HUBS - Additional Thoughts Post 1Q Call and Mgmt Callback

Research evidence excerpt

HUBS - Additional Thoughts Post 1Q Call and Mgmt Callback

get 16.6% sales activity. That said, the company believes it was strategically important to teach new

sales motions and messaging around its AI products. Also, there was a significant amount Price (May 8, 2026) $197.34

of new innovations related to the Spring 2026 Spotlight event as well for the sales team to 52-Wk Range $672.24-$192.26 process and learn to sell. Partner training has also been relevant. There was recently a large

Market Cap ($M) $10,376 partner event in Australia and management described the tone from partners as bullish as it

ADTV 1,262,576 has been in a long time. Partners will be like forward deployed engineers and key to selling

Shares Out (M) 53 agents, AEO and other AI innovations. Overall, the company sees the sales training and

Short Interest Ratio/% Of Float 7.1% enablement efforts as similar to the changes that played out when they changed the sales

Enterprise Value ($M) $8,932 model around seats. It may have caused some near-term disruption but ultimately drove a

Cash & Equivalents ($M) $1,691 better outcome.

Total Debt ($M) $247 Core Seat Growth Contribution. Core seats is one of the two emerging AI monetization

levers for HubSpot (the other being selling credits). The company believes core seats create

8 Page Document a healthier seat assignment and adoption cycle that naturally leads to seat expansion longer

term and solid overall upgrade patterns. The company believes there will be strong synergies

between autonomous agents combined with human productivity, thus reinforcing joint AI

Reasons for this report credits and core seat monetization. Core seats have not been quantified however in terms

of the overall impact to the growth algorithm.

✓ Management Call Takeaways