadth & depth.
Slide 121: HubSpot Wins in the Outcomes Era
HubSpot Wins in the OUTCOMES ERA
Slide 122: Kate Bueker
Kate Bueker Chief Financial Officer, HubSpot
Slide 123: Agenda
Agenda Solid foundation Growth drivers Durable margin expansion
Slide 124: Solid foundation
Solid foundation Financial Platform Exceptional scale advantage distribution
Slide 125: Revenue growth
Revenue growth $3.7B 23 % $1.3B CAGR 2021 2026e
Slide 126: Non-GAAP operating profit
Non -GAAP operating profit $764M 45 % CAGR 12pts $118M 2021 2026e margin expansion
Slide 127: Free cash flow
Free cash flow $750M 30 % CAGR $203M $1.4B 2021 2026e cash balance
Slide 128: Platform advantage
20 % 5.5B customer growth company records and CAGR 18.2B contact records Platform 300,000+ 2,000 advantage customers today technology integrations 70% 4 of IB ARR on 3+ hubs leading frontier model connectors
Slide 129: Exceptional distribution
Top 10 4,500 global business sales and media network customer success Excep tional 350M 4,000 distribution organic views solutions partners 50% international ARR
Slide 130: Solid foundation
Solid foundation Financial Platform Exceptional scale advantage distribution
Slide 131: Growth drivers
Solid foundation Growth drivers Durable margin expansion
Slide 132: Growth drivers
Growth drivers Core Emerging Upmarket Multi-Hub Downmarket Seats Credits
Slide 133: Growth drivers: Core
Growth drivers Core Upmarket Multi-Hub Downmarket
Slide 134: Upmarket momentum
Upmarket Number of $120k+ ARR deals % of IB ARR from momentum $120k+ customers 18% 5% Q1 ‘21 Q2 ‘26 Q1 ‘21 Q2 ‘26
Slide 135: Multi-hub adoption increasing
Multi -hub % of New ARR (Pro+ Only) IB ARR Mix by Hub Count adoption 81% increasing 2+ Hubs 70% 55% 56% 3+ Hubs 25% Q1 ‘21 Q2 ‘26 Q1 ‘21 5+ 4 3 2 1 Q2 ‘26
Slide 136: Downmarket growth
Downmarket Starter Customers growth 150k 3x 50k 2021 Q2 '26
Slide 137: Growth drivers: Emerging
Growth drivers Emerging Seats Credits
Slide 138: Seat count
Seat count 2.5M Total Paid Seats 1.4M 1.1M Paid Core Seats Q2 ‘24 Q2 ‘26
Slide 139: Breeze Assistant
Breeze Adoption Agentic actions Assistant 57% 4.4x 37% Dec ‘25 Aug ‘26 Dec ‘25 Aug ‘26
Slide 140: Agents
Agents HubSpot Agents Custom Agents APIs
Slide 141: AI success framework
Reach Depth AI success framework Quality Growth
Slide 142: HubSpot Agents lineup
Customer Agent Prospecting Agent Deal Progression Revenue Context Campaign Agent Context Home AEO Agent Builder Revenue Agent Content Agent Growth Context Agentic Onboarding Nurture Agent
Slide 143: HubSpot agent momentum
HubSpot agent momentum Pro+ customer adoption Monthly agentic actions Total monthly credits used April 15 19% pricing 2x change 3.5x 2x 9% Dec ‘25 Aug ‘26 Dec ‘25 Aug ‘26 Dec ‘25 Aug ‘26
Slide 144: Customer Agent results
RESULTS Before After Customer Agent Customer Agent 70 % 100 % 100 x tickets handled tickets handled credit expansion
Slide 145: 3,000+ custom agents deployed
3,000+ custom agents deployed Extend and customize agent use cases Custom Agents Meaningful monetization opportunity
Slide 146: +$700K revenue closed with Prospecting Agent
RESULTS Built custom Process shrunk +$700K Scoping and Upsell agents from days to minutes in revenue closed with Prospecting Agent
Slide 147: APIs
APIs Headless 01 02 03 Data Context Work
Slide 148: Agents
Agents HubSpot Agents Custom Agents APIs
Slide 149: Evolving pricing with AI transformation
Evolving pricing with AI transformation
Slide 150: Seats simplification
Seats simplification Lowered seat prices More customers Removed minimums Lower initial ASPs Introduced core seat Better revenue retention +2 pts net revenue retention
Slide 151: Pricing evolution
Pricing Simpler More More evolution predictable flexible
Slide 152: Growth drivers
Growth drivers Core Emerging Upmarket Multi-Hub Downmarket Seats Credits
Slide 153: Durable margin expansion
G Solid foundation A] Yy Growth drivers Cc Durable margin expansion
Slide 154: How we'll deliver leverage
How we’ll deliver leverage COGS Invest aggressively in AI to drive adoption and usage, ongoing optimization R&D Faster innovation enabled by AI Efficiency across full customer journey; focus on shift to institutional S&M productivity G&A Leverage automation, data, and systems
Slide 155: Meaningful operating margin expansion over time
Meaningful operating margin expansion over time 30 % non -GAAP 23– 24 % 21% 10% SBC 20 % GAAP 2026e 2027 2030
Slide 156: Financial principles
Long -term revenue growth Consistent operating margin expansion Strategic capital deployment Principles Manage dilution Compelling earnings growth
Slide 157: Key takeaways
Key takeaways Solid foundation Significant growth opportunity Meaningful margin expansion
Slide 158: Thank you.
Thank you.
Slide 159: GAAP to Non-GAAP Reconciliations
GAAP to Non -GAAP Reconciliations
Slide 160: Non-GAAP Operating Income
Non -GAAP Operating Income 2021 2022 2023 2024 2025 2026e % of % of % of % of % of % of $ '000s $ '000s $ '000s $ '000s $ '000s $ '000s Revenues Revenues Revenues Revenues Revenues Revenues Operating Income GAAP operating (loss) income -4.2% (109,101) -6.3% (200,929) -9.3% -2.6% 7,379 0.2% 199,156 5
Slide 161: Free Cash Flow (TTM)
Free Cash Flow (TTM) December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 $ '000s $ '000s $ '000s $ '000s $ '000s GAAP net cash and cash equivalents provided by operating activities 238,728 273,177 350,972 598,599 760,717 Purchases of property & equipment (28,726
Slide 162: Forecasted Non-GAAP Operating Income and Income Per Share
Forecasted Non -GAAP Operating Income and Income Per Share Three Months Ended Year Ended September 30, 2026 December 31, 2026 $ '000s Operating Income GAAP operating income range $37,563 -$38,563 $197,156-$201,156 Stock -based compensation 135,055 511,271 Amortization of acquired intangible assets 4
Slide 163: Definitions
Definitions Customers: We define our Customers at the end of a particular period as the number of business entities with one or more paid subscripti on s to our customer platform, either purchased directly with us or purchased from a Solutions Partner. A single customer may have separate paid s ubs
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