$HUBS is a 14+ bagger since its 2014 IPO
Here's an overview of the company in 10 slides:
Here's an overview of the company in 10 slides:
Hubspot pioneered "inbound marketing"
Its software helps companies to attract new customers by creating valuable content (blogs, videos)
This makes them easy to find online when their customers are searching for solutions to their problem
It has since expanded beyond marketing
Its software helps companies to attract new customers by creating valuable content (blogs, videos)
This makes them easy to find online when their customers are searching for solutions to their problem
It has since expanded beyond marketing
HubSpot uses a freemium SaaS business model
The average subscription revenue per customer is $10,500
128,000+ paying customers (up 34%)
The average subscription revenue per customer is $10,500
128,000+ paying customers (up 34%)
Primary moat is switching costs, though the brand is important too
Top-line growth has been very strong
It's losing money on a GAAP basis, but profitable on a Non-GAAP / FCF basis
It's losing money on a GAAP basis, but profitable on a Non-GAAP / FCF basis
Founders are still involved, but Halligan is no longer CEO
History of optionality & lots of operating leverage ahead
Long-term shareholders have been hugely rewarded (even after the recent drop)
Business risk is moderate
The valuation is very high (28x sales / 150x FCF)
The valuation is very high (28x sales / 150x FCF)
Upselling, international expansion, & new customer additions remains a large opportunity for the business
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